goldman sachs may be cutting jobs in asia.ment banking staff without japan will go. a runaway housing market poses a challenge to china. the boom may push money overseas, putting pressure on the yuan. i bet on a dummy trump presidency. donald trump's presidency. why they could take the shine off gold. david: i'm watching what is happening in the markets. have a look at the asia-pacific. volumes are quite thin. some of these moves are getting exacerbated by what is not happening when it comes to that metric of the market. s&p futures just turned negative. 60% stocksoking at across the asia-pacific on the way down. 20% on the way up, the rest unchanged at the moment. as we move into midday, where looking at session lows right

goldman has dragged its feet.s maintained a bigger presence in physical commodity be a factor.d he has said publicly that their customers like them being in this -- these businesses. it gives them advantages than help them serve customers. that isn't open question whether it is true, if it helps customers are goldman. goldman will have to follow its competitors and premature brca these markets. david: thank you. stand commodities, markets are closing in new york. debbie ti crude plunging after saudi arabia was said to dismiss the respites for an output agreement to stabilize the market. ahead of talks scheduled to kick off in algiers next week. it has been on a roll courtesy of the federal reserve. central bankers opted to leave interest rates unchanged create our next guest says this is a preview of what is to come. let me pull up a chart here. what we see here is the commodity index on the bottom normalized. there is a huge percentage gain in gold. just talk about how the gold market, how it interrupted with the

goldman sachs down 1.25%. we could see these regulations affect all kinds of commodities holdings, including energy, and banks,ng the way these financial street power plants. the financials index as a whole has taken a big leg down as well. cover theseinue to two breaking stories. big, breaking market stories for you. this is bloomberg. ♪ scarlet: this is "bloomberg markets." i'm scarlet fu. matt: i am matt miller. the fed is proposing tighter regulations. this would acquire banks to boost capital. bloomberg's jesse westbrook, who oversees financial regulation coverage for us. jesse, talk to me about what we learned, the basics here. why is the fed doing this to start with? >> the fed is trying to make it , thanksively expensive to own power plants, metals. this is different than the trading they engage in with derivatives. the capital standards they issued here are so high, so punitive. it would not make sense for banks to continue engaging in these businesses. scarlet: have we seen banks get out of these bus

we have seen goldman saying that it is uncertain.een a note from citi saying that it is unlikely at this juncture, because the difference between countries like saudi arabia and iran is too far apart. one of the things that was interesting from the goldman know is that they are already assuming a decline, a seasonal decline in saudi production, and no other opec section growth. .hey equate that with a freeze even with a freeze, we will still see the price decline in the fourth quarter. angie: thanks. that i anna: deutsche bank denial, the ceo tells excepting government support is out of the question for us and raising capital is not an issue. saudi arabiaise, says it may work with regional rival iran on a future output agreement. plus, we bring you the bloomberg markets's most influential index. interviews and panels, throughout the day. ♪ i very warm welcome to countdown everybody. i am anna edwards. manus:

you joined goldman sachs in the mid-1980's.raordinary changes have taken place on wall street since then. as you look at the industry's right now, -- industry right now, there are some he questions. is the business model profitable? will it inevitably continue to shrink from where it is? what is your assessment of the current state of the industry? are these profitable businesses that can thrive? emanuel: it's getting much harder. when i started on wall street, complexity was the thing that people tried to cater to, in the sense of options products. mortgages. long before that, building complicated products and trying to make them out of simple things and sell them. then we have gone through a change. the market is electronic. there's no more open out cry to the same extent. so now i would say, simplicity and speed and the quiddity have become much more important. that is one change, of the track training, algorithmic -- electronic trading, algorithmic trading, prices that are accessible. and the rise of the buy side against th

angie: what about goldman sachs? what are they doing?a with the situations and goldman sachs could be cutting 25% of its investment banking jobs in asia japan, including hong kong. 75 jobs cut before the end of the year because of the slump in dealmaking across asia, but again according to bloomberg ranking, goldman sachs has had a drop-off. they were number two in equity issuance last year, down to number 11 this year according to bloomberg rankings. japan offerings have declined 29%. they were also involved in the 1mdb fiasco in malaysia. piee: not only is the shrinking, there's share of the pie is also shrinking as rivals gear up. what we have always heard is that the fees just aren't paid pay out, expected to the same for international firms by asian clients as they would. been seeing that as well. if we go back to the tudor story, they have been having to trim their fees because of what we have just been talking about. i would assume goldman sachs as well. angie: what about other banks now? people take a look at goldman sachs, reall

he went to goldman.worked for soros and at them chi.gy -- eddie mnu , the mostd in avatar successful film of all time, and bought a bank. zeb: what is interesting -- carol: what is interesting about your story is the people who know him are kind of surprised hughes in this position. why is that? >> here is a guy with no background in politics whatsoever. he has given a little bit of money over the years. most of it was just favors to friends, raising money for clinton or obama. carol: lots of democrats. >> more than republicans. he represents all of these elite institutions that drunk fans are opposed to like goldman sachs -- from -- trump fans are opposed to like goldman sachs. some people were surprised to see all of a sudden he showed up not just as a trump supporter but a key person helping him get elected. david: you can hear that story in the latest bloomberg businessweek. we have the most talked about stories every saturday on bloomberg television. vonnie: staying with donald trump, we get to the

june 12 the day also holds certificates for her brother, log goldman, was ron goldman, was stabbed to death. >> i struggled with my own grief that day because of what was unfolding in orlando tell me a little bit of help how you will come back i woke up to find of my phone ringing in my mom and dad leaving me text messages wake up wake up they kept calling me i got really are afraid. my father said your ex-husband was involved in a mass shooting i said what do you mean and she was he shot? no, he is the one that did it. and everything just stopped. >> she is a special correspondent with crime watch daily is written books about her brother and accused killer oj simpson. >> you can watch crime watch daily with chris hansen every day at that time. >> also watch on her sister station colorado 42 everyday >> most colorado voters say they don't do well with legalizing marijuana 46 percent say it set a positive influence and they say the taxes been good for our state a republican healthy standpoints is one in four says they note know someone who is chicken less alcohol now that marijuana is

goldman did their homework on it. goldman, this will be part of them now. they have smart beta products, which collectively have over 2 billion. >> is this unique in that feature you talked about? the midday settlement? >> every other etf takes three days to settle. this is a unique feature. >> jpmorgan has a different one. >> jpmorgan came in and they want to diversify the alternatives fund. this essentially is a hedge fund for half the cost. this is an actively managed hedge fund strategy. all kinds of strategies out there. this is part of a move by a lot of issuers. they are looking to poach some of the hedge fund assets. liquid all scum a means it's an , jpmorgan looks to democratize hedge fund investing. this is a another space that is intriguing. up till now they have only had smaller players. now you have jpmorgan looking at it. goldman has some products in this space as well. it has yet to be seen if etf's can replace hedge funds. goldmanorgan and getting involved it may make it more attractive to certain investors. the wallnot as though street play

guy: dimension goldman. wh-- you mentioned goldman. who else could this affect?o has a portfolio. goldman is definitely the largest. this was seen as some thing that could get bigger for the banks. the rule does not let you invest a large amount through the funds structure, but you can still do it through the merchant banking exception. so, some thank fo -- so comsome banks are looking to do fewer investments. guy: walk me through the risks. my is there concern surrounding this? -- why is there concern surrounding this? walk me through why this is a bad thing. >> i think that will be the big obstacle for getting a lot of support in congress behind taking some strong action here. it does not seem like there is a lot of -- none of the banks think it is a big safety and soundness issue. i think it comes down to, this is separate from the core function of thinking and if we are going to to provide the fed backstop and deposit insurance, this is not something we are interested in. we want the banks to do core banking. it also comes back to, part of ands banks dealking

he went to goldman. he worked for soros. huge hedge funds.s a big investor and invested in "avatar." the most successful film of all time. and bought a bank on top of that. carol: i think what is interesting about your story is that the people who know him are kind of surprised he took this position. why is that? >> here is a guy that has had no background in politics whatsoever. he has given a little money over the years because he is a wealthy guy. most of it he said was favors to friends raising money for clinton or obama or whatever. carol: lots of democrats, right? >> more democrats than republicans. he represents these elite institutions trump fans are opposed to like goldman sachs which trump makes a lot of noise about on the campaign trail. a lot of people were surprised to see that all of a sudden, he showed up, not just as a trump supporter, but as a key person helping him to get elected. carol: next, the hurdles elon musk is facing for testing for tesla. and how one american company successfully fought back competition overseas. ♪

. >> goldman sachs cutting the odds of a fed rate hike next week to 25% from 40%.he firm's goal came after fed governor, the fomc member caused about the central bank moving too quickly. >> to the extent that the effect on inflation of further gradual tightening in labor market conditions is likely to be gradual the case to tighten policy preemptively is less compelling. >> a fed black out policy will prevent any policymakers to speak publicly until after next week's decision. >>> light day for economic data. national federation for independent business releases its monthly small business survey at 6:00 a.m. eastern followed by the monthly federal budget statement at 2:00 p.m. later in the week we get industrial production, retail sales and other data. maybe the markets will trade on the data. >> wishful thinking. now to one of this morning's top stories. more headlines on the wells fargo sales practice issue that broke last friday. it's emerged that the executive who oversaw the knit that created 2 million unauthorized customer accounts who stepped down in july di

and goldman sachs's chief in japan joins us to talk abenomics.t'som bloomberg's most influential summit. this is bloomberg. ♪ caroline: welcome back. let's update you with breaking news out of deutsche bank. it will be selling off the insurance part of its business, to phoenix for 935 million pounds. deutsche bank saying that this hits them with the loss, about 800 million euros pretax. nevertheless, it does have a net positive impact in terms of their capital. no material impact on the available, distributor will items overall. remember how much we have lost in terms of market value over the last few trading days. guy: it's part and parcel of the ongoing process of consolidation within the life business. phoenix is one of those big consolidators. in on the markets and talk about what's happening we saw some strong consumer confidence data out of the u.s. yesterday. the markets boosted positively. asia didn't have a good session but europe is on the front foot. the dax is being helped by the banking sector this morning, up by .7%, outperforming t

he was hired at goldman sachs as a chairman and a brexit advisor in july.'reilly has written to the commission saying the can case has called into question whether the rules are fit for e.u. purposes. brian quinn has the details. >> strong words from the e.u. ethics watchdog. emily o'reilly says the hiring rmer european president by investment bank goldman sachs, calls into question the adequacy of the codes of conduct. she says this. >> his move has generated concern at a very challenging time for the e.u., and particularly in relation to citizen trust in its institutions. this is a significant public interest issue and must be open thanly and comprehensively addressed by the commission. accept 's decision to job comes 18 month after he left the country as president. it is not technically forebooeden. french president alonda has called it legally per missable, unacceptable. they wonder whether he is going to advise the back on brexit. a change calling for strong measures against him, including suspension of his e.u. pension has gathered over 130,000 signat

goldman.going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. francine: welcome back. this is bloomberg "surveillance." we are listening to liam fox, the trade secretary in the u.k. and one of the most prominent figures in brexit. we are trying to figure out how he sees trade negotiations between the u.k. and u.n. -- u.s. overall he said brexit is a good thing but he told business leaders in manchester to the north of the u.k., it is a alden opportunity, brexit, golden opportunity to forge a new role in the world. we will monitor any headlines from the trade secretary

goldman sachs, trump makes a lot of noise about on the campaign trail. of people were surprised to see that all of a sudden, he showed up, not just as a trump supporter, but as a key person helping to -- helping him to get elected. carol: next, the hurdles elon musk is facing for testing for tesla. ♪ ♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. this week focus on section is a manufacturing. the report investigates the challenges facing tesla. july 1, 2017 is important for tesla. what happens? >> that is the date when elon musk says suppliers and the teams need to begin final production of the model 3, which is the more affordable sedan. david: the company is banking so much a message has of that model 3. remind us of the demand essentially the company says pony up $1000 to get on the list to get one. what was the response to that? >> the respond was a short hairy. -- had hundreds of people 73,000 people had preorder the model 3. obviously, some people will cancel and some others will sign up. $373,000 for a car that is not in prod

and the former goldman sachs -- his carerer ong donald trump.hat is ahead on "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. you can find us on radio on sirius xm channel 119 and on am 1130 in new york. and1m 960 inston the bay area. in the markets and finance section, banks are storing the use of data from body sensors, phone calls and e-mails to identify top traders. it is a strategy developed by professor at m.i.t. >> for at least 15 years, angelo has been studying the connection between physiology and risk-taking. in this case, he was given a talk at a major wall street firm. he would not say which one. after that talk, they invited him in and said, we want you to test your studies with our risk takers, our traders. he did that in 2014. >> what did he find. he set up a simulation. >> he found that there is a physiological and emotional signature to people who are the best risktakers. that they are -- that thdir bodies ramped up to volatility when it was occurring, but swiftly relaxed when the

it was way too highly rated by goldman. my father said, all right. let's take a trip to franklin mills. a giant outlet mall. my father used to go as he called on merry chants to see if they needed any of his boxes and bags. there was one and my father said, we're going to sit on this bench. we'll camp out in front of the store and make a ym ourselves whether anye we sat there for hours and hours talking and watching. only about a dozen people went in. i couldn't remember if we saw one woman come out with a bag. wall street research can be very strong. gantos made me skeptical. i am offering a way this show a caller. i tree to keep the scepticism. i try to bring you the giants and the gantoses so you can understand the process of good investing. those who say it is don't understand the process of first hand experience married with research. here's my bottom line. bottom line. my mom had a genuine interest. my dad was a genius at retail and i would like to think some of that runned off on me. ahead of you, try mucinex 12-hour. only mucinex has a unique

even take account of the cd's goldman had on aig which further protected gold goldman from the loss. nonetheless, there was connectedness problem and dodd-frank reforms largely focuses on that, largely build around connectedness, look at the terms of designation, a lot of connectedness. as the central clearing for all the counterderivatives, we will have a chain reaction of failure and bilateral exposure limits. while one can argue that are desirable as preventive measures generally apart from the experience in 2008, connectedness was not the problem in 2008. so dodd-frank also did something else which was to legislate with respect to contagion, three measures were deployed to stop contagion and capital instruction in the bank. lender of last resort. the fed was created in 1913 to stop financial panics, the latest of which 1907. interestingly the panic of 1907 started in a nonbank center that the nickerbooker company trust company. during 2008 lower penalty rate at the discount window, wider access and term auction facility were major changes and a number of new facilities were creat

now, we are listening to talk tear dealmakers from goldman sachs. let's listen in. >> you put all of that in the same bag and that volume is up 2% year on year. the one thats everyone focuses on because of the price of oil and is probably the most tangible. if you look at the downstream part of it, that business has been really strong. >> does the price of a barrel of oil the to get to a certain level, before big deals get done? where companies feel comfortable selling or buying? >> typically. whether that is economics are --e confidence, it's like energy executives are like any other executive. they will do things when conditions are good and when there is positive momentum. because investors will follow that and they -- it takes a lot to print a transaction in an environment where he have a tremendous amount of volatility. >> one of the positive developments in 2016 -- and we are so going to hit 3 trillion plus in m&a, a pretty nice number -- has been asian, mostly chinese companies going outbound, chinese companies looking at deals either in the

they, goldman, on the conviction buy list has a $52 price target.y both like the stock for different reasons perhaps. what about you guys? >> i mean, i don't own that stock, but i own a bunch of the regionals. i think this is an area if you like certain banks, these guys do, there's a lot of potential. he this all trade below market multiples and in line with book compared to where they were five years ago. if the market does go the way of the financialfinancials, and yoe type of improvement in housing and increasing in housing where you see rates move. this is an area you want to be. you just want to pick your spots. overall it's where -- >> from football to business school to broadway to asset management. we're speaking with four-time pro bowler and heisman winner eddie george about mastering life after football and why he chose to get into finance. plus, an under the radar energy stock option traders are betting big on today, but, first, my man tyler matheson with a look at power. >> coming up at the top of the hour on "power" financials under fi

goldman sachs staying with that week yen bets. wci, 49.79. down by 1.1 percent. the saudi's and the iranians met yesterday for the second day. algeria looms large at the end of the weekend into the start of next week. let us get the bloomberg first word news. good morning stephen. yahoos says personal details of at least half a billion people were stolen in a 2014 hack. the company says the attacker was a state-sponsored actor and the stolen information may include names, phone numbers, rates of birth, passwords and security questions and answers. users are being contacted and their accounts secured. comes ahead of verizon's acquisition of yahoos web assets. according to people familiar with the matter, in agreement could be announced within weeks the no final decision has been made and the talks may still follow part. this comes five months after bats is pursuing ipo. -- lowe bank profitability and mounting legal costs. social democrats discussed the lenders both at a closed session. the matter comes after the u.s. -- related to mortgage-backed securities. europ

goldman sachs plans to slash jobs after its worst year for deals since 2008.elcome to the program. a jampacked week ahead as we count down to the talks in algiers. we saw i very volatile and dramatic day for crude oil. take a look at this. saudi arabia was dismissing the prospects for an output freeze. it tumbled as much as 10% in new york trade. 20% of theve average. the proposal basically was that the saudi's one lower their production in exchange for iran freezing their production. that has not gone through just yet. only two out of three analysts surveyed think an agreement is likely. algiers is also pressuring numbers from the baker hughes now up to 400 and 18 -- 418 rates. let's take a closer look at how the u.s. markets closed. the dow and nasdaq closed lower. feareddaq losing ground in the middle east, we're just two hours from the opening. this is a picture which shows you the reaction to the decision by the federal reserve to keep the policy rate unchanged. dubai up 2%. dobby --s for every abu dhabi. bear in mind that the saudi market was closed. --

of the slump in deal making goldman sachs faces.is its worst issuances since 2008. it is also under scrutiny for underwriting $6 million. closing at singapore trading desk as part of a global shakeup. they are focusing on quantitative research and continue to add developers. dismiss 15% of its workforce last month. marriott's year-long pursuit of starwood hotels and resorts is finally over with a $14 billion takeover, the largest hotel operator in the world. the deal increases marriott's market share outside the u.s. and gives them more luxury and lifestyle hotels. marriott had to fend off a whichnge from china, triggered a bidding war in march before walking away. a lot to talk about. we have to discuss what it means. marriott international's asia-pacific resident joining us live here in the studio. congratulations. guys,onth journey for you and this deal had a three-month delay because of a regulatory hurdle with china the last one to go. some suggesting this might be stemming from fears of marriott-starwood taking competition awa

i was at the goldman sachs conference.esterday, one of the oilgnations in my mind, low is already priced in. and that is not going to fall out of a lot of the equations next 12 months.we have a lovely bloomberg piece on the net effect of oil is zero, because the investment in the marketplace, in the world has dropped double 1986. conventional wisdom is low oil is good for the conventional economy, but that doesn't happen with equities. we had a risk environment. and people feared that russia, brazil, worried about the falls in russia, you might remember. and it was feared we had some u.s. energy stocks that really bombed out, so that tended to be the largest factories of the broader markets do like the stabilization and oil. they are right. look, a collapse in oil is a risk-off event, definitively for markets. anna: we are not going to revisit his period, asked why priceyal oil depends on what is driving the lack of confidence? and it was a lack of confidence in the man at that point the demand was going higher as well? al

goldman sachs cutting its forecast and gains from the dollar into the yen.ot optimistic about the boj policy meeting this week. goldman sachs asset management says we expect to see dollar weakness versus g 10 and emerging-market currency. this is gold and this shows how investors are cutting their bets , hedge funds exiting from gold speculators cutting their bets on a rally. holding this holding global and traded funds back to buy -- down from a three-year high in august. the net long position in gold futures which is what this chart 11%, to hundred 48,000 contracts for the week ending september. if we are talking about speculators, let's talk about oil because it is heading for the sidelines or speculators are heading for the sidelines as opec members discuss freezing output. money managers cutting wages over falling and rising crude prices for these talks at opec begin. long positions in blue. stocks are rally today after that big trouble last week. francine: mark barton with your acid check. the mayor of london has been in new york to make sure that stra

it is about $5 billion more than goldman sachs. expected to become a $100 billion business in two years. they are funding and ipo in hong kong next year. additional $40an billion of stock on top of an existing $40 billion repurchase program that it is planning to finish by the end of the year. microsoft has already raised its quarterly dividend. having a look at the stock, jumping almost 30% in the past year. option traders are betting on a hkex.on shares of contracts to pay out it's a shares near its highest level since june of last year. the stock reaching a record in may, but went on to lose 50% when markets crashed and trading dwindled. let's get it to tokyo. david is our man on the ground there. i believe you have mr. ed rogers with you, david? as a matter of fact, i do. let's talk with him right now. we are right outside the boj. are expecting their latest policy decision a few hours from now. there is a lot of uncertainty over what can happen. two questions, what should they do and what do you think they will do? >> the seco

goldman sachs says do not fear the robot.ologies are actually creating more opportunities for workers. is the us to discuss global head of investment research for goldman sachs. this has been a huge topic in idea thatrs, this technology is going to shut some people out of the workforce essentially. you see it on the campaign with the promise to bring back physical labor, manufacturing. report outy had a that was far more optimistic on the future state of the labor market. what is everyone getting wrong? is not destroying jobs. technology by and large has the function of allowing you to do more work more easily with less resources. that is what productivity means. the new jobs are typically and things that no one thought of before. today, the jobs you have nobody would have dreamed of in 1910 or 1950, so it is about entrepreneurship and new jobs. it is not the machines that create the jobs. ,att: do we have a labor force the bulk of which is trained to do the old stuff and the time like it takes for that labor force to be retr

david: we all know that goldman sachs likes the way things are. they don't want a big shake-up the way donald trump is talking about shaking up wall street as opposed to main street. is this an attempt just to stop people from contributing to trump? >> i would question, david, that premise but i think this is more likely just goldman sachs not wanting to be brought into the whole political sphere as it already is by both candidates. i mean -- david: wait, wait, wait. melissa: come on. david: jonathan, they're saying you can contribute to clinton, you can not contribute to trump. doesn't that thrust them right into the political arena? >> they're saying it for pay for play reasons, david. as you already alluded to. the fact they don't want to be accused of being involved in payola. as of course several of the candidates have. frankly i don't blame them for wanting to be not associated with donald trump campaign. given what he said about a lot of things -- david: some people would say they made out like bandits over past seven years. no wonder they

in july, goldman announced a cost-cutting plan to save $700 million a year. snapchat says it is changing its name. the change comes as the company introduces video recording glasses. they will be able to record 10 seconds of video at a time and will set users back $130. snap inc. has called the new glasses spectacles. genie: it will take a while to get out of snapchat. you are going to wrap up with something we can't miss. todayig show in the u.s. that is likely to draw record numbers. >> for 90 minutes on monday night nearly 100 million americans are expected to watch -- bordering on super bowl territory. while there will be no commercial breaks aired during the debate, advertisers have been keen to cash in. millions of dollars of ads have been sold before and after the debate. audi will air an ad focused on the campaign. genie: we will be broadcasting that debate live for you at 3:00 a.m. french time. it is time for our press review. we are starting with the situation in syria. , backed byregime russia, has ramped up its attack on the city of aleppo. one pi

tom: francesco garzarelli with goldman sachs.rmats will join us of kissinger associates, steven englander of citigroup as well. this is bloomberg. ♪ tom: the summer ends, the fall begins. in this hour, janet yellen adjusts to america's great europe, japan,h china, and britain. in this hour, robert hormats on -- the philippines, in a pivot to a new level of indecency. prepare for aump september 26 debate. good morning, everyone. this is "bloomberg surveillance ," live from our world headquarters in new york. it is tuesday, september 6. any number of ways, francine, to reset? i would be set on the politics of europe, the defeat of chancellor merkel in germany. francine: especially when you look at factory orders in germany pointing to slower momentum, to brexit, and then we need to look further east to the emerging markets. they are gaining. tom: robert hormats will join us in a bit. right now, "first word news" with taylor riggs. presidentilippines rodrigo duterte -- the white house canceled a meeting with him after an expletive-f

debt -- goldman sachs.ed to the heraign, helps fund speaking fees, so it is clear there are definitely supporters of hillary weston within the company. of more significant act telling employees not to donate to donald trump because of this, related to mr. pence, it is something that could probably impact donald trump's finances as he goes forward to fund his campaign for president. matt: thank you. a lot today. >> staying with politics, a friend of president obama's sat down with bloomberg earlier today and discussed last night's candidate forum and why he is a with whaturned hillary clinton's opponent had to say. >> you had trump who went on tv and belittled some generals and he also went on tv and touted prudent over our american president. there is no one who would tout pressurehat is an versus america are there is not anyone who would not prefer to live here. situation, iof think when people look at it, they will say one is a commander-in-chief and one is not. the stuffct to all about e-mail, people go

an etf that tracks all financials, you saw losses in goldman sachs and morgan stanley. i included wells fargo, down more than 2% as it was under pressure with the ceo testifying before the house financial .ervices committee today looking at the vix, you can see it is up once again. it did shoot up to 15.7 but came back down. the general trend has been a slow grind higher with occasional spikes. spike inking of the vix, that was off the deutsche bank's. you can see it here in u.s. 10 year yield. yieldfternoon, he saw the dive. people get nervous and grabbed for a life raft and that is what u.s. treasuries are. indian long-term borrowing costs shooting up at the news overnight about an incursion into pakistan to take out some terrorists. a so-called surgical strike, but there is a dispute about that and you saw indian assets selloff. on tot: moving currencies, the yen was weaker for a third day. the size of the move was notable -- there are hopes higher oil prices will help the bank of japan achieve their inflation goal. yen not often you see the weaker along with risk cu

goldman sachs put out a memo? it was in the wall street journal. are you kidding. >> this hurts her with the bernie sanders voters. that's what hurts the most. they are disenfranchised. they feel wronged by the establishment. and this sort of statement at a fund riser -- it is at a nice place. she went to sip cocktails with barbara streisand. let me finish. ohio, pennsylvania, florida, that's not what the voters want. >> now that she said this i am reminded of mitt romney's 47%. there was some truth to it and he paid dearly for it. >> he did. >> all right. there is no truth to half the basket are the deplorables and they are not america. i'm as america as you get. my father, you know, was on a ship to nagasaki. my grandfather stormed the beach in normandy. i'm infuriated. >> i don't think it hurt mitt romney as bad as the media made it out to be. i think the election was pretty much set at that point in time. i don't think it hurt him. i think it played into a narrative that he was out of touch and thought people were beneath him. >> she is a terri

today, he wrote a letter to the current head, defending his new position at goldman and calling, theommission discriminatory. let's take a look at the markets. u.s. stocks down on the back of falling oil prices. the energy sector and s&p 500 fell 3%. the nasdaq and down jones each down similarly. similar in europe, where stocks closed in the red. stocks reaching decidedly lower. they're mayor says unveiling a new plan to help iconic black cabs, including access to 20 bus line, and 75 million euros to switch from diesel engines to more greener models, and increasing regulation against the likes of uber. employees for private firms will face stricter driving test,s and be required to have commercial insurance. againstaccusing london they areusing -- accusing london of discrimination against drivers. increasingly, travelers are looking for better value on the long-haul flight. cheap fares can easily rise once you had a few essentials. paris to protect, and the dominican republic for .nder, 400 euros the promise of the low-cost long-haul sector, and more and more passengers are snapping

francine -- here at goldman sachs. francine?fncine: a little bit insight into what markets will do and how you want to be positioned not to lose money. stay with "the pulse." plenty coming up including the features of -- customization units. bonde boe begins corporate buying programs, we will be to the ceo and cofounder of aberdeen asset management, martin gilbert. the debate, however financial markets reacted to last night's tv event? we will take a quick look at that at 9:40. we will be speaking to the former u.k. chancellor, george osborne since his -- george osborne, his first interview. this is bloomberg. ♪ francine: welcome back. let's welcome lapo elkann. he is also the man behind the ferrari customization unit that helps improve the price of its $300,000 supercar 30%. he does is now for a conversation about the future of fast cars. it is a good business. cars in general. lapo: i would say also the world is growing in many areas in the motion industry. i was a personalization industries is 697 billion euro business. franc

he is very goldman sachs. you can tell that he really grew up around goldman sachs partners.g new steve when he was 10 years old. he told me steve was a very cute 10-year-old. john: max, i imagine you were a very cute 10-year-old, too. coming up, wall-to-wall coverage of the trump wall. we will talk immigration, after this. ♪ to talk joining us now more about donald trump's immigration speech, we have the executive director of americans voice, and a legal analyst at the center for american studies. joined byt, we are said coupler. thank you for being here with me. i want you to start hearing from all of you on just a policy level. there is plenty of time to get into the politics, but can you both tell me your take on the substance of what he proposed in his policy address last night? the media has been demanding a of detail for the past couple of weeks. this was a very long speech with a variety of provisions in it that, if enforced, what have an effect on reducing our problem of illegal immigration and open borders. it is quite different from what we have been sold by politi

here's julianna goldman. >> reporter: what would do you you were elected about leadership? >> reporter: libeia esidenal candidate gary johnsowas expected to awer thisuestion by providing his an for dealingith syria's bloody civil war and the refugee crisis. but instead he said this: >> about? >> aleppo. >> and what is aleppo? >> you're kidding. >> no. >> reporter: shortly thereafter, johnson told another reporter he felt horrible but still struggled. >> knowing that there's a city in between the-- the-- the two forces, really at the epicenter identifying that that's aleppo, guilty. >> repr: ia statement to cbs news, johnson said he's human and he blanked. "should i have identified aleppo? yes. do i understand its significance? yes." the besieged city is a major battleground in the nearly five-year civil war between rebels and the syrian regime. this image of a boy rescued after an air strike just last month in aleppo has become a symbf >> is this the craziest election ever? >> reporter: johnson's foreign policy flap couldn't have come at a worse time for the former new mexi

donors are told the contributions go to medical charities, but julianna goldman found that some of it has gone to care for trump's legal ills. >> reporter: at a 2010 charity golf tournament at a t westchester golf course martin greenberg thought he had won $1 million when he had a hole in one, but the insurance company that was supposed to pay out balked, saying the "t" was set up wrong. greenburg siewnd n.b.a. player alonzo mourning and trump's club. trump's campaign said to help pay for the settlement, trump donated lifetime memberships at his golf courses. they were auctioned saying it charity. the winner was required to pay $1500 monthly dues. florida doctor steven shapiro had the winning bed. he is listed as donating $157,250 to the trump foundation on the tax forms. longs matter the trump foundation cut a check for $158,000 to the martin greenberg foundation. raising money for another could be problematic. >> that is a misrepresentation. >> reporter: the trump campaign said the charity web site made a mistake and the listing should not have included the trump foundation. the web

scott, a tall order for any president. >> pelley: julianna goldman for us tonight, julianna, thank you. well, the presidential hopes of new jersey's governor were torpedoed months ago by the bridgegate scandal. chris christie denies knowing about the scheme by top aides to create a traffic jam to punish a different story. >> reporter: the prosecution's star witness, david wildstein, testified that he and former port authority executive bill baroni met with governor chris christie to tell him about the enormous traffic jams being caused by lane close ourselves the george washington bridge. the purpose was to take a curtain call, wildstein testified. "baroni and i were pleasing governor christie." wildstein said that christie laughed at the news and joked, the prosecutor then asked, "were you and mr. baroni bragging?" "yes, it was our one constituent. i was pleasing my one constituent, and i was happy that he was happy." the meeting took place on day three of a traffic jam like no other. two lanes ordered closed by the port authority, creating near-total gridlock and widespread frustrati

on top of that inaction, goldman sachs cut fourth quarter forecast for crude prices from $50 a barrel down to $43 a barrel. we stand at $43.56 right now. jeff, to you in a second, let me start with scott. am i correct in this or you can guide me, i don't think it's right to guess where the market is rallying today. everybody says the market likes a hillary clinton presidency. i think the market likes a better-than-expected consumer confidence number, unexpectedly rose, highest before the financial crisis, and i think right now the market's sewing oats on a couple of issues, am i wrong? >> i think you're right but there is more pay due than interest when people hear there's a clinton rally or big, fat, ugly bubble or something of that nature, avoiding that topic. i think there is decent news but it's the end of the month, the end of the quarter, we're seeing a bid here, no sellers this morning at s&p cash in 1945, so the market had a bounce. we're still in the range. traders are finding it hard to get excited here. there are individual trades that are working but overall we've been in