it is taking place in lima, peru. it is where the international meeting of the monetary fund and world bank coincide and francine will bring us he interferes with the voices and people that matter and she joins us now for a preview. great to happy with us, explain what will be front and center. you were just talking about vladimir putin's sporting prowess and i'm not sure they will talk about that but they will be talking about his antics in the middle east. they will talk about shocks, financial stability, payment, main risks, vladimir putin in the middle east, china and what we know about the economy, and whether the turmoil that we saw in the markets is symptomatic of something deeper. whether it means we may have a credit crisis, a financial crisis, so they will talk about commodities, currency wars, and course that warning from the imf that came yesterday about the fed. there is a pretty good consensus in lima, peru, that the fed should wait, they should not be in a hurry to raise interest rates, but when you spe

and then the true and all meeting happens in october in lima, peru.ine lacqua is in lima with an important conversation with madame lagarde. christine lagarde comes to lima with a huge, unfortunate success, which is the new mediocre. is that the theme of these meetings? cine: i think your are right. it is exactly the theme. people are trying to figure out how we get out of this slulmp. the growing economy is there -- people i tried to figure out how we get out of this slump. if you look at strike around the world, europe is, the u.s. is one of the struggle school in economies and then you have china -- worries about whether they can grow at 6% this year or next. so, this is the new mediocre. you're absolutely right. have on top of that commodity rout, emerging-market questions. and the fed, right? that is what people here are really talking about. the london school of economics with others including former bundesbank members with a imfer in the ft sayin g the must be broader, more international p if lagarde does not continue her service next year, is

here in lima we're in the fact-finding mode. we're listening to chie neas colleagues, listening to the imf very carefully. if anything would be needed, we needed to be ready. but it's too early. >> so we shouldn't prejudge here. i wonder if part of the reason is there's still a lag effect in the existing qe program we have. >> we've all executed, delivered 1/3 of the program. we also are benefitting from the lag effect of the previous measures as a targeted liquidity tenders, forward guidance. feeding the economy at a slow pace. it's certainly too early to measure the full extent. >> so premature to start thinking about another qe program? >> it's premature to discuss it but certainly our duty to be prepared to work out the differences. >> the oil prices have been fascinating recently. we're back at $50 a barrel here. starting to ask a question, are inflation expectations being pitched too low because people are fixated on a continuation of a very low price? >> inflation expectations are on problems long term. the full discussio

and in lima, we will go to paul -- about lima, we will go to paul allen in sydney.n have to say about the slow growth in china? >> china is australia's largest trading partner, they have their eye on full. -- coal. weakening growth has seen the worst in australia's trade. they are should be more and the weaker australian dollar has helped, but he is optimistic about china's growth prospects. from an australian point of view, this is our most important relationship. 6.9% growth. that is very strong growth by international standards, we are supportive of the country and their efforts to move from investments given growth to a more sustainable consumption given growth, there is a process to go through. we are optimistic about the right way. the finance minister followed those observations by making a case for economic reform in australia. angie: the free trade agreement with china is obviously crucial for the government there, but it is bogged down in,, any sign that that will be cleared up soon? down, theogged government cannot do what it wants and the opposition labo

en lima perÚ, liliana choi.burlas la naciÓn estadounidense. el tri le ganÓ en el 2011 y en pasadena california. esta vez, ante de 93 mil aficionados por boleto a la copa confederaciÓn. mÉxico fue superior los 90 minutos reglamentarios y por supuesto, tenÍa que haber drama. empatado 1 a 1. oribe peralta anotÓ un golazo y estados unidos volviÓ a empatarlo, paul aguilar puso el d definitivo de tuca ferrari 3 a 2 y va a rusia 2017 y que van a ver en exclusiva con nosotros en nbc deportes. en la fÓrmula 1, se disputo el gran premio de rusa, el lÍder del campeonato luis hamilton logrÓ su victoria nÚmero 42. otro grandes atacado el mexicano checo pÉrez dando una gran carrera en lalo circuito de sochi para terminar en el tercer lugar. es el quinto podio para el mexicano y segundo con su actual escuderÍa. bien por Él. >>> y en la nfl los falcons siguen invictos con 5 victorias esta temporada. derrotando. atlanta estaba en desventaja, pero se recuperÓ y obligo al tiempo extra, donde la Última jugada robert interceptÓ para

puso el caso en el vaticano, en el tribunal eclesiÁstico en lima., en la que recoge 30 testimonios. muy claves que acusan a luis fernando y hay uno que seÑala a otro exsodalite, que aparentemente no fue expulsado por el movimiento, conociendo que habÍan acusado a menores de edad.. todavÍa no se sabe cuÁntos votar en las primeras elecciones parlamentarias de egipto desde que los militares derrocaron al presidente islamista fÉlix: para ello las embajadas y consulares en 139 paÍses se mantendrÁn abiertos hasta maÑana domingo. los comicios se desarrollarÁn en dos fases y culmina a principios de diciembre. aranza: la policÍa de espaÑa puso en cÁrcel a 182 personas, intercambiaban a travÉs del internet imÁgenes de pornografÍa infantil, en el operativo anticiparon 300 agentes. feliz en la india reportaron que niÑa de dos aÑos y cinco aÑos permanecen hospitalizados luego de ser violadas en incidentes separados. la policÍa indicÓ que las mÁs pequeÑas jugaba en un patÍn fue acusada por un familiar, fue encontrado inconsciente. en otro incidente las autoridade

we want to go back to lima, peru. winlock what joins us with finance minister jeroen dijsselbloem. francine? francine: thank you so much, alix. thank you for joining us. we talk about the slowdown in global trends, and actually the eurozone is not doing that bad. jeroen: growth is picking up, 18 out of 19 countries are growing again. 3%, 4%. quite strong, stronger than we thought a year ago. of course, greece has given us grief in the last half-year. that is stable now, politically stable. the program a contract track. for europe, i am optimistic. francine: do you think the imf is on board for greece? jeroen: they have made clear they need additional measures and reassurance before they are on board. they want reforms and physical reassurance -- fiscal reassurances and of course, debt. we will come to that in november. the approach is becoming more and more clear. we will look at how greece can manage its debts on an annual basis, debt service. we have done a lot to bring back the -- bring down the interest rate greec

marisa martÍnez hablÓ con cÁrdenas en la capital en lima.Érica, las 17 aÑos esfuerzo de la argentina, allÍ cÁrdenas aprendiÓ sola ademÁs y participÓ en secuestros. es el hombre que acaba de salir libre tras cumplir la sentencia de 25 aÑos en una prisiÓn militar. penal impide asumir que su organizaciÓn fracasó y fue derrotada. peter: he cometido muchos errores, sino en el uso en gran parte de mi juventud al pensar que hacen una guerrilla y vamos a cambiar el mundo lo hace demostrado que no es correcto, hecho mucho daÑo, he causado dolor. marisa: cuando le mostramos las imÁgenes de archivo reflexiona sobre los usos de violencia, sabe que muchos peruanos que sufrieron las consecuencias del terrorismo quisieran verlo morir en una cÁrcel. peter: que cumpliÓ 25 aÑos tampoco es poco, es bastante duro, yo no deseo a nadie, nadie comerÉ mi peor enemigo le serÍa que vaya la base naval de 25 aÑos, que entiendan que todos tenemos derecho a cambiar. marisa: una comisiÓn de la verdad adjunta 1500 asesinatos a mrta, acepta que fue negociadora mucho los hue

that is the message from lima. we bring you key interviews with voices matter, including christine lagarde. thatxpectation policymakers will keep rates at the record below. ♪ good morning, welcome to countdown. i am caroline hyde. i will bring you immediately what we are missing in terms of training trade this morning. can seetle bit we currently at the moment, we seeing the shanghai composite up more than 3% in current trading. of course, perhaps not as exuberant as many were expecting. member, since mainland stocks have been close, the hang seng has gone up 11%. why not the flurry to face significant catch ups? stocks,comes to chinese the all country world index is up for six straight days. we saw it up in the biggest rally since 2011 on the all country word index. we are certainly seeing risk aversion, pointing lower. i want to get straight to hong kong now, as we know, the markets open. let's get up to shery ahn in hong kong. a little less risk appetite looking at japan. shery: good morning. a bit of a mixed pi

coming up, to lima. withine lacqua mingling the biggest names in global finance.ied about emerging markets. back in two. ♪ >> the chinese authorities do not want to have a brutal evolution. they want to smith and the pace and make sure the rural to urban transitions are taking place in an orderly fashion. >> they are going to be restructuring the economy in ways that will entail less , less for resources thend for oil, iron ore -- -- since them that great recession, i think, is ov er. >> in china there's a waill -- a moveto take measures to to a new model. we need to be communicative. lagarde and p.m. speaking to francine lacqua. i guess some of the main worries highlighted in lima are related to debt and mishaps. that could be policy paralysis. is that where we are heading? francine: that is where a lot of participants think we are heading. to get just an outlet advice. the imf has taught emerging markets they need to get their house in order. if they had their house in order, no matter what happens, if the fed hikes or china slows down, you will be ok. there is

en lima, perÚ, amigo ortiz univisiÓn.r una entrevista exclusiva. sino he dado entrevistas es por la sinrazÓn que no tengo permitido en este momento. jorge: larry hernÁndez tendrá una audiencia ante el juez el 31 de diciembre. marÍa: así llegamos al final de noticiero. gracias por haber estado con nosotros y muy buenas noches. estaban encerrados en el sauna. ella estaba entre sus brazos, y Él estaba casi desnudo. eloÍsa: no. pedro: ya quedÓ todo claro. me prometiÓ aitana que no le va a contar nada a mi abuela, fiorella, asÍ que no te preocupes de nada, ¿sÍ? todo tranquilo. fiorella: "grazie, grazie, mille grazie". yo estaba muy nerviosa, estaba muy preocupada, porque la seÑora eloÍsa nunca nos perdonarÍa algo asi, ¿cierto? pedro: yo tampoco me perdonarÍa que perdieras tu trabajo por mi culpa. fiorella: ah. entonces sÍ aceptas que fuiste tÚ

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inx: that's francine lacqua lima, peru.er today at 4:30 p.m., france and will be interviewing you and secretary-general ban ki-moon. -- interviewing you and secretary-general -- united nations secretary-general ban ki-moon. ♪ alix: welcome back to the bloomberg market day. news.t: we start with our mark: fee says executive committee will hold an emergency they filed anr 20 official appeal against his 90 day suspension and demand to know the reasons behind the decision. is the subject of an investigation. he says he will step down after a special election to replace him on february 26. for major sponsors want him out immediately. more evacuations for coastal residents in south carolina. the state is bracing for the possibility of more flooding. more heavy rain is expected this weekend, with the worst forecast for saturday. be alert for possible scams time to the flooding in south carolina. people should be careful when making donations to flood victims because dammartin trying to impersonate charities to get money or private

tom: in lima, peru, francine lacqua.ch institution matters right now besides the central banker of the world? russ: not sure. i think the question is -- actually, what is probably maybe different was this week's announcement that you will probably get a tpp. this is the one thing you can do right now, the government out of fiscal bullets, monetary policy out of bullets. think of structural things like trade that are of long-term growth. if they can get through the political swirl and it leads you to normalized gdp -- what level is that? is a global 4%? global 5%? russ: you have to admit that global gdp is arguably lower than -- tom: below 3%? russ: the slope -- the challenge in the u.s. is that you have slower roads and the less productivity picks up, that alone will be a drag on growth. tom: we need a stimulus. i have talked about this a couple of times this week. is it out there? its: you were talking about is not clear the house can elect a speaker. are you throwing your hat into the ring? russ: if called on, i will s

demonstrate necessary peru has taken to the streets of lima to protest against the international monetary fund and world banks economic policies. they're saying many peruvians are at risk of falling back into poverty. the imf and world bank has described peru an economic miracle for cutting poverty. they're having their annual meeting in lima. >>> one in ten people in argentina's capital of buenos aires is believed to be living in shanty towns but despite that, you won't find the slums on any official maps. we have more. >> this is buenos aires' largest shanty town. lodging 40,000 people along the railway tracks. >> we cannot tolerate 300,000 people living segregated from the rest of the city. that's our main worry. we believe the solution is to integrate these neighborhoods. >> it was established more than 30 years ago on the edge of the city's reserve. it now has more than 1,000 residents. but ambulance and fire services don't know where to go. and infrastructure, drainage gas pipes and running water cannot be installed without proper reference points. >> we don't exist because there is

coming up we will go the imf world bank meeting in lima, peru. ♪ , . . .nts away from the closing bell. i am scarlet fu. joe: i'm joe weisenthal. alix: and i'm alix steel. [bell ringing] stocks closing higher, with gains in the s&p setting up for the highest closing level since october 20. is "what'de question you miss?" scarlet: we will talk to jpmorgan's chief u.s. economist. joe: plus we will talk to know baccalaureate joseph stiglitz, now the top advisor to the head of britain's labour party. how the richest all the rich are increasingly using shelters to dodge the tax man. scarlet: we begin with the markets. use s

we begin in the capital of peru, lima. what is going on? markus: we are seeing eye high-level meeting of central bankers and finance ministers from around the world, for the annual meeting of the international monetary fund and world bank, in connection with friday's opening, finance officials from the 20 biggest economies, the g 20, endorsed a plan to crack down on tax planning a major multinationals. the plan seeks to close loopholes that enable $250 billion each year go untaxed, according to estimates. it follows sharp criticism of companies like google, amazon, and apple as well, who have reduced their tax bill while remaining within the law. toe critics say the plan is fluid, but the participants themselves say it is historic. when theyare fed up see large international business is avoiding paying taxes in any jurisdiction. so this isn't about whether you have low taxes or high taxes. this is about paying your taxes. i think we have achieved something pretty historic here, because as i say, these things are normally impossible in they

secretary was the general in lima, peru.ll have more from our interviews at the imf world bank summit when we return. stay with us here. 6:36 in london. we will take a short break. ♪ we live in a pick and choose world. choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number. don't miss the columbus day sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. right now save $600 on the #1 rated bed, plus 24-month financing. hurry, ends tuesday! know better sleep with sleep number. carryasian stocks the global rally forward. that scopeterates for the u.s. central bank will leave its benchmark interest rate near zero. >> inflation numbers have to be solid. we have to see them, and for the moment, there is not much on that horizon, neither on inflation nor on wages. anna: more from our conversation with christine lagarde, plus other interviews at lima, i

no shame in waiting is the message from the imf in lima.ng you the interviews, including christine lagarde. carney in the hot seat. the ble delivers its latest policy decision. welcome to "the pulse," live from london. i'm jonathan ferro, alongside caroline hyde. in new york is tom keene. what are you excited about today? tom: we continue with wonderful guests on "surveillance." jon, we will do a lot of international relations, that is front and center in on the cover of every people, the escalation of russian activity in syria. of course front and center is the economics you love -- ben bernanke will be on bloomberg television later this morning. he will join us on "surveillance" in two or three hours. i attended his book party last night. great attendance i financial and economic leaders. jonathan: tom keene always giving the best advice. international politics and focus. here in europe, soft focus on germany. weakness for a fourth day in a row. deutsche bank is bracing for its biggest quarterly lost in a decade. in the headwinds for vw c

betty: eurogroup's president making this comments with francine lacqua in lima, peru. francine has another eu leader, the vice president of the european commission. francine: thank you so much. we are joined by the commissioner. i guess europe is not seen as the naughty child of the world because we have structural reforms throughout our region. what is the main concern that world leaders have here? is it the fed hiking too soon? or is it that we don't understand what china is going through? for thef the concerns global economy right now is the slowdown of emerging economies. not only china, also problems in brazil and russia and other emerging economies. the main reason why i have revised down my outlook. oururope, we will update macroeconomic forecast next month. i will not expect any major changes in the outlook. we currently expect the eu to grow at 1.8% this year and accelerated 2.1% next year. francine: when you look at emerging markets will financial , they took on too much debt. fourfold, the amount of debt that corporations and emerging markets took in the las

you have been talking to a lot of top delegates there in lima.hat are they more concerned about, china or the fed? angie,e: i would say, they are concerned about both. a lot of questions were still going to be asked at the chinese delegation to understand the linkage between the market turmoil that we saw and the prospects of the really economy. i have not heard anybody say they are expecting a hard landing in china. evil are saying there will be a little bit of a bigger slowdown, but the conversation -- people are saying there will be a bit of a slowdown, but the conversation will be more about china behind closed doors. but it is the fed that brings the policymakers. i spoke to the south african bank governor, he says, sure, there are delays, it gives me more time because of to adjust so quickly. but it leads to uncertainty of the hike. i also asked a nobel prize winner, who told me the problem with the fed hiking is that the u.s. economy is not ready for it. the fact is that america's recovery is a need that. -- any big -- anemic. if you look

francine lacqua will be back tomorrow, traveling back from lima. to be here on the markets. i see a churn. more data to get things going. jonathan: you disclosed my position in the gold market. the commodity market is the center of the rebound. feeds to stronger em and fed across the higher energy markets and is driven by the minors. tom: equities, bonds, currencies and commodities. through the week and right now desk,he news from our here's donna quint -- vonnie quinn. vonnie: president obama says he's not considering changes in syria despite russian's role. he called russian involvement a desperation move by vladimir putin. obama: if you think running your economy into the ground and having to send troops in to prop up your only ally is leadership, then we have a different definition of leadership. vonnie: the u.s. announced last week that the training of moderate syrian rebels will be stopped. the president says he does not think american force will help resolve the crisis. putin is defending russia's attacks in syria. putin discuss the attacks

at the annual meeting of the imf and world bank in lima, peru. first-time claims for unemployment fell to the lowest level since mid-july. week.0 last since the beginning of last march, it has been below 300,000. that is a level consistent with a strong labor market. status as aname and super car for the superrich is driving up its value for the upcoming ipo. it go go up higher than $12 billion. an ipo price range could come as early as tomorrow. says the brandne should be valued as a luxury goods maker, not an auto manufacturer. ferrari also plans to increase deliveries. amazon has a crafty new plan. its latest site is aimed at betsy -- at etsy. manyn reach 10 times as prospective customers as etsy. you can always get more business news at bloomberg.com. i want to turn quickly to the markets desk. julie: we are going to look once again at what is going on in the overall market as a result of the fed minutes to -- fed minutes. is the moveble here in the s&p 500. we actually went above 2000 for the first time since august 20th. we talked earlier a

i know you are saying down in lima, people were talking about the fed.n we just ignore the effects of the fed? mr. goldberg: the first rate hike could potentially bring some noise. i like the way the governor put it. get it out of the way. do something that reduces volatility. very slow in time. alix: so a good rate hike, helps with volatility. that is a good contrarian view. pablo goldberg up blackrock. we will be right back. ♪ bank of america shares down. we are also going to get some earnings from netflix. it really about the --ernational scope scriber subscriber growth. they have been growing overseas. number, retail sales, excluding auto and gas. they're looking for a 3% rise in september. that will probably get the most attention. : are we being affected? a debate special on the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment,

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thank you for joining us from lima. i know it's a long connection there. it's good to see you.ok forward to talking to you further. the new chief economist at the imf. >> good stuff, sarah. thank you so much. >>> when we come back, a scandal rocking the daily fantasy sports industry. nfl super agent drew rosenhaus weighs in. microsoft gets set to unveil new phones and tablets at an event in new york. lfr seeing pictures of a new wearable and its virtual reality hollow lens device. a top voice from microsoft. q4 expected to be big for ipo's with names like ferrari, square, and first data set to go public, but according to a top ipo watcher, some of these offerings could be in trouble. we'll talk about why when "squawk alley" comes back. important than your health. or the freedom to choose what doctor you want to see. so if you have medicare parts a and b, consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, these let you choose any doctor who accepts medicare patients. you'r

the two organizations are having a meeting in lima >>> one in 10 people in buenos aires is believed to be living in shanty towns. you will not find the slums on official maps. daniel schweimler has more. >> reporter: this is one of buenos aires largest shanty towns. it houses roughly 40,000 people along side the railway tracks. an eye shore next to an exclusive neighbourhood. >> we cannot tolerate 300,000 people living segregated from the rest of the city. that is the main worry. we believe the solution is to integrate the neighbourhood. >> the shanty town was established more than 30 years ago on the edge of the banks of the river blades. it has more than 1,000 residents, ambulance and fire services don't know where to go. reliable infrastructure, gas and running water, cannot be installed without proper reference points. >> we don't exist because there's no interest in us from the city government. there's no political will to incorporate the shanty towns. we are the ones with the least and have been neglected. >> of course they exist. living their lives, working, bringing up their ch

the ca lima volcano erupted twice yesterday sending ash and gas nearly a my in the sky. it is part of the pacific ring of fire. a few hours later a second volcano erupted this one nicknamed el po po sent a lighter cloud of gas and vapor into the air. >> air france workers angered at job cuts disrupted a company meeting at headquarters. they targeted two managers tearing their shirts off their backs. they escaped under police protection. look at that. the company is proposing to cut 2900 jobs after failing to reach a deal with their pilots. >>> turning to the potential dangers of keyless ignition systems where you just have to have a key fob in your pocket or purse and you press the button to start your car. >> investigators have lynched at least 12 deaths from carbon monoxide poisoning when owners walked away and left their car running. alex perez with more. >> approaching a garage. in real life, tragic results. caesar loved stopping by his parents house to share an espresso. in june this family ritual shattered. >> to walk in and have to see that. >> it's ended in your

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. >> protesters have taken to the streets of lima, to slam the i.m.f. and world bank's economic policies, as the two bodies meet. they say many peruvians have been lifted out of poverty. the i.m.f. described peru as an economic miracle for cutting poverty >>> to argentina, where around one in 10 people are believed to be living in a sprawling shanty town. despite that, it doesn't feature on any maps. >> reporter: this is one of buenos aires largest shanty towns. it houses roughly 40,000 people along side the railway tracks. an eye shore next to an exclusive neighbourhood. >> we cannot tolerate 300,000 people living segregated from the rest of the city. that is the main worry. we believe the solution is to integrate the neighbourhood. >> the shanty town was established 20 years ago near the banks of the river blades. it has more than 1,000 residents, ambulance and fire services don't know where to go. reliable infrastructure, gas and running water, cannot be installed without proper reference points. >> we don't exist because there's no interest in us fr

many of us are looking at drier conditions, a few showers and storms on the east of lima coming to saluda county but those appear to be breaking up. this is probably the last main gas the showers we have coming through new jersey, the last line and it does seem to be breaking up a little bit so a little more light to moderate rain to deal with as we go into the morning commute and then things should start to improve after words so even some more sunshine later on in the day, temperatures very mild, 68 and center bart, feels kind of tropical because of the warm wind coming from the west southwest at 21 m.p.h. at central park and that is not even the highest, which gives the winds of 25, sustained wind speed, we have seen gusts even higher. 64 in philadelphia, 57 in williamsport, 50 in buffalo, cooler air will be coming into town but it will take a while for that happens a daring the day you will be fine, we have the bulk of showers coming through during the morning commute the lake is spots of rain to the northwest, closer to the area of low pressure, that will come down later this morning

a lot of focus on the details within those points, leaders from the g-20 countries are meeting in lima discussing how to prepare for the risks facing the global economy. now the talks are focussing on the economic slowdown in china, emerging nations, and resource exporting countries. the slow-down in china has seen stock markets plunge around the world. the agenda also includes possible effects of the expecting lifting -- expected lifting of the u.s. zero interest rate policy. delegates are also expected to discuss a package of measures drawn up by the organization for economic corporation and development to stop multi-national firms from avoiding paying taxes. japan's finance minister taro aso and bank of japan governor kuroda are attending. ahead of the talks aso met with his chinese counterpart. the finance ministers and central bank chiefs from japan, china, and south korea then held trilateral talks reserve after these sessions the three nations released a joint statement including a call for strengthening cooperation in finance, including providing funds in financial crises. the

what we saw in lima is that your former employer saw stagnation.orry, but the data doesn't show that, but they do tend towards -- we do see central bank governors or finance ministers, a lot of them are saying that it will be painful but they do want the interest rate hike to happen. stephanie: a lot of them are saying it is hanging over us, and they want us to go for it. but you make a good point that not a single central market bank has managed to make a rate hike stick since 2011. , theoyal bank of australia royal bank of canada, none of managed to raise rates and not reverse themselves. that is a heavy burden. tom: stephanie flanders is with us and christopher pissarides as well. week, thisater this is 6:00 new york time. to talk about the overlays in economic and financial system. vonnie quinn is in new york. this is "bloomberg surveillance." ♪ francine: this is "bloomberg surveillance," iamb here with tom keene. the pound is at the weakest level since may. deflation is under 0%. tom: this is stunning data this morning. francine: what does it

a report from lima now. >> reporter: it's the first recession in latin america and the caribbean in sixer years of growth decline the international monetary fund says this region and other emergeing economies are at their lowest point. >> commodity price falls are having their most intense effect there. and these runs is, of course, are more than half of world gdp and the try un's shower of world gdp growth. 2015 is projected to be the fifth straight year in which emerging and low in him growth declines. >> reporter: peru is recovering from last year's slow down the economy is expected to grow six times the average in latin america. the i.m.f. says it has the lowest inflation in the region. poverty has reduce fived teen% and the gap between rich and poor has that retur return. they are celebrating the up lunges in the trans fa surfing partnership. many say it wilhelm peru expand its exports commons commodity. >> translator: we celebrate with two other country rips in the region which have agreed to a very ambitious treaty that will contract to open and diverse new markets. >> reporter:

the imf begins its annual meeting and it is down in lima, peru. that's what to watch thursday. >>> mortgage applications surged 25% last week, according to the mortgage bankers association. that spike can be attributed to lower rates and new regulations, which caused borrowers to rush to their lenders. applications to refinance and purchase a home were up double digits. >>> with more people going online to watch programs, rather than watching them on television, digital video is stealing both eyeballs and ad dollars. julia boorstin was at a media gathering yesterday called the grill conference, where everyone was talking about the potential winners and losers of this massive shift. >> reporter: movers and shakers across traditional and digital media gathered at the grill conference in beverly hills to talk cord-cutting and the future of content. >> it's a moment of cast and uncertainty, but regardless of the platform, whether it's digital, online, mobile, great content has to be there. and so, we're seeing the content. we'll go to the places where

. -- joseat was pose a vinals in lima.g closer look at the risk facing the global economy mckay.gh we heard about the holy grail of synchronized global lift off from the imf remaining elusive. basically reaffirming the fed's decision not to lift rates. >> absolutely. has been consistent with its advice to policymakers not to go too early. of the whites of the eyes recovery, if you will. the board consensus of fed missedthinks the a window, but we can sit back and respect what the imf is telling us. we have had a change of chief economist. first world economic outlook, and he has really put his stamp on the framework. a year ago, the imf was focused on boosting advanced economies. . this year, we have the other side of the coin. about the imf talking risk to commodity exporters from trade drag. that is an important philosophical difference. angie: we saw those concerns in malaysia and indonesia as the rupiah and ringgit cooled off until recently. >> absolutely. i do not buy the recent rally in emerging market currencies. lu

coming up later, we will go to lima, peru for an interview with the un's secretary-general. ♪ >> welcomemberg market day. good afternoon. here's what we are watching at this hour. markets moving some of their -- losing some of their steam. the s&p powering towards its best week of the year. with the big gains, is the market slashing a bearish sign? to miss that.t the pressure is building on paul ryan to become the next speaker of the house. will a call from his old running mate forces hand? we are about one hour from the close of trade. i want to head to the markets where julie hyman is standing by. we are coming down. howard: julie:

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get the highlights from the annual conference in lima, peru. we want tot first get to the market activity with julie hyman. everyone thought china would serve -- would search when it reopened for trading. you did not in that might prove to be a disappointment. julie: perhaps one of the things weighing down the markets this morning. the federal reserve releasing the minutes for its last meeting this afternoon at 2 -- in advance of all of that, kind of a drift with u.s. stocks. dow's best performing three and the nasdaq being dragged down by biotech. so much for the rally yesterday in biotech stocks. declines are accelerating, down more than 2%, and that is weighing on the s&p 500. the dow is the out performer and i want to look at some of the best performers in that index. and got an upgrade to a buy mcdonald's not seeing much in the way of individual catalysts, but these are the stocks lending the most to the dow path gains right now. on hsbc there is a call that 10 year yields are doing ready to fall. : an interesting call and he said we will

. >> when we were kids my sister refused to eat her lima beans. he said the next thing you are going to eat is those lima beans. that was the next thing she ate. >> thank you so much for being with us this morning. >>> up next. death makes many college grads say the cost of higher education just can't worth it. we'll tell you about a company that may have a solution for them. you are watching cbs "cbs this morning saturday". trophies: best cracked pepper sauce... most ribs eaten while calf roping... yep, greatness deserves recognition. you got any trophies, cowboy? whoomp there it is uh, yeah... well, uh, well there's this one. best insurance mobile app? yeah, two years in a row. well i'll be... does that thing just follow you around? like a little puppy! the award-winning geico app. download it today. feel secure in your dentures... feel free to be yourself all day. just switch from denture paste to sea-bond denture adhesive seals. holds stronger than the leading paste all day... without the ooze. feel secure. be yourself. x with stronger, clean

joe: you are at the world bank meeting in lima recently. emerging markets and developed markets.e a differentiation people were excited about that were not getting as much attention in the media? say thati would not there was excitement about anything. there was excitement maybe a there is but differentiation. challenging.very if you look at eastern europe, it has been doing well economically. joe: places like india and mexico, people are throwing in the towel there. ebrahim: expectations adjusted maybe a year ago, but even those laces are not exactly exceeding expectations. alix: can you make a distinction between margin markets actually versus those that are actually holding up like eastern europe? one of the most important stories right now is markets in crisis or recent crisis. there are commodity exporters and both countries have really big balance sheet. a lot of leverage as a percentage of gdp? ebrahim: exactly. does tend to be either in asia or latin america. those doing somewhat at her, eastern europe comes up. for those countries that are highly leveraged, do things get