and las vegas sands and is there a bottom in for macau? here's what's coming up on "fast." ♪ oops i did it again >> that's what traders are saying about janet yellen and the fed and it's causing chaos in one crucial part of the market and something is happening to shares of tesla and it could spell trouble for investors. >> i couldn't live with my level. >> we'll tell you what it is when "fast money" returns. in new york state, we believe tomorrow starts today. all across the state the economy is growing, with creative new business incentives, the lowest taxes in decades, and university partnerships, attracting the talent and companies of tomorrow. like in utica, where a new kind of workforce is being trained. and in albany, the nanotechnology capital of the world. let us help grow your company's tomorrow, today at business.ny.gov it started with a single connection. and the network was born. it soon grew from a luxury to a necessity. so at&t built a network just for you. one that connects your businesses, devices, cars, mobile entertainme

haidi: 2015 was a bad year for casino operators in macau. was certainly a good news bad years situation. december was just the same. decemberas down 21% in and that took down 27% for the quarter. are down now about half for relative to where we were back when things peaked in the first quarter of 2014. that is the bad news. the good news is we seem to be stabilizing a bit with a 21% drop in december, that was the smallest decline we have seen all year long. the hope is that we are starting to find a bottom. if you look at the chart, the yellow line is las vegas. that shows you just how big acau still is relative to relatively static yellow line for las vegas. and the mass-market businesses of macau still outpaced those of las vegas. haidi: these are invested in stocks last year you would've had a stomach churning year. if you look at it from a two-year perspective, these gaming stocks are down about 70% from the peak. that is worse than the revenue number. we have seen margins contract and profitability decline. at forwardlooks consensus on

even on the mass-market side, the mass-market based business in macau is bigger than vegas.ad: casino stocks last year had a shocking time last year. can get -- can it get any worse? >> never say never. they have gotten pummeled. if you look at valuations, a little bit below 10 times .orward ebitda down the most to the 2011-2012 lows. a lot has been priced into these stocks, especially as we think about, do we see a stabilization and an eventual recovery? rishaad: what are the operators saying themselves? do they see things bottoming out? they become much more favorable. are clearlyrisons easier if you look below the surface of that total number. you have to breakdown vip versus mass-market -- break down the ip versus mass-market. those operators that have a mass-market bias, that have new resort exposure, are those likely to see better operational performance. .t leads you to look at galaxy rishaad: this is a developing story, said to be planning an offer to take its china arm private. the company is controlled by the hong kong millionaire. shares for the two companies are

angie:'s hong kong and macau in trouble? >> hong kong is definitely in trouble.raint on the hotel side but the hong kong government has not been allowed to introduce new tourism activities. one of the topics of the report is that china is expanding their cultural horizons. now we see they want to go overseas to experience foreign cultures to spend more time expensing the environment. >> the top picks right now are japan, korea and thailand. object they no would start going further afield. >> it would still go to the u.s. despite the strong u.s. dollar. >> income growth and the currency are becoming increasing concerns. we surveyed 600 people and 16% said they would look at cutting outbound troops if income growth were below expectations. and if the yuan depreciated by more than 10%, 43% of people said they would potentially cut back. angie: so what are the good bets? should be looking to travel providers? should we be looking at thailand, south korea, and japan? >> in the report we highlighted the stocks that we like. we also like some of the cosmetics company in

you have talkined diverging fortun in macau. reporter: indeed.a very interesting for las vegas sands overall, most notably for sands china. if you look at the overall numbers, it looks like a disappointment. but if you adjust for the quarterly luck factor we talked about from time to time, and dollar, thateak actually exceeded expectations at the parent company. first ends, china specifically, sands, china specifically, they were in line if not better for the city if you look at the mass-market. even that they are facing new competition right next door from studio city as well as galaxies expansion earlier last year. it is pretty impressive. if you look at the profitability, interesting , even theirs china down margin with a record level. revenues have come down, they have implemented cost controls. they are running their business which is mass-market oriented. pretty effectively, given the challenges it had. rishaad: what about the parisienne, the progress of this new resort? reporter: certainly quite critical as we look over the course of 2016.

what we're seeing at the moment is that hong kong and macau remain weak for the reason i mentioned but very good news both is that both reported improving trends in china and this is probably a good piece panicking on the china story. >> you say the market is panicking. does that tell us that or tell your investors that they have been buying the luxury stocks? that sentiment is too negative. >> absolutely. i think china has its issues but i think the best times to actually pick up luxury stocks if you're long-term investors is actually to start to buy luxury stocks when people panic on china. we don't buy into the story of china and if you look at the numbers china will still grow 5 or 6% and that's higher than most of the emerging market and most of the developed countries. >> how about some of the current trends like dividend or capex trends as well? as i understand they're moving more toward digital. >> absolutely. what is important is not only about emotions and sentiment but also about numbers. the luxury industry is extremely sound financially so the financial me tricks are extre

in macau. local billionaire sheldon adelson is at the helm.... of the las vegas sands corporation. two years ago.... a judge ordered the company to pay the money to richard suen.... for 'breach of contract'. adelson appealed. -3- members of a las vegas motorcycle gang have been sentenced.... to up to -3- years in prison.... on fraud charges. state attorney general adam laxalt says.... michael hughes.. and steven shaw were arrested for concealing a motorcycle..... that was reported stolen.. to receive an insurance payment. the multi-agency operation also led to the seizure.... of dozens of guns.. and... several pounds of drugs. still ahead.. a local man's mobile car wash is stolen right out of his driveway.. and it's all caught on camera. plus.. a rare tornado touches down in south florida. we'll show you some of the damage caused by the powerful storm. and.. a frightened moose is trapped.... in a swing. the homeowners admit to attracting him.... with salt. why they aren't facing charges. you know the basic bargain of america is if you work hard, and you do your part, you should be

mean, i look at china and i tend to agree, it's more -- it's more closely aligned with las vegas and macauhan it is to wall street, quite frankly. but i do think it's probably a catalyst. the fact is the market's expensive. if you look at equities relative to revenues, relative to earnings, i see even after the down draft here we've got an s&p 500 trading roughly 15% above its median. so i think that we do need to see some profit growth. we do need to see some revenue growth so that fundamentals can ultimately catch up to where investor expectations are situated. >> so chris, if indeed you're a longer-term investor, a retail longer-term investor, do you use this volatility and the down draft that we've seen these first few trading days of the year to add to positions or is it too soon given what we're seeing in china? >> you know, frankly it's a little too soon. not necessarily because of china although i think the china brush paints a lot of bad things. but i think jack made an interesting point. valuations are fair. they're not really supported. maybe they're stretched in some ways. i th

and investors got the first chance to react to a weak report on gambling revenue in macau that was outiday which showed a decline of 34%, making 2015 the second year in a row that revenue declined. and that hurt shares of wynn resorts, las vegas sands, and mgm resorts. >>> american express was one of the worst-performing stocks in the dow last year, and it got off to a shaky start today in 2016. shares of amex fell almost 3% after fidelity ended its relationship with the firm. mary thompson has more now on the latest piece of business lost by american express. >> reporter: after a tough 2015 american express stumbles out of the new year's gates. fidelity investments ending a 12-year relationship with amex and bank of america in favor of a co-branded card from visa and u.s. bancorp. >> this is part of a long list of losses for them. >> reporter: the loss of the fidelity business wasn't unexpected and not a big hit to the payment giant's top or bottom line. amex says the fidelity cards accounted for less than 1% of its total billings, and analysts speculate it could be offset by a pendin

all of them expose in macau.f them thinking the chinese consumer will have less money to spend at those can -- at those casinos. sun edison is falling after the company says it plans to pay off 700 $38 million in debt by issuing new shares. sun edison was one of the most volatile stocks in 2015. david: still ahead, janus capital possibility grows weighing in on the market turmoil. he will join me and tom keene here in just a minute here on bloomberg markets on bloomberg tv. ♪ from bloomberg's world headquarters in new york, this is bloomberg markets. art crumpton is standing by the news desk for the headlines. mark: for the first time, the u.s. congress has sent president obama bill repealing most of obamacare. the house of representatives passed a measure yesterday and the senate passed the same bill a month ago. the president said he would veto the measure. the white house press secretary, josh earnest. mr. ernest: they have voted 50 toes to replace the 2 -- repeal the act. we have heard republican presidential

if you are looking for hope, another thing that was good, macau gaming revenue, the best since january not all bad. nothing is bad it all were market is. korea, bob, from dac marley on the stereo, time to talk about the best-performing assets of 2015. the winner, if you strip out venezuela, jamaica. jamaica stock exchange market index jumping by 97%. , as index has 33 stocks market cap of just $6 billion. stronger investor safeguards and a rebounding economy, the average daily value is $700,000 a day. billioncompared to $7 for methods of the dow jones. the best-performing currency out of the 153 we track at bloomberg against the dollar, the somali schilling. the dollar has plunged against the somali schilling, the shilling up 17.4%. this country has been marred in a civil war for the last quarter of a century and they are using toent military advances track investors to help rebuild the economy. lee, we areot least looking at the best rp me best-performing bond market. the best-performing local bond market is nigeria, where returns were almost 37%. this is a central bank that actually

in 2005 we have a situation where you had banco delta asia in macau was a discovery on the part of thetreasury department that 100-dollar banknotes were being counterfeited by the government in north korea. is obviously gave the undersecretary the authority to go forward, anti-sanctions that activity. indicate a choice to the bank in macau and 10 other banks that serve as the conduit for the hard currency needed by north korea. they had a choice between remaining part of the international banking system, and banking with the united states, or being cut off and they could bank with north korea. they all made a decision against banking suicide and all decided they would freeze the accounts for north korea. what were the results that we discovered afterwards? for example, the missile production line that the north koreans had run, they could no longer get the hard currency they needed to buy either the black market gyroscopes that ended for the missiles or other parts. they came to a complete halt. more importantly not only was the dictator not able to pay his army or his secret police, w

in hong kong way so keep an eye on the macau casinos stocks because analyst are giving them the thumbsna, upgraded by jpmorgan. it different story for smartphone makers in asia with ripple's results showing through the markets in asia. and anna? manus: thank you very much. shery ahn in hong kong. anna: janet yellen says they are monitoring developments. here are what some leading voices told us. >> there is a concern inflation will not get back to the 2% goal. they started to move because they were reasonably confident they would get there. what we have seen, changes in expectations that have come down, the markets are not so sure about that. that might actually slow them from moving forward. >> they changed their balance of risk assessment. shifting the language from having a view to remind us they are going to look at these things and that is going to imprint -- impacted their balance. >> we think it will be more aggressive in july and september. the firsth in part. the fed is taking a longer view in terms of inflation. manus: our next guest says the central banks are right to be res

hotels casino losing 45 -- macau's casino losing revenue. it is scaring off the ip gamblers.ing off th gamblers. be bank saying the rate will based on developments at home and abroad. the dong was devalued several times. the pollution problems in china are very well-publicized. the two highest red alerts issued last month in beijing. world's worst.e breath, these are the numbers. ♪ ♪ let's get over to the indian capital itself and join our renewable energy correspondent. of thisthe cause unwanted headline? what can be done about it? , open combustion in the areas adjoining delhi. of indians burn kerosene, much more polluting vin diesel. -- much more polluting than diesel. is wean be done about it need to bring it down. desperate times call for desperate measures. government has come up with this odd-even formula. on even days, people are allowed to drive with even-numbered plates. on odd days, it is the same thing. it is an emergency measure, only for 15 days. adapt toe trying to this kind of emergency measure. the situation in delhi is alarming. rishaad: absolutely, not the

legislative council has approved an extra $700 million for a bridge linking the city with macau and to china mainland. they say the project is now around $4.3 million. construction on a 42 kilometer bridge and tunnel project began in 2009. it has been plagued by delays and cost overruns. it was supposed to be completed this year. one chinese officials says that even 2020 might not be realistic. powered by over 2400 journalists and 150 bureaus around the world, this is bloomberg news, i'm shery ahn. angie: the business of gym nowership is something that has an app. rather than belonging to one jim, k-fed offers classes and times. here is the founder. we are seeing something felt -- similar take flight in the u.s.. what makes you think it is viable here in asia? joel: good morning. we started it nine months ago. it has been exciting. we started in april of last are. today we have more than 250,000 people. every minute someone is looking a fitness activity on us. initially we are excited about the idea. nine months later, the idea has turned into a an example of the daily lifestyle of our

financial institutions not to deal with a particular bank in macau because of laundering concerns. koreactioned north financially. we advised institutions to be wary of business with a particular bank and that created a ripple effect. many other banks that had north korean accounts decided, we will freeze these or investigate them, regulators all started to target these accounts and it had the effect of completely shutting north korea off from the international financial system. they could not do a wire transfer, they could not access accounts. it was a powerful and forceful thing. yes, i think we can do it again. they have tried to adjust, but at the same time they are able to operate in the financial system and there are things we can do. are wentative sherman: talking about think accounts accountrate -- bank the operate for the specific leaders of north korea and decision-makers there? mr. cha: i cannot give you the answer to that question here. what i can say is that when the action happened, the north korean negotiators had only one demand and that was to unfreeze the $25 mill

macau revenues down. they cracked down on corruption in china. we talked about it a lot.hat stock peaked a lock timeng ago and did not have a good 2015, but adding another 5% in terms of losses on the numbers, many would say we anticipated -- we knew things were not going well there given the crackdown. >> you see the vegas numbers for december? extraordinarily strong. >> yeah. vegas is hot. >> yeah. if you want to straddle that, you do mgm, forward management. you talked about what they're doing. buy mgm, not wynn. i think mgm is a winner. i don't want to do a pair trade. i never want to bet against steve wynn, but i like mgm. there's one go to in this bad market. >> las vegas sands down, but not nearly as much as wynn. >> disney, "star wars: the force awakens" the number one movie for the third straight weekend. $88 million. it will surpass "avatar" as the all time winner. pacific crest has a note out about some media companies arguing for peak nfl, meaning the ratings have been so stellar it's hard to imagine they get stronger from here. >> that prevsumes will not have

an interest in macau which is china. look at that. 6% down. going to change the subject to welcome back a fine performer. first of all, let me introduce. president obama is preparing is negative action on guns. judge napolitano is here. great to see you back. >> are you referring to me or president obama. it is good to be back. happy new year. what is the president likely to propose today? they have not put anything in writing yet. one is to require background checks for vocational sales. you sell me your gun. you are not in the business of selling guns. congress has accepted you from the application of performing a background check on me. the president wants to change that on his own. that is incredibly risky for him. you cannot change that law. >> he wants to change it, but he cannot change it without the law changing. >> i think that it will be invalidated with the core. i think he wants to give the impression that he is changing it. the base of the democratic party. he is not stupid. stuart: let's say that i sell my gun that i have to you.

macau visitors for november were up. house price data for china in december was up.nomic statistics in china have turned from all bad last summer to mixed now. equities -- this was a self first ask questions later today. i do not think this is the path for 2016 though. i think 2016, china equities are up and not flat and not down. stephanie: when you say sell first, ask questions later, would you say that some of today's down trade has to do with the technical testing the circuit breakers? donald: perhaps it did. they just put in new circuit breakers for the csi 300. it is down 5%. that is what happened today. but this is a case in which the economic numbers have not been any good. it has been a disappointment in 2015 in the economy. equities went straight down. beijing broke the markets. a little recovery after that. it has been an up-and-down year. i think this year will be more up then down. stephanie: if we dig in one step further, how about the fact that per day to the -- productivity is not up? donald: productivity in china is rising. it is not rising as fast a

action against the banco delta asia in macau in 2005, the banks and leaders were frozen and completely blocked from the international financial system. this directly affected the money being used to develop these nuclear and ballistic missile capabilities and it also supported the regime's leadership and its elites and their lifestyle. this severely increased the pressure on north korea, causing them to engage in the international community, coming to an agreement to lift the sanctions in 2007 prema turrill, in my view -- prematurely, in my view, discussing a list of its nuclear-related activities with the u.s. and other parties in the region. the agreement was violated by north korea in 2009 when they ested a missile, and the sanctions on banco delta showed us earlier on a way to impact north korean leadership and business directly. now, those sanctions should have been immediately reinstated upon north korea breaking that agreement, but that's why we're here today to act. while sanctions alone are not enough, this bill could provide some very important tools to countering north korea

they said macau revenue will be sharply down. however, las vegas revenue is going to be higher. year earlier. interesting trade. disney trading lower. downgraded to underweight at barclays. they're blaming it on espn again, that there is a risk with espn accounting for a disproportionate share of disney's cash flow according to barclays. we have seen a resumption in selling a stock that have done poorly. there have been questions about the deal going through. those shares down again. copper and gold are more than 70%. it is down again this morning by 8%. stephanie: scott minerd tells us it is not just an oil story, it is a deflation story. we are going to dig deeper into oil. oil falling tweet 12-year low -- oil falling to a 12-year low. we will be back in a few as we watch oil continue to slide. stick around. a lot to cover on this big day in the markets. ♪ david: welcome back. you are watching "bloomberg " at fourl down again point 87% after tumbling yesterday to a fresh 12-your low. andrew cosgrove joins us from our offices in new jersey. lisa abramowicz is still with us