he market opportunity in >> markets in emerging markets are down by about 10%.have had massive currency move and massive levels of volatility. look at china. haveeally do have to appetite for risk when you're getting exposure to the emerging markets. the debt market -- you are exposed to masses of currency moves. jonathon: i keep hearing about reform oriented economies. gentlemen, stay with us. pmi numbers out of germany. we will be live in berlin to bring you that data points. data point. ♪ 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, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. jonathon: good morning and welcome to on the move. winter has officially arrived. ftsenutes until -- the down

the combined group has got 30% of the market share in the beer market globally. at this point, it's very difficult to see how the companies are growing the business going forward. the company is going to become -- pay withindend yield an income portfolio. we areur perspective, seeing a real trend here in terms of balance sheets being put to work. youroes that play into perspective? company, theythe will cut costs. then the question goes back to what we are seeing happening again and again when companies get very large market share. let's look at some examples. what happened to general motors? what happened to tesla? the company starts to think about how to use that cash. sometimes, they give it back to the shareholder. if i'm an investor, i want the best possible management to look after my interest. sometimes, you find that management doesn't look after shareholder interest. it looks after building empires. that is a concern. you've written some great pieces on the print side about the cultural clash, about the fundamentally different way of doing business. matt

was this not a correction in the equity market? >> it remains to be seen. >> he did what people have been asking him to do for a couple years. response should have followed suit -- >> ok, but, when the fed -- >> i -- >> when they didn' t raise -- >> and i said to gary, there is no way they are raising rates , they never mentioned they were going to raise rates in there was no way they were going to do it -- >> what i hear from you right now is a tremendous amount of uncertainty. is that safe to say? >> very much so. what typically happens is that we had this financial crisis in 2008. in 2009, the market bottomed. in 2010, we had a flash crash . the s&p 500 made about a 1000 and as a got away from 2008 the market started not caring as much about the negative news that was coming out and buy the time we got to this summary didn' t care that anything -- it really didn' t -- i mean, china was crumbling what a market was just a sitting there on all-time highs -- >> all right, all right, you are very confused, i said myself, so i come to

.> now for thee market related news, as the market braces for usda's next look at u-s yield projects, early estimates point to an increase for both corn and soybeans. informa thinks the u-s isisooking at a larger c cn crop, with a yield of just over 170 bushels per acre. that's a couple bushels higher than than soybean number. allendale's yield estimates aren't as aggressive. allendale thinks the u-s corn yield is 168 point 3. and soybeans 47 point 3. severe drought in china is depleting any hopes of a record crop this year. and pork producers in the country were banking on ample corn supplies to feed the growing popularity in the white meat. herere a map of china's main growing region. corn production was predicted to see an all-time high as growers bumped up acres this year. instead, bloomberg reports production will fall nearly 6 percent, which is the e ggest drop in 15 years. u-s beef exports continue to see pressure, while porkxports are on the way up. u-s meat export federation says the september export numbers show promise for pork, with export volume up 6 percent from a year a

a big question for the markets. this morning, weaker euro the story of the market.n by half of 1%. the bond market, if you're looking at bonds rs largely unmoved. the dax pretty much flat. so much to discuss in this market of monetary policies as we enter a key month for global markets. if you want to talk markets, i'm on twitter at ferro tv. best of luck for the rest of your day. ♪ francine: whatever it takes. mario draghi says he will do what is necessary to raise inflation as quickly. the euro falls on his comments. manus: abn amro raises 3.3 billion euros and it returns to private ownership. shares are trading above the ipo prices. francine: the challenge. the french prime minister once the sing in system could collapse. -- the sink -- the sing in system could collapse. ♪ francine: welcome to the pulse.

>> happy that we are doing better than markets that is for us the best proof we are benefiting from marketss such. it is funny, on one end you seat and a lot of clients looking for talent. there is a lot of opportunities worldwide. we always say there is the scarcity of talent that people are living in the wrong places. bring them from india to europe. there are lots of opportunities that we need to talk about. >> final question i am an investor a come up to you later on and i say euro-dollar, big exposure in the united states. how are you dealing with that. the good news is we don't have that exposure because the money stays in the country. our revenue goes up because four x costs go up but we have a slight uptick as a result. jon: thank you for joining us this morning. that stock trading much higher this morning. record easyjet reports full-year profits but can they keep up momentum we hear from their ceo carolyn mccall. jon: good morning, i am jonathan ferro in the city of london and this is on the move. you are looking at live pictures of the palace. john kerry is set to meet with presi

if joe the markets. the fx markets.ce draghi we had a solid 10 basis points for december. as the details emerged yesterday, pricing -- odds of a 15 or 20 basis cuts has risen considerably. it looks like 10 is done. 15 very likely. 20 is increasingly possible. is the rabbit out of the hat. at the moment, they have done the work on the fx. 1.06.own now they have to think about the potential for a bounce in the month if they do not deliver. his expectation playing with a conscience at the moment? which: it is relative to where you are. they are clearly a lot more atpy at 1.06 then we were 1.14. 1.09 get a bounce to between now and the beginning of next year, i think you're going to have a lot of investors looking at that rate and saying this is great. i finally got my opportunity. i don't think it is a highly populated trade. you'll get a lot of selling into any potential euro strength. that should cap the euro. what we could see next week from the ecb is we could see an aggressive move where they keep some powder dry for

the markets started sinking, the emerging markets, and the trend is clear. volatile, but it has been a steady strop -- a steady drop lower. joe: i love that chart. it looks like it is right when the em peaked. scarlet: it absolutely is. em's overall are awaiting the fed decision in december. source, any one argument to short em's have evaporated. let's see if our next guest agrees. from a fixed income group. do you believe that? do you think the shadow of the rate is too difficult for the emerging markets to shrug off? amer: no, i don't. reason they have underperformed is all about the markets in the emerging and the disappointing phase of activity we really saw in 2011. behind truly the shadow underperformance. if we start seeing green shoots em starts turning around, then we can easily see them absorb a fed hike. em istory short, i think what we should be looking out and if growth is ok, then we can observe the rate hike. joe: what are green shoots you are seeing? are so faint green, i don't wish to overemphasize -- after a depression throughout the year,

yuriko -- markets."day, the latest restaurant chain announced they will no longer using regular bigs. --eggs. panera says they will switch to cage free eggs. ge is nearing its decision on whether to leave the connecticut home of more than 40 years. a new budget is raising taxes on wealthy individuals and companies. political leaders and new york, ohio, and taxes are also moving g. -- ge. worker productivity grew in the third quarter. the measure of employee output per hour increased at a 1.6% annualized rate. exceeding wall street estimates. you can always get more business news at bloomberg.com. in just about an hour, disney will report its quarterly earnings. will be forced be with the media giant -- the force the with the media giant? espn announced losses and the layoffs of 300 workers. chris paul marion joins us from l.a. to give us a big picture on disney. will disney be able to deflect any hard questions on properties because everyone is expecting some gang buster numbers from star wars? chris: it

betty: but it's called her in the bond market than the equity market. tony: that depends on what you call calm. this is garden-variety at this point. levels are still relatively high , especially if you want to compare to two years ago. but here's my point. it's not a matter of liquidity. it's a matter of growth and earnings. betty: good to see you. thank you so much. pimco's market strategist and portfolio manager. much more ahead in the next 20 minutes of bloomberg markets. the controversy of value business practices is hitting canada hard. we go live to toronto as canadian funds take a massive hit with a selloff. has rejected a hostile takeover bid. is this the end of the story or is there another chapter? will doubling margin requirements in china help the country a void another $5 trillion route in stocks? ♪ betty: good afternoon. it's time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. with banksis working to put together $21.5 billion in short-term bridge financing. it's designed to show th

market?ou think does have the potential to move the market longer term? >> so for me this is about the u.s. federal reserve and china. so the u.s. economy's doing pretty well. and the fed wants to raise rates. and presumably it is going to do so starting in december. but at the same time china -- and actually, i was just there last week. the economy there has slowed pretty significantly. and the chinese has sort of two almost seemingly opposing mandates to accelerate growth while reforming their key industries. so in china the currency is essentially pegged to the dollar. it's a de facto peg. so if the fed going to raise rates, then presumably that means the dollar's going to go up and that puts the chinese currency under upward pressure against all the other currencies, and that's probably the last thing china wants to see because it needs to stimulate its economy and usually when countries do this, the u.s., japan, europe has done it through quantitative easing, that usually involves devalu

but general public market position.e of them because people are trying to figure out airbnb andhe next erro uber's. emily: he is a board member of said, come on, read. he thinks they are unique. david: i wonder how people are looking at this company. looking at square. are they seeing it as a tech company or payments company? emily: it gets compared to amazon, google, apple. and analyst said this is a payments company. it should not be compared to apple. it has a better brand then some of these payments competitors. the competitors where is looking at his heartland, paypal, companies that are very different than apple and google. we will have a full interview with reid hoffman. we have a new episode of studio 1.0 coming up tonight. steve is on the board of tesla and space x, very close to elon musk. take a listen. steve: the best partnerships are when the venture investor believes as passionately as the entrepreneur. when i hear him explaining it, he has won me over. i have been wrong. i will be run again. when it is ri

the equity markets, we are looking at the japan market.ains in the last 30 minutes. every single sector group is higher with the exception of resources for obvious reasons. commodities are mostly flat. materials were down. energy, we are down about that the 1% in australia. looking at shares of bhp. -- we still have a buy rating on this. they are saying they may need to skip the dividends to maintain their cash position. southeast asian nations have agreed to press ahead with their plan for a closer economic union amid criticism that they have no clear idea what that plan entails. they made that announcement in kuala lumpur. they are missing its targets for this year. leaders, they signed an agreement, a road plan for the next 10 years. 2020have called it asean five. it is supposed to create a community that is economically integrated and socially responsible. analysts are looking for more details on what that actually means. it will be established on december 31 and is described as a milestone in the integration process. we have to look a

a full market. messages to come out of the french message once the emotions of the event have passed will be key for the trajectory. anna: interesting for france when we see the government -- more spending in the suburbs of some of these big french cities where some of these problems seem to come from. human there is a latent capital there that has been neglected in recent years. countries, where immigrant flows, which can be a huge boost, has kind of been squandered. will there be the appetite to throw money in the direction or will it go the other way? i would be an advocate of the former because of the potential for migrants to offer a lot to what is an aging population. anna: simon, thank you. data togot plenty of get to later on during the trading day. get in the u.k., we will inflation data. then, we turn to germany. u.s., later on in the trading day, we will also get inflation figures as well as industrial production data. time, itr 7:00 u.k. will be speaking to the ceo of easyjet. we want to

that hit the financial markets -- hit the epicenter of the financial markets. really the most protracted losses as a result of a terrorist attack we have seen in the last 16 years. attacks, whether it is in london , what you typically see is a pretty sharp reaction in the equity markets and a clear negative move outwards. in the following week or so, the market is right back to where it was. was theook at much red, longest one apart from 9/11. it took on 19 days. 14 days later in mumbai. they typically do it pretty quickly. it's really curious. stocks are up in the u.s.. i really think despite how horrific these act are. have quite ayou bit of selling. .own about 4% the contract was down about 5%. it went through the 200 day moving average. coming off the highs we had, i think at some point we are paced to see some green on the screen. some of the more immediate reaction to asset the dollar. within oil has been one of the contributors with markets in the negative aspects. stocks are doing ok. obviously today it is a little unique. if you look at these events, t

a long-term market.uy something on the aort-term, perhaps it becomes longer-term position. it will be a very painful second half for these companies. results will be hard in february and march when they come through. jonathan: the remarkable thing, you look at the major miners in orld, they're the only one cutting capacity. investors would normally reward that, but they are now getting punished. does it become a positive at some point? se: despite what glencore did have some losses so that is a rational thing they're doing. they failed to engage in that activity because they are still massively profitable, or significantly profitable at these price levels. the prices continue to fall, i think there was further pressure on some of the operations. i can't see it becoming it positive anytime soon. lower,n: we get hit lower, lower, you have to go back to 2009 of a level where it is lower. when you look at the copper market, is that the one out of all the commodities that you think could rebound? john: i thin

so short term impacts to the corn market, soybean market and wheat market with potentially more supply coming from argentina both short term and long tererhere. south korea reopening its markets to u.s. poultry. that's according to politico. the country put up restrictions during the avian influenza outbreak earlier this year. state officials say the ban is coming off--after months of discussions between washington and seoul officials. meanwhile south korea also dealing with an outbreak of it's own.welve cases of highly path avian flu have been reported there this w%ek alone. ag secretary tom vilsack says the chinese government is moving quickly to finish reviews of biotech crops. after meeting in china for bilateral talks, vilsack says the chinese are currently 'reviewing eleven agricultural bio-tech events pending approval and they're also continuing a dialogue on access for u.s. beef.' the beef market has been closed to the u.s. since 2003. vilsack says he hopes for action over the next 30 to 60 days. usda rolling out the october cattle on feed numbers. the number of cattle and calv

alix: markets lift.the world's largest mobile asset managers -- global asset managers. ♪ david: welcome to bloomberg markets. from bloomberg headquarters in new york, i'm david gura. hike yellen says the rate continues to be a possibility in december. the next meeting is a life meeting. we will talk to the head of legg mason, joe sullivan are cheaper prescriptions around the corner? wall street is expecting facebook will have another strong quarter thanks to its mobile app business. they release quarterly earnings in a couple hours. let's head to the markets desk where julie hyman is looking at market response to what jerry allen had to say. yellen had to say. julie: when it comes to stocks enter comments, the december meeting his life. -- is live. the fed is data dependent, as always.

market. after we hit the market last week, not just that. it shows that the government is taking steps to make the ipo system more market-oriented. his reforming the way the ipo system is currently conducted by ending the -- standard, removing some speculative excess of the stop arcade and diverting the cash crunch to offer the companies the ipos. here then,e question who wins and who loses from reforms? like today the bottom market is a big loser. we are seeing yields on sovereign notes jumping by the moneyn two years and flows from bond market historic market. accountseing large benefiting because under the new totem, traders will want partake in ipos need to have large shareholdings and what do you need to buy elko --? some of this table, large stocks. thank you very much, indeed, for that. ipo's not only making headlines in china but across the region. let's get back to the market. juliet is watching the action. reporter: a big week for ipos in the region. in hong kong, cic seed, the firs

european markets seeming to really struggle. looking at the market. also hong kong rebounding. because it led. certainly that rally in oil prices helping keep the long area market up by 1%. one of the quarter 1%. rising the most in three weeks. some of that has waned a little. basically every market in the region seeing very strong buying. we're seeing every sector move higher. one we been keeping our eye anything in japan. warming the most in three months and raised its price target for itself. shanghai relieving. turning investments. it derived half of its revenue from selling products to apple. a very strong gain coming in certainly a much writer picture in the region today and we are seeing a rebound coming through in equity markets. >> the atrocities in paris continue to dominate headlines. it taxes such of them planned and belgium. brussels is raise the country threat alert. yvonne the latest. isthe paris threat level three for the whole country of belgium now. let friendly as you mentioned was canceled over security concerns. in response has ramped up the last 24 hours.

and what markets want to see is certainty. and certainly this kind of event really introduces a lot of uncertainty, and markets are going to be asking is this just the first of many of these attacks or are they going to spread to other cities? and of course markets don't like that uncertainty. so i think for now it's a wait and see. but if we go through the next days and weeks and months and there's more of these and they're larger, that can really have a big impact on both markets and economies. >> this is a lesson yet again and a lesson we have learned at the attacks at "charlie hebdo" earlier this year, in boston and elsewhere. this is a lesson that risk takes many, many different forms. obviously, there are the more prosaic forms. an earnings miss or whatever. an economic number that can cause the market to go down. but these kinds of things which we live with every day can take markets in violent turns very quickly, can't they, john? >> they definitely can. history will show you that there can be extremely sharp and swift

that market rallying for this third straight session taking this index further into bull market territory and just to give you some stats on this, the market has rebounded 25% since the sell off we saw in the month of august. that particularly fragile third quarter. strength coming out of the market but got lost in translation. financials were lower lead by standarded chartered. these names you know about in europe but together with the chinese financials as well. kept the market on the back food and further up you go, nikkei 225 also counting three. that's the third day of gains for that market. we saw brisk volume as the yen continue to be depressed. there's a tight correlation. also lots of commentary coming out from the bank of japan. governor talking about a variety of things including the economy, china and the inflation targets. they'll be able to hit the targets potentially by the end of the second half of 2016. >> adam, you have a good weekend of course. >> let's give you a run down of what to watch this trading day. we're also going to get september consumer credit this afternoo

real markets don't just happen. they depend on the quality of infrastructure and determine the mechanics of markets and the soft infrastructure like standards and codes that define how market participants behave if we take it for granted that infrastructure won't keep pace as it failed to do in the run up to the crisis and we all have an responsibility to prevent that from happening again. we're so delight sod many people are here today joining those that participanted in panels and those sharing their comments, ideas and thoughts and questions on social media. as lord mayor indicated we're bringing together people on all sides of markets so it's not just the bankers and central bankers and regulators and traders but the companies, the investors, the savers, the academics t judges and trade unionists and journalists. that's important because we all rely on markets and we're all effected by them. the good news is this process has been underway for sometime. there's been a huge program of reform that's worked to fix t

it has been a long time, the market has price that into the market cap.have some discount associated already. it should basically be a fair market transaction. emily: at the same time analysts are saying marissa mayer's time is up. this year alone we count 13 executives who have left which disrupt continuity. we believe the board must assess if the management team has support and if not a transition to new leadership could be in the best interest of the shareholders. on the other side i have heard people say she has not had enough time. do you think she has? quite she inherited a significant challenge. yahoo!'s best days were behind it. after all the people i know and technology i can't think of a person better suited for the job. you could replace her but you are going to get someone worse. emily: analyst say yahoo! should go private. i wonder how realistic that is. >> a good point that you could get rid of the current management team but who is going to take it on after them? analysts are saying when you have a spinoff and yahoo! gets separated from thi

the first cooling markets are coastal markets, san francisco, seattle. homeowners are stretching their dollars to be able to make monthly payments. that's where home values could go flat or might see some declines because you can't spend much more on a home once your buying power is reduced so much by higher rates. >> i think in some of those cities where you're dealing with high rents, it's hard to come up with a down payment of 20%. >> absolutely. i think a lot of buyers are striving for 20% downpayment and that is a major hurdle, saving for the downpayment and then qualifying for a mortgage and actually finding a home later on. >> part of what we've seen over the last several years is the millennials have put off making some of these purchases. there's a school of thought, there are people who we've talked to who say, look, millennials are different. they want to be renters. they want to live in urban areas. are they finally getting to the point where they want to be buyers again? will that greatly change the dynamics of the housing industry? >> there

we went through the fx market and the commodities market as well.dollar off a seven-month low. the b.o.j. despite a recession, stimulus is working, apparently. crude oil at $40 a barrel. copper a low on copper this morning. elsewhere, big, big year for m&a. deal making so far this year, poised to match, even take over 2007. some of the strengths, remarkably it has come from asia. a decent report from jpmorgan. i'm pleased to say that we can talk about it. great to have you with us this morning. i was reading through your report. luckily you sent it to me. i read through it. i was thinking how confident they are and how many of them see themselves as net buyers. is that a key indicator? >> it is a key indicator. it has been a big year for m&a. the market globally is up approximately 40%. it has been driven by north america, which is up 50%. asia is actually up 70%. in terms of deal volumes, they are up head-to-head with 1.32 trillion. it is a hell of a landmark that asia is caught one europe and therefore, you know, that has generated tremendous inte

regions, theut to economy is not able market -- a bull market. bank of england needs to be careful what they do in terms of rates. the biggest risk to me is not an inflationary bubble, but a huge recovery. when you go back to the late 1930's, when you look at japanese holocene, that -- policy, that was the bigger mistake. guy: your message to dr. carney would be keep it tight and cautious. any hints today that we will be saying great -- rate expectations is likely to propel sterling higher. ben: if i was in that position i would be more worried about curtailing the economic recovery than inflation. that would be my balance. there are people within the bank of england to think it is more important to establish higher levels of currency. there is a balance. it is sending a signal. it is a question of how much further we go. -- theyportant to pick are all of those facts. my impression is mark carney is cautious. i would be surprised to see the bank of thing when the federal reserve decides. linking the currency conversation at a central making conve

the hot markets. so you're moving to san francisco, you're moving to seattle, denver, following the jobs and that's where you're going to buy your first home and that's why it's so tough. >> we know the federal reserve is likely to go ahead and raise interest rates. what does that do to the market? it's interesting to think about pushing people to say, i better hurry up and buy now. is there a point where the interest rates put a chill on the market? >> absolutely. we'll see gradual increases over time. jumping up tremendously, we'll see them growing over time. i think it will cool off some markets. they'll say first cooling are the costal markets, san francisco, seattle, where homeowners are already stretching their dollars to be able to make monthly payments, that's where home values could essentially go flat. we'll see some decline, you just can't spend much more on a home once your buying powers reduce so much of higher rate. >> we'll think where you're dealing with high rent, it's hard to come up

lawrence: we are fairly constructive about the chinese market, and overall, the emerging markets areple of exceptions. you know, certainly growth has slowed down in asia overall. thatn china, we feel like it is not slipping into recession. it is still growth in the 6.5% range. it is still quite good. on a worldwide comparative basis, we remain very much committed to china and to the emerging markets. and we think that the near future and midterm are going to be excellent for us, because we have such a great network and position in the emerging markets. anna: you are committed to emerging markets? how committed are you to the u.k.? is goingion of brexit to hang over many businesses are the next year or two. how are you viewing this, will this change the way you are doing business at all? lawrence: i think it is too early to say what the impacts of brexit could be for us. however, the u.k. is a vitally important market for us. it is one of the two biggest markets and the roots of our supply chain business. it is very important for our express business and global forwarding business, as

are the markets the markets tend to overshoot.lected in the fed funds futures market today. clearly, this is a solid report from the unemployment rate. aggregated income through the diffusion of job creation and average earnings, very few pockets of weakness. this is the validation the fed 2015 to declare liftoff in which has been a long-standing goal. this will be good news for them. betty: we were able to get at least one fed president reaction, jim bullard spoke moments after the job report came out. he has been wanting a rate hike. let's play what he said. >> the unemployment rate has fallen faster than the fomc expected. this morning it's at 5%. the 5% is not very different from what the fomc thinks the longer run value should be. betty: is that true? a it has been falling at surprisingly steady pace come about one percentage point per year which means it's on the cusp of blowing through the feds year-end projections and the fed is expecting the unemployment rate to reach a soft landing, about 4.8%, which is their target for

matt: the market reaction nu wasts. the markets went on chris. take a look at currencies. of the euro-u.s. dollar. , if you want to look at alive trade, it just dropped off a cliff. it's down to 107 .35. we were floating above 108 earlier so big drops in the euro, big drops in the yen. if you look at the yields, they were unbelievable. two-year andn the 10 year and have come back a little bit but the 10 year right now is 2.30. looking at the two year, we were talking about a seven-year high ed's 0.83 and we're looking at 0.91 and we were above that. a huge reaction in the market across the board. tom showed you golden it will plummet because if the fed raises rates, they are paying more interest on pretty safe money and gold pays no interest. gold will obviously come down. the interesting thing i thought was where there was no reaction. there was almost no reaction in oil. it finally came down about $.50. right now we are looking at a $.14 change at $45.06. that is interesting because that has less to do now with dollar strengthen more to do with what opec does in supply a

we ask, coming up ahead. ♪ ♪ betty: welcome back to "bloomberg markets your quote markets."chevy camaro was named car of the year, and the chevy colorado was named truck of the year, and i want to talk to our bloomberg resident automotive expert, matt miller, who talk to the executive vice president of global development from the auto show. match? matt: thank you, betty. ensure it has happened before that the same manufacturer got car of the year and truck of the year, but isn't this the second year in a row for you to win car of the year with that car? mark: it is, and, by the way, high, match. thinking about you. it is a great show. part of it is the first time it happened, the first on it happen was colorado, regular gas engines, and then the second year since we got 31 miles per gallon on the highway for that truck, it is the second year, so we are very excited. matt: i wonder what people are saying about d so in that truck. diesel engine in the truck is a much different story than, say, a diesel engine in a volkswagen? cloud,etheless, a black no pun intended, floating o

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let's get your morning market open with nejra. ajra: an life possibility of -- a live possibility of a rate hike in december. aaders are now pricing in 15.8% probability. let's take a quick look at the dollar. ever souch flat, slightly higher. after yellen spoke, we saw it hit its highest level since august. we can see it weaker against the dollar. and as german factory orders unexpectedly dropping a third consecutive decrease. according to a berkeley -- barclays survey, it is ecb policy driving this more than anything the fed says. we have had gains in europe every day this week for stock. the ftse 100 slightly off with bank of england's super thursday. got the rate decision, got the minutes. cac 40 moving almost 0.4% higher. we do have a lot of corporate earnings. let's take you through some of the main movers have been watching. increase in8% third-quarter profit. that number was a beat. the consumer banking unit. icole, down 2% at the moment. a 15% jump in third-quarter profit. it was helped by higher earnings in its stake. --

looking at the markets today, the stock market is down significantly.e yields coming down a little bit but not a ton. the fed fund futures trading is pretty much where it was. if anything, it was just reinforcing the fed is going to raise rates in december. michael: absolutely. people are getting pretty convinced it's the most likely scenario. obviously a terrible jobs report for this month could change things. panicky moves in the market. that sort of thing could delay them. at this point, it doesn't look like this amount of volatility is enough. --ty: did you get a sense the fed shouldn't be watching markets but did you get a sense he was very aware of the volatility? michael: definitely. it is another variable in the decision-making as was the international picture. he -- as well as the international picture. he made some comments about china. he believes they're trying to turn the tide into transitioning into a service industry. he cited strong retail sales in china. it sounds like he has his eye on china but it's not really worrying him enough to m

it is veterans day, the bond market is closed, so lots of activity in the stock market. julie: it depends on which market you're looking at, but there is not much decisive activity when it comes to the big picture. today is not really a big macro driver, which means we have this drift going on. if you look at my bloomberg terminal, we have the push and pull going on. we saw stocks decline more, the internals in the market were showing a mixed picture. right now, industrial taking a top spot, utilities on a three-day increase, energies continuing their decline. consumer discretionary is also weak today. there is one stock i want to mention, one of the best for armors today in terms of the contribution it is making to the s&p 500. price target is being raised to $800 from $750 at morgan stanley. the analyst at morgan stanley is saying it is all about the opportunity from amazon web services. he says it will contribute to 60% of their forward profitability driven by the accelerated adoption of the cloud by the public. alix: what about the brick and mortar stores? a totally

as it relates to the market, do you agree we will not see market effect? market regained its levels within three weeks after 9/11. in terms of disrupting the capital markets, that's not an effective objective for isis. i think there will be a lot of political fallout from this that will be dynamic and not necessarily destructive. toward the issue about the in thetail risk eurozone, that's a tall order going up against decades of european integration. let's not forget that 15% of france's muslim right now. there is already an existing infrastructure. for france to do anything that aggressive in the wake of that, i think there is already an act limit is asian -- and acclamation towards this. are examples in history when western countries are hit, they have economic impact that we have not seen that. >> i think there is a potential -- this does get the europeans attention. imagine what would happen to the american economy if you could not cross the boundaries from new york to pennsylvania or whatever. stephanie: donald trump would be ok with that. that this i

markets close in just about 10 minutes, stocks are off their lows. julie hyman has a market check. julie: we had that big rally last week. now it is a stalling out on a holiday week. checking the latest volume numbers. volume at about 13% below the 10 day average. all three major averages are down, but not down by mary much -- by very much. we did have some volatility in a tight range. seemed as though stocks were moving in tandem with oil prices . energy is now turned around and it is the best performing in the s&p. consumer staples, the best performer consistently throughout the day. particularly on the shorter end of the curve, the trend has certainly been higher. that tends to be it for utilities. we have some individual news. earnings beating estimates. strong demand for chicken at the same time costs are declining. kellogg and constellation brands getting up rates separately. and then the other big market story of the day has got to be the big drug deal. pfizer agreeing to buy allergan. it will be a good -- be a reverse merger. tax -- $363 per share. i mentioned oil prices. t

away from the close of trade, ahead of the market debts -- market desk. if you're looking for any kind of direction here -- >> a lot has been thrown at the market today. we have had various headlines that raised more concerns about terrorism throughout the day, even if they turned out to have nothing to do with terrorist, as is the case with the disturbance on the flight from britain to boston which you will hear more about one moment now, -- about .1%. all the bouncy around it has done between positive and negative if you look at the s&p 500, you look and see the chart now coming toward the lows of the session here. utilities have been week throughout the day here. energy stocks as well as you see oil stocks fall. they held up really well. chesapeake energy in southwestern, downgraded over the outlook of natural gas. there declines have been .ccelerating throughout the day this is the worst performing single stock in the s&p today, down 8.5%. and alsompetition lower prices on its coffee. been seeing at lot of demand part a lot of companies, specific macr

to the markets and the ipo markets. opened at $11.20 and is much higher right now.po was priced at nine dollars per share. 13 dollarsrading at $.33 coming your the top end of the range. let's go to emily chang it was on the floor of the nyse with the square founder, jack dorsey. hey there, jack dorsey is with us. a $4 billionng at market cap is a public company. yesterday you priced below the range but now it's trading up. how do you think it will do today? >> it's a moment and i'm really excited. it's something that has been a long road and it's a milestone. this is not something you go around. this is what can accelerate us as a business and can help us build the tools to serve the customers in the right way. i'm excited to get back to work. you think square is a technology company or a payment company? >> i think it's both, we build technology to make payments easy. emily: emily: what do you think? >> we think it's both. we tried to make it a national brand and part of the reason we can do that is some of the technology they have in the square program. emily: a l

the market was last on friday and wednesday you come in and the market is down pretty far.ht be a distinction between investor concern about what the new rate environment looks like for the long term and what it might actually mean from a practical investing standpoint going forward in the short term. if you look at these sectors that were the highest volume rate sensitivee sectors, banks, utilities. traded today.ily estate, it at real is down, but utilities are up. the banks did poorly today as well. i don't see a very clear trade here based on rates so it is a little murky, i think. betty: so what do you think is going on then? >> my former editor hated on the head. we are -- hit it on the head. for the better part of six months, with 2100 at the top of the s&p. we are back in that sort of environment. just to touch back on the fed again, we cannot discredit the idea that there was a meaningful shift in the numbers that came out on friday. investors might point to 25 basis points, that will not make a huge difference in the short term. when the dollar concerns are , those

>> the market is skeptical. the market is worried inflation is low.ery fixated about oil prices. -- betweena strong the vti.ium and the bti is taken as a gauge -- wti. wti is taken as a gauge. jonathan: the bond market is a similar story to central banks. the international aspects are lower. i know that is your theory. what is the more dominant theme going into 2016. it's a deep theme -- is it the strength of the domestic economy? is it the international factors echo what happens with qe? >> you can look at the past four hiking cycles. people have revised up as we went along. we started very conservative at the beginning of the rate cycle good we always missed. knowing where up the fed would end, until we got there. .his is going to happen the whole curve shows shift upwards on the real side. the bond premium is below. that has to do with the boj and the ecb absorbing. the question of whether we steep and the curve will be down to how much inflation expectation these essential banks will be up to deliver. jonathan: is the market leading the fed or the