matt: i'm matt miller. want to get to a market check.e are headed for the worst week since may 2012. the s&p 500 is down about zero point seven time percent -- 0.75%. the dow jones is falling down well below 17,000. the nasdaq is off about 0.73%. out whatard to figure the exact catalyst is, but some disappointing numbers out of china overnight. matt: i think it is a pretty clear catalyst. is slowing economy and that is weighing on the price of oil. oil is headed for the longest run of weekly declines in almost three decades. let's look at what is making news on the bloomberg terminal at this hour. president obama is trying to keep wavering democrats on his side. urged a new york congressman to back the plan, but the letter is directed to all members of the party. it looks like it is no more mr. nice guy for jeb bush. jeb bush fired back at donald trump yesterday. >> i'm a proven conservative with a record. he isn't. he has proposed the largest tax increase in mankind's history. i have been consistently pro-life. recently, he was still pa

matt: sorry? [laughter] a lot of analysts think this might be a precursor for walmart preparing to make a bigger investment in e-commerce. the company is less than 1% of the chinese e-commerce market that some people say they think this is walmart wanting to get serious about competing with j.d..com and alibaba. flat.revenue is basically olivia: if used about the currency hit, it is up about 3.6%. out the currency hit, it is of about 3.6%. matt: we both refuse. but thank you very much. olivia sterns, thank you so much. coming up, fixed income are on pace for a record year. to blackrock's ishares, the largest family of etf's. matt: time for some top stories. an indonesian search team says no one survived the crash of a small airline. trigana plane crashed into the mountains 10 minutes before scheduled to land. a chinese company has agreed to make smartphones in india. this time it is lenovo. it plans to make 6 million phones. xiaomi already makes phones there. the government has offered some tax br

betty: you've got it handled. ♪ matt: welcome back. i matt miller. to get straight to your top headlines. we got a warning today from alan greenspan, the formal fed chairman appearing on "bloomberg surveillance." he said he's keeping a close eye on bonds. mr. greenspan: i think if we merely structure equity prices and we have the price of bonds and instead of in a -- instead of an expected equity return, that leaves bonds in an extraordinarily unstable position. goes is towhere it reach back and ask ourselves, where is the normal interest rate? matt: greenspan also said that low productivity is also one of the major challenges of the u.s. economy. russia's gdp shrank 4.6%. lamenting oil prices could deepen russia's recession further, along with western sanctions. the country relies on oil and gas for about half of its total budget revenue. and the powerful typhoon that slammed china is now blamed for 22 deaths. half a million people help -- had to flee their homes. planes and train travel to a halt. british will send a team to the maldives to determi

the half brother also said matt matt threatened to kill both him and his wife unless he gave matt hisvan to run away. >> he told me mr. rickerson -- he thought mr. rickerson owed him back pay. >> matt took the van to texas, where he abandoned it, and then crossed into mexico. it wasn't long before he ran into trouble in that country, killing a man outside of a bar, and then serving nine years in a mexican jail. when he was finally extra indicted to the u.s. to stand trial on rickerson's murder, the court reportedly installed snipers outside just in case he made a run for it. matt also wore electrodes under his suit in court so guards could shock him if he became unruly. his former girlfriend likely sealed his fate testifying that he confessed to her he had broken rickerson's neck. she said he told her it was an accident. perhaps just as countrying and dangerous was david sweat. at 35, he is supposed to spend the rest of his life behind bars here for killing sheriff's deputy kevin tarsia. after sweat and two other men had robbed a fireworks and gun store the deputy confronted them. his

matt: i am matt miller. hyman with ajulie look at what is going on in stocks. will start with one of the companies he loved to talk about. julie: tesla could an interesting upgrade this morning up by 4%. it has been upgraded to the stock price target. it is a pretty incredible one. morgan stanley's and jonas is raising his price forecast to 465 from 280. notice the start right now is that about 253. matt: is that a 12 month price target? julie: think so. matt: or someday in the future? julie: there is a very good question. matt: they are mostly 12 months. julie: they tend to be. that is the default. that is i was assuming. it has to do with tesla mobility. you have to read between the lines to figure out exactly what he is talking about. essentially, is talking about automated driving that would be owned by multiple people. is ofaring economy, people would buy a car that drives itself. this is based on not really anything the company has set. has talkedsays tesla a lot about technology and software car self driving cars a will be good at it. matt: i know adam i

i am matt miller.en einhorn was not sorry to see -- david einhorn was not sorry to see july and. the greenhorn capital fund dropped 9%. here are he was on the conference call earlier today. >> the market has become truly unfavorable for our overall investment strategy. we do not expect to do well when investors shun value stocks for momentum stocks. we have experienced this a few times before and each time the results have been painful. we do expect the environment will improve and we will recover. it was the worst month for the company's portfolio since 2008. coach said third-quarter earnings beat analyst estimates. they are revealing products for notger consumers that do have to be discounted to sell. they are refreshing their stores and partnering with new designers to retake market share from competitors like kate spade. add an extension in subscriber gains to the third quarter -- the total users for sprint at 50 million. their closest competitor and has 58.9 million. the numbersprint to four spot

stay with us. ♪ matt: welcome back. i matt miller. -- i'm matt miller.rtunity in pet insurance when they realize that less than 1% of pets were insured. --is started pet planned inplan usa into the -- 2006. here is more on their journey from small to big. >> we had over $5,000. [barking] ♪ [meowing] object --a massive massive opportunity. we had to raise some capital. we had to put in place the infrastructure. and then we launched the product in 2006. we decided to approach the largest pet insurer in the world. we wanted to become pet plan usa. lots of different breeds for cats and dogs. you need to understand the risks associated with those pets. they shared their data with us. it gave us a tremendous head start. we have a company with revenue close to $100 million this year. we have got a great foundation to build on, but we need to create that awareness for pet insurance. establishing a reputation within the space. that involves going to trade shows. we will be telling people about the pet lamb, what's coming soon and why we are different. it took 10

i matt miller. -- i am matt miller. signs of progress in the u.s. labor market.uld keep the fed on the road to raise rates. employers added 215,000 jobs in july with the unemployment rate holding at a seven-year low of 5.3%. it follows an advance of 231,000 in june, bigger than previously estimated. a lot of the numbers were better or the same as the month before. as summer comes to a close many parents are focusing on back to school shopping. it's also a crucial time for retailers. this year, jcpenney is looking to reinvent itself again, along with your kids wardrobe. stephanie ruhle spoke to the merchandise manager about how it is planning to top last year's sales. >> we have lots of strategies. last year, our back-to-school sales were terrific but then tailed off. this year, we have lots of plans to win in early back-to-school states as well as later back-to-school states. a new initiative in shoes expanding the women's shoes floor moved men's into an open sales environment. we have some great national and private brands with the kids like nike, arizona. all o

i hand it over to you, matt. matt: thank you. shanghai composite, it was more than 2.2% and the nikkei dropped and the hang k fell by about 1.2%. dashboardory out of the big story is currency. there has been little relief for confession -- investors in asia as southeast assets remain under pressure. southeast asian currencies saw another volatile date. in thailand, it held steady after falling to the lowest level since 2009 in the wake of the deadly bombing in bangkok. they say that attack is unlikely to the economic stability. for the decline as china's devaluation. the political crisis and a surprise increase in july consumer prices weighed on the currency. the announcement of banks apprise the market by devaluing the dollar for the third time this year. in a statement, the bank said it acted preemptively to protect exports in light of china's yuan devaluation and upcoming fed interest rate hikes. matt: that was bloomberg in hong kong. time for a check of the top headlines. award is out in thailand for suspected bomber. out inl

matt: what about brazil? a lot of people have said that brazil and argentina need to get through the short term elections and some structural changes that need to happen. it could be a great distress to play. >> there is a lot going on in brazil. a lot of good things and a lot of uncertainty at the same time. a recognition of the government that the policies implemented in the past few years were no longer working and that triggered a change in policy, tighter fiscal policy, better framework for monetary policy and infrastructure agenda as a way to spur growth. there is a lot going on on the political side that is creating uncertainty in the counterbalance on the positive side -- matt: bringing price down and making things a better value. >> hard times bring the policy and that is good for the future of emerging economies. rodriguez, always good to see you. ahead, tesla has big plans, including a more affordable electric car. the latest on the company's roadmap for expansion and how is planning to raise more

matt: we will have the latest. ♪ ♪ matt: this is "bloomberg market day."ry they appointed a chief executive. -- for lori may appoint a new chief executive. ni is likely to be named to the top spot at farrar i. matt: this would be yet another title added to the resume of sergio who also serves as the ceo of fiat chrysler and another -- a number of other businesses. this is a scoop, definitely a new story and not a surprise. sergio basically runs everything at this company. he has always had such a huge love affair with ferrari. chairman who the had been running for lori -- fe rrari for 30 years. they even have a car named after sergio. a limited edition sergio it is called. pimm: does it come of the sweater? i want to ask something about for robbery -- ferari. is that kind of each rating on the market rather than on the actual business of ferrari. matt: the business is doing very well but sergio things the brand is worth a lot more than shareholders in fiat chrysler are valuing it. that is why they are going to sell 10%. look how gorgeous that is. they will

the new stellar starts trading today on the nyse. ♪ matt: good morning, i'm matt miller.rik: i'm erik schatzker, everybody. matt: we want to take a look at breaking economic news. erik: not breaking, really. it broke. matt: broken economic news. julie hyman is in the newsroom with the headlines. julie: we have one item of breaking news, construction spending. month over month, it is a disappointment. it looks like it is more than made up for based on the revision from the prior month, an increase of 1.8%, up from 0.8%. getsee that the may bar bigger as the june bar is smallre. a strange situation with the isn manufacturing. the numbers coming out early. we saw manufacturing in the u.s. cooling in july from the highest level in five months. the reading is down from 53.5 the prior month to 50 2.7. guys. matt: thanks very much for that. i want to check out how markets are reacting to that news. stocks are trading lower. take a look at the indexes. the nasdaq is up a little bit. the s&p is unchanged. the dow is down. we did have an up month at the end of the week last week. e

what to expect when the business splits later this year. ♪ matt: i'm matt miller in for emily chang,nd this is "bloomberg west." live from new york today. coming up, salesforce boosts its profit forecast, and elon musk's hyperloop taking two steps closer to becoming a reality. and we will take you to the world's first solar powered airport. all of that and more on "bloomberg west." first, to the lead. hp shares are sliding as they issued a profit forecast that missed estimates. the company is being hit hard by a slumping pc business and its revenue in personal systems dropping 13% year-over-year. total revenue declined 8% from this quarter last year. what are we learning about hp as to split in two? cory johnson is here with me and we also have idc chief research officer crawford del prete. crawford, let me start with you. what do you think about hp's results? disappointing, but is there a silver lining? crawford: these results were mixed. if you start digging into these results, you do see some areas where company clearly has issues. they saw a pause in pc demand, particularly on th

matt: wow. erik: is that hd? matt: it looks nice.ld go to the hospital for an mri or cat scan and have your results in less than 30 minutes. one company is turning wishful thinking into reality. imaging advantage is using the cloud to transform radiology as we know it. here is their ceo and chairman, naseer hashim. thank you for joining us. the real revolution is that if i move to los angeles, god forbade, and visit a new doctor, i can get all of these images, or he or she can access them instantly by the cloud. >> that is exactly right. that is nearly impossible today. even if i wanted to go down the street where i live to get my images three or four weeks ago -- in fact, i went to the dentist to get my x-rays. he did not have them. he had to retake them. costly but this is a significant amount of radiation. having this in the cloud for people who need health care on an emergency basis is critical and is not available today. matt: why not? it seems like a no-brainer. why does not everyone do this? >> that is a great point. people al

matt: qvc gets a lifeline. what could this mean for etsy? ♪ i am matt miller, in for emily chang.his is "bloomberg west." dr. dre gives apple music a trial run. plus, is the amazon model a harbinger for workplaces of the futures? all of that is ahead on bloomberg west. first up to a story we are watching right now. the irs data breach. it is getting much bigger than we realized. we are now learning of an additional 220,000 possible victims and the total number of taxpayers to 334,000. let's go to washington dc and bloomberg news reported jordan roberts. what can you tell us about this new breach? it seems to be more focused. jordan: before and thing to remember is that while we are not talking huge numbers, 300, 400,000 people at this point, there were highly targeted attacks and and the reason they were able to get that was because they knew about them anyway. they believed they could get a big refund from them if they committed tax refund fraud. matt: this is not a case of them going through each person will account. -- individual account. they have reached the irs system at lar

>> matt: no. i wore about nine different numb numbers in my career. >> tom: what is the highest that you wore? >> matt: 47. >> tom: corey koskie of the twins wore that number. a former baseball hall of famer. galvis out to left field. ethier is on the run, and makes the catch. well, that is a good play with the wall closing in on him. there are two outs here in the eighth. here comes cody asche who doubled the last time up. >> matt: the easy play for the lef ti, because you can notice how far he has to go. he know s ths that he can reach to catch the ball, but the key is that he ran to the spot, and he didn't coast. >> tom: asche takes on the outside corner, 0-1. 0-2. >> ben: if you are going to let hinojosa go back out for the third inning. >> tom: they decide not to utilize anybody else in the bull pen. he looked pretty comfortable in the last inning of work. >> ben: as of right now, 26 pitches, and 23 of them for strikes. >> tom: asche tried to hold up, and he did. there he is, hinojosa, and do

matt: good morning. i'm matt miller. erik: i'm erik schatzker, dropping things. matt: that is because you are excited about economic data. for that we would go to mike mckee in the newsroom. mike: unfortunately, for the united states economy, wholesale inventory is up .9 percent during the month of june. the month of may was revised down. we are looking at a net gain of .7. in may.down you want sales higher than inventories, so you keep making stuff. we have seen a big inventory build over the past two quarters. this is second quarter data, june. it will all be incorporated into the revision to gdp we get for the second quarter. what we really want to know is what is the level of inventory going into the third quarter. our factories going to keep building stuff? are retailers going to have to discount? this suggests a lot of stuff is just sitting there. we have imported a lot of stuff, which is unusual given the fact that the dollar has been strong. we will have to watch how that develops group the next couple of months. the update.you for i think it is fair to s

matt: welcome back to "bloomberg market day." i am matt miller.o your top headlines at this hour. a key democratic congressman has decided to back the nuclear deal with iran. a white house official says jerrold nadler of new york agreed to support the deal after receiving a personal letter from president obama. the president wrote the u.s. could use military force if iran violates the agreement. nadler represents a congressional district that has the highest percentage of jewish residents in new york. under the president one is gearing up to call for elections november 1. an attempt to form a coalition government made political divisions even worse. currency at an all-time low against the dollar and debt has soared. in greece, the prime minister may use new elections to consolidate power and get rid of dissenting voices in his party. alexis tsipras said he is going to quit and call for new elections. he has been in office just eight months. elected on an anti-austerity platform and then agreed to more austerity than the country has faced previousl

matt: welcome back to the bloomberg "market day." i am matt miller.e you a quick look at the stories making headlines on the bloomberg terminal. jeb bush might be making himself look worse instead of better after using the term anchor -- anchor baby. yesterday bush tried to justify the term many latinos think that it is offensive. he said that it is more related to asian people that come to the u.s. and have children. that has marked a new demand of apologies from asian leaders. he is digging a hole. i know what that feels like. rather than wait until voters select a candidate, so far the president has her main neutral. there's speculation that might change if vice president joe biden decides to enter the race. the national security advisory susan rice is going to china. she will go lay the groundwork for president xi jinping's visit to washington next month. she will be in china on friday and saturday, visiting as the country is grappling with a falling stock market despite government efforts to stop the slide. she will meet with president obama at t

acta matt miller in new york. matt: thank you.ick look at markets as we had down this morning. you can see the s&p 500 off point for -- all caps .4%. not much, especially after one of the two best day rallies that we have seen in recent memory. and our worstk month since may of 2012 after all of the volatility, mostly down when you tell you that. we will go back to jackson hole when we come back. stay with us on "market makers." ♪ stocks are opening portrayed, trying to extend on their best today gain in more than six years but not doing very well. julie hyman joins us with a look at what is happening. is making thedaq best attempt at that, but not quite making it. right now, it is unchanged as the dow jones and s&p 500 all but not huge declines. still looks like we are setting up for an up week. the best-performing s&p 500 as yesterday is copper and gold. gain or record one-day the stock after announcing some production and cuts. today it is up again after close yesterday. an 8.5% staken and pushing perhaps for more cuts as well

matt: yes. scarlet: is that enough time for the rebels and the syriza party to organize and come up with their own leader, proposed leader? guest: they will try, but it will be difficult for them. this is one of the reasons he is doing the election very quickly. another reason is heavy taxes will come with the agreement and have not been fully and plummeted yet. therefore the public does not feel them that much yet. that is the second reason for doing it very, very quickly. so, these are reasons that are very good for mr. tsipras. economy is ravaged by political and economic uncertainty. there have been capital controls. withdraw 50 or 60 euros from atm machines per day. these are horrible conditions. the demand, the consumption has decreased. even exports have decreased the cause they depend on -- because they depend on imported raw materials. valuations have collapsed. this is a situation that is really desperate in the greek economy. adding more and certainty is not a good idea. is it the ide

matt: i'm matt miller for emily chang in this is "bloomberg west." salesforce boost its profit forecast and elon musk hyperloop taking two steps closer to becoming a reality. we take you to the world's first solar powered airport. all of that and more on "bloomberg west." lead. to the hp shares are sliding as they issued a profit forecast missing estimates. they are being hit hard by islam in pc business and its revenue in personal systems dropping 13% year-over-year -- they are being hit hard by a slump. what are we learning as they prepared to split into two? cory johnson is here with me and we also have idc chief research officer on us with skype. think about hp results? disappointing, but is there a silver lining? the results were mixed. if you start digging and you do see some areas where the company clearly has issues. they saw a real cause particularly on consumer down 22 percent. we expected that in terms of people waiting for windows 10. if you did get into the enterprise group, there they saw significant improvement, if you will, in storage

matt: good morning, i am matt miller. erik: i'm erik schatzker. look at theh a news. filings for u.s. unemployment benefits are hovering your the lowest level in four decades, a sign of a strengthening labor market, possibly bolstering growth. say wiringsxperts are down as employers hold onto more workers. the july report is tomorrow. on interestensus rate from policymakers in london's bank of england. officials voted 8-1 to keep the rate unchanged at .5%. speculation about the precise timing of the first move in bank rate is increasing. this is understandable and is another welcome sign of an economy that is returning to normal. matt: the bank also cut his outlook on the inflation for the rest of the year saying it is muted, and the recent decline in energy prices will have an effect until the middle of 2016. bank of america is pulling wealthy clients money from a hedge fund belonging to hedge fund manager john paulson. they are also reviewing another fun due to concerns that large position may be hard to sell. a bank memo tells them to withdraw the $80 million from

matt: matt, what you think? time and timethis again. bezos can denies commands his unease can defend him, but surely it is a stressful place to work. a competitive environment and the treatment of the lower-level employees is definitely lacking. >> i will tell you firsthand that it is a high demand, high-intensity workplace. one oft is what makes it the blessed places to work, if not the best place to work in america. a lot of what i read in the article and the story, if they were anecdotes chosen from perhaps occasion over the years, i have never seen any of those things happen inside of amazon. in fact, i have many friends who love working there. i would work there again. it is the best place to work if you're into high demand, high-intensity were laces that change the world. matt: the supreme court case last year said that some employees or mage wait 45 minutes to go through security checks, and they do not pay them for that time. that does not make any logical sense. why did julie? -- did he leave? >> i was able to go be the ceo of

matt miller.t: going to julie hyman with a look at how markets are doing right now bouncing around the bottom of session lows. julie: yes, indeed. back to being the worst a lot since late january as the selling does accelerate here. earlier he saw the dow fall 270 points. near the says we are bottom, that is what he is talking about. taking a look at the action. we have been trending lower throughout the day. all of the global growth concerns percolating. the uncertainty about the federal reserve and whether it will raise rates in the mid- stood this is weighing on investors as well. in terms of stocks weighing the most on the s&p 500 because of the index weight in part, apple selling off by 2% 3%. set in thesales second quarter chinese sales fellcells -- for the first time ever, causing concern for technology investors. does the downgraded by bernstein, talking about a andlar design and a tv facebook taking a hit, down by 4%. then there is netflix, which has doubled this year, the s&p 500 best pe

. ♪ matt: good morning. i'm matt miller. erik: i am erik schatzker.att: taking a look at what is making news. warren buffett, big headline. the price of little bit more than 37 billion dollars in cash. that represents 27% premium to the closing price on friday. alibaba will spend $4.6 billion for a stake in suing cars group. the move comes as china's biggest e-commerce at a network of electronic stores. the biggest deal ever as well. the companies will partner in logistics and online sales as fast as two hours. in chairman after 24% drop the market value. bolstering the appeal of e-commerce operations facing slowing growth in china. it is now official as bloomberg reported earlier, under armour getting a foothold in the nba. part of a multiyear agreement. under armour will be the title partner of the nba combine draft partner in youth basketball program. under armour will team up with nba to launch a mobile fitness app. the deal will allow under armour to put the low -- logo on nba merchandise. the u.s. postal service delivered a $586 million loss in

matt: u.s. stocks are heading higher as investors trying to find the floor to the steepest losing streak in four years. globalcott wren is a strategies -- equities fargo.ist at wells your target -- how do we get there? scott: one way we get there -- people have more confidence that here in the u.s., growth is better. eurozone, better. japan is going to do all right, and there is stabilization in china. i think the growth fears about china are overdone. our international strategy team has a 6.8% gdp estimate for china this year, literally below where the government is at, but needless to say, they are looking for some stabilization. the work we are doing in equity strategy says we going to see some international stabilization. that is when to be a confidence builder. we have to form this bottom, and of course, here in the states, we need to see earnings come through in a better second half. matt: scott, what you think about the possibility that the fed not only moves its interest rate hike forwar

matt: thank you.'s get to mark in london. i can't help but feeling i'm watching something historical. bart: for shares here in europe, i mean, the biggest a client since october. china very much continuing to cast a shadow over european stocks. the two-day decline for european stock markets for 4%. that equates to 450 billion euros. of red.sea that is how the whole story. these are the individual stocks that are really taking a hammering from their exposure to china, the weaker currency lives the value of their products which their china sold to chinese consumers. bmw, look at that, autos, by the way, biggest two-day drop since november 2011. 30 billion euros. biggest luxury goods company in the world. 10% tech line over two days. 9 billion euros has been lost in the last couple of days. glencore, miners in the last two days, have had their biggest fall since 2011. in the air from the mining industry in the last couple of days. the cousin of this, this chinese to valuation. where's the money going? i

matt: a look at stocks. points,rising over 1900 a gain of 40 points, the dow jones putting up a gain of 342 points, and we are looking at basically the top that we have seen today come the nasdaq up 2.25%, 4607. rally that petered out and turned to a loss at the end of the day, but the chinese market had followed devon percent, and today we are looking at 1% and change overnight, not as bad. taking a look at treasuries, use the a little bit of a selloff in on as investors did a term -- in the market. the yield is up 10 basis points, and the 30-year long bond yielding 2.93%. and finally, taking a look at oil, what started all -- the chicken and the egg. 8/10 of 1% today. is also not higher, but i think it was unchanged, bouncing between gains and losses on brent crude today. now let's look at the top stories. a gunman who is said to be a disgruntled employee who shot at reporter.n and a they were pursuing the suspect on interstate 66, and he was found crashed and suffering from a gunshot wound. he is being tr

stay with us. ♪ matt: i matt miller with pimm fox. the dow jones industrial average down a little more than 1%. a decline one and a quarter percent. theously below 17,000 on dow jones industrial average. dow jones also getting hit today. matt: much harder. germany's dax benchmark index .ff 22% >> one of the best-performing the beginning of the year, it has now given up those gains and dropped 22% from its peak back in april and entered a bear market. stock on the dax in august. its biggest trading partner outside of europe is china. growth,out chinese germany particularly exposed. some fund managers are not so concerned because they point to the fact that the valuations are still quite it -- attractive. it is forecast to outperform the economy this year. it is in the bear market. much.thank you very i will leave it in your capable hands. tomorrow, we will get home sales. we will talk about the real i am awaiting important guests. ed is coming on, calmly is coming on. mark is coming on it 2:30 to it i will be off air and watching that,

matt: good afternoon, i am matt miller. mark: i am our content.l be sitting down with emily chang, so you will not want to meet up. let's start with a look at the markets. stocks have been drifting between gains and losses after coming off two days of huge

matt: you don't say. pimm: yes. matt: he is defending his own company. pimm: and taking a look at compton,"outta smashing records, pulling up $55 million in its debut. matt: did you see it? not. i did i waited in line, but i did not wait long enough. this isces falling, but not stopping the largest gold company in north america from building a brand-new $2 billion mind from scratch. all of those details coming up. matt: all right, to china, its currency, the yuan -- its uan -- morgan y stanley coined the phrase fragile five to describe the most vulnerable currencies and now that has climbed to 10. countries tied to china are getting hit by the slow down there. us, stepheng englander, he joins us from his office in new york. steve, thanks for being with us. tell us, who are these potentially troubled 10? it could bel you, the troubled 110, because only the u.s. is showing any sign of returning to normal. obviously we are debating whether the fed is going to hike. things like the commodity price weakness we are seeing, the a.m., the currency weakness -- th

matt: not yet. you cannot tell the time from the apple watch, you glance at it, you have to shake your wrist to alert the person with whom you are talking that you want to get out of there. it is ridiculous, but someday, very likely it will take a huge chunk out of the watch industry. erik: the five things you need to know, beginning with jobs. jobs that he in america, in less than 30 minutes they will release the latest figures on u.s. employment for the month of july. the average estimate in our survey of economists is for the other employment rate to hold at 5.3%. with more insight, carl riccadonna is here. it is a matter of debate, what number matters the most the headline number, the private payroll, the employment rate the participation rate, the average hourly earnings, what is it? carl: we have to adjust our perspective. you can ignore about half of the reports, the other employment rate is already in line with the fed year end target. erik: slightly ahead of target? carl: not slightly head,

matt: everybody needs love, man, right? pimm: yes. matt: regardless of where he works. pimm: let's just talk about what is coming up in the next hour of "bloomberg market day." bad news for hewlett-packard as it readies it's up to be split into two companies beginning november first. the reported a drop and 8% decline in revenue. sales from the consumer business fell 22%. matt: plus, speaking of bad news, the world's largest maker of farm equipment said it slumped because of weaker overseas demand and lower tax incentive. john deere also cut their 2014 forecast, so the future does not live that bright either. the kentucky town with only eight housing residents -- bad news this morning -- filing for bankruptcy. where is it again? pimm: hill's view, kentucky. matt: hill's view. pimm: hill's view i believe. a thousand people declared bankruptcy. matt: not as important as to try but interesting nonetheless. pimm: and he gives you an instance in how it happened and how they are using new ways to declare bankruptcy. matt: and maybe other small towns could follow. pimm: exactl

matt: unlimited vacation? cory: crazy. matt: that sounds awesome.and i would just vacation and we probably would not last very long. matt: cory johnson, thanks so much for joining us this evening. still ahead, we will have more bruce simon.on -- we will ask him where he is telling his plans to put their money. stay with us. ♪ >> they are in a box and they need a big excuse not to raise rates. i think they missed the window to raise rates. >> i think it changes the calculus. >> push forward to september 17. let's say the fed hikes rates. anythingt going to do for a long time and you continue to get good numbers out of washington. housing and autos, this is pretty good stuff. >> i think markets would prefer rates to go higher because i think they are tired of the artificial rates and being a zero rate environment. think you can see it in your bloomberg function, i think investors are pushing off their expectations for a hike from september 2 december. for anotheroes on few weeks, i think there will be a hike. >> probably a 2015 rate rise. >> what worr

matt: good monday morning. i am matt miller. pimm: i am pimm fox. we are 90 minutes into the trading day in new york. a little bit of a rally, the s&p hunt -- 500 higher than 1%. the dow jones adding nearly 200 points, a gain of more than 1%. 17,570, if we finished the day in the green. you never know what could happen, but it looks pretty safe from here. we would be ending a seven-day losing streak on the dow. a look, ale taking lot of corporate earnings coming out. we are going to talk about that. matt: i spent too many hours playing that game. pimm: there is never too many. ofn greenspan calls it one the most serious challenges facing the united states and other developed economies. he says that low productivity is the problem. greenspan smoke earth -- spoke earlier. american productivity is not significantly different from zero growth in the last six or eight quarters. , if you workthat backwards through the causative chain, if capital investment has been in adequate to fund the amount of assets you need. pimm: greenspan also said there is a pen

matt: i am matt miller. china central bank easing concerns. erik: this happens me a big day for retail skirt july sales come out in 30 minutes time pair will talk to a couple of top ceo's ceo's. matt: earnings up only 25%. erik: in greece, the parliament is preparing to vote on the new bailout package. the bill includes spending cuts and tax hikes or the rest of the euro zone has to improve the deal before greece can unlock more than $90 billion of aid. finance ministers may not endorse this right away. >> two options. support a program today and then formally next week. the other is that we go for some kind of bridge financing. these two options a this year i think both options entail that a payment will be made at the end of the day. unforeseen be an crisis. i just do not see that right now. responses economy grew an unexpected quarter. president jimmy carter will undergo cancer treatment. the former president said cancer was discovered during liver surgery and is in multiple locations. he will release more information as soon as next week.

matt: we want to get to breaking news.livia: let's get over to julie hyman at the breaking news desk. julie: the numbers are coming out better than had been estimated. 5.59 -- 5.4 3 million is what economists had estimated. we are seeing the highest level since february of 2007. with some ofstent the other housing data we have gotten recently. it is a 2% increase. this toread through other kinds of spending as people buy things to fill new homes. we talk about new home sales in traction, but existing home sales is still the vast majority of home sales that happen here in the united states. -- to mention and lead economic indicators. worse than estimated. different economic indicators fell and economists were estimating a gain of .2%. i think we will go to a live press conference, jimmy carter and he is speaking right now about his battle with cancer and how he intends to confront it. carter: had a very bad cold. for a physical examination and the mri showed there was a chance and they did a pet scan. that lights up a bad p

matt: and i'm matt miller.ing with an acquisition for years in the making that does not pan out. isie: monsanto and syngenta what we're talking about. monsanto trying to make itself the biggest producer of seeds worldwide, pesticides as well. if it had succeeded in buying9. .- buying syngenta monsanto is abandoning the whole process and they may start buybacks once again. surges going up for monsanto. there is another big deal today, not nearly as big, but another deal was announced. buying -- a 66% premium to cameron's close yesterday. an oilfield services company buying a maker of equipment. the idea is they would be able to offer customers some sort of bundling. this might indicate they see a bottom to the oil market right now. we are also seeing other oilfield services company's rising on speculation we could see more deals. --edies like weatherford at companies like weatherford and national oilfield. in terms of oil, we have not seen as many mergers and acquisitions as you might expect. so box -- with stoc

verne: matt jones. speaking of excellence. you see that was in the wrong -- you say that was in the wrong spot, guys? they're brushing everything in. right in the heart. verne: and now to maintain his two-shot edge. nick: i have to say, verne, there's now a new standard to golf, isn't there, this year? the quality and the scoring, we now have seven guys in double digits. double digits used to be guaranteed to win a major. now you're five back at 10 under par. verne: that's right. ian: i was just thinking exactly the same thing, nick faldo. david: it's not like it's gotten any easier. nick: the quality of the golf courses is better. they've gotten a lot longer. the equipment is a huge difference but it's the numbers i'm so impressed with. 16 guys from eight under and better. verne: birdie-birdie for day and jones. jason day will head to the 15th still maintaining a two-shot edge. frank: after a drive and 5-iron, tony finau at 15. peter: uphill at the beginning so has to be careful with the speed. frank: was never really online.

matt: the u.s. government says it will appeal former aig chairman's victory that challenge bailout terms. the trial judge ruled the terms of an $85 billion rescue loan given aig in the midst of the 2008 financial crisis were illegal. in june, papers were filed stating a challenge of the judge's decision to award no damages. both the government and greenberg are challenging the verdict. scarlet: at&t is raising guidance on revenue, earnings, and free cash flow, expecting all three to increase in 20 15 and over the next three years as well, following its takeover of directv as well as two execute wireless companies. at&t says it is looking for adjusted earnings per share above the consensus estimate. att: twitter is making change. if you years direct messages, you will now be able to type as much as you like -- if you use direct messages. regular twitter messages will still have the 140-character limit as usual. those are an assortment of stories. there's a hell of a lot of news today. scarlet: there

matt: good afternoon, imf miller, now joined by betty liu -- i am matt miller, joined now by betty liu. day.: kind of a different much different from what we have seen before we saw this rebound. the dow up i-73 points. the s&p higher by .2%. by 73 points.up the s&p higher by .2%. a swing high, a rebound, i guess. gains.we do see steady and you see a little bit of selling in treasuries. 30-year inge on the the long bond. but the 10-year at 2.19%. growing demand on everything from clothes to cars last month. retail sales in the u.s. rose when 6% in july. that matched the median forecast of economists. plus, june's number was revised upward. so now we are online. payy: goldman sachs will $272 million to settle a lawsuit by investors. they claim the bank misled them about the billions of dollars of mortgage-backed the curious -- securities. matt: a surprise from greece today. the government says the economy unexpectedly group went 8% in the second quarter. the greek economy grew. economists forecast shortages. by economy had been crippled haggling over the bailout. the greek parliament is

matt: good afternoon. scarlet: we have the federal reserve just releasing its minutes from its july meeting. released five minutes early this time around. matt: someone did. scarlet: michael mckee has been going through all the headlines. cannot call it breaking news now, but it does seem to be all about inflation at the moment. when fed officials met three weeks ago, most of the minutes say the conditions for policy had not yet been achieved. the conditions were approaching that point. confidence prices would continue to move up. inflationisks from to -- that's what the fed markets have been looking for. higher rates of resource utilization appeared to have had limited affects the date on wages and prices. they agreed to continue to monitor inflation deponents closely with all members indicating they would need to see more evidence that economic growth is sufficiently strong and labor market conditions confirmed enough. befores three weeks ago the latest jobs and price data was released. the time, some em

verne: matt jones. speaking of excellence. you see that was in the wrong -- you say that was in the wrong spot, guys? they're brushing everything in. right in the heart. verne: and now to maintain his two-shot edge. nick: i have to say, verne, there's now a new standard to golf, isn't there, this year? the quality and the scoring, we now have seven guys in double digits. double digits used to be guaranteed to win a major. now you're five back at 10 under par. verne: that's right. ian: i was just thinking exactly the same thing, nick faldo. david: it's not like it's gotten any easier. nick: the quality of the golf courses is better. they've gotten a lot longer. the equipment is a huge difference but it's the numbers i'm so impressed with. 16 guys from eight under and better. verne: birdie-birdie for day and jones. jason day will head to the 15th still maintaining a two-shot edge. frank: after a drive and 5-iron, tony finau at 15. peter: uphill at the beginning so has to be careful with the speed. frank: was never really online.

matt: except gold. scarlet: it came into favor after the yen evaluation and traded at its highest since early july. matt: it was down this morning, but back up right now, so shout-out to the bugs. now, let's get a look at the top stories this morning. a key democratic congressman has decided to back the nuclear deal with iran. gerald nadler of new york agreed to support the deal after receiving a personal letter from president obama. the president wrote that the u.s. military could use form if iran violates the agreement. nadler represents the congressional district that has the highest degree of jewish residents in europe, he was tough to get. scarlet: deer cutting its profit forecast for the full year. lower crop forecasts are making it hard for farmers to buy machinery. >> you would have to argue that it would be down even more than what just the single year over year implications would be. what i would tell you that given that outlook in cash receipts, given what we're seeing in the very early stage

good afternoon, i matt miller. apologies, every time i say ohio, i am supposed to say the great state of ohio. home of matthew miller. wall street is trying to gain its footing to get back on solid ground. stocks advancing after the steepest losing streak in four years. let's check the boards of the s&p 500, jumping at the open after a 3% rally on tuesday, evaporated in the last hour of trading. right now the broader market is up eight point 5%. the dow jones industrial average is also trading higher today, up 260 points at 15,900 25, a gain of 1.6%. the nasdaq is also in the green on this wednesday, up nearly 1.5%. nymex crude today is flirting with the $40 a barrel mark. at $39.13. it is down almost half a percent , trading at that level following yesterday's recovery from the lowest level since 2009. brent crude of a quarter percent. ignorers continue to gold as a safe haven, the focus instead on the prospect of higher u.s. interest rates. goal down one and a quarter 1001 hundred $24.70 and outs. at bonds in loo

"baseball with matt" studio. it's basically just me just giving information maybe about baseball history. it's usually stuff about current baseball. prediction number 1b -- masahiro tanaka, the newly acquired pitcher from japan by the new york yankees, will have a very good 2014 pitching season. now... >> through his blog, matt has actually been able to interview some of baseball's greatest players, as well as some people who are just as big baseball fans as he is. >> red sox all-star fred lynn, pitching hall of famer jim palmer for the baltimore orioles, hank aaron, bob gibson, goose gossage, rickey henderson. i also got to to interview phil niekro and rollie fingers. why do you think the, uh, statistic of the save was added to the mlb in 1967? >> i think just something to give relief pitchers a statistic to, you know... >> if that isn't enough, matt has also gotten to interview movie star billy crystal and former president george w. bush. >> of course, their former or current jobs weren't necessarily about base

matt: that is perverse logic. scarlet: anyone who wants to see gains will continue to justify it anyway they can. matt mentioned dennis lockhart comments about september rate hike. he said if that is very disposed to the september timeline. he said shorter horizon inflation numbers. prices down and yields higher. 10 year yield at two point or percent. quick check on commodities. at two pointte 24%. copper coming off of a six-year low. -- rain in chile has halted production. matt: could be of what we would call it that cap bounce. if you were cynical, you might see it that way. top stories crossing the bloomberg terminal. warren buffett has been one of his biggest deals ever. berkshire hathaway agreed to buy precision cast parts. the price a little more than $37 billion, most of that cash. earlier we talked to a partner at gardner russo, his firm owns almost $1.5 billion of berkshire shares. the cash flow is how steady it should be. they have an order backlog they can map out, probably for 15 years. yes, the dollar