and mike get down, merrill reese and mike quick with all of the action and by the way, we will hear from merrill reese in sports in about ten or 15 minutes. >>> now a cbs-3 exclusive, tv exclusive, our pat ciarrocchi, sits down with the head of the secret service a after reports that the feds disrupted a security threat aimed at pope francis during his u.s. visit next week. pat is live in the sat center with more from secret service director joe clancy, pat. >> when you hear director of the secret service talk about snippers on rooftops in philadelphia, it does give you pause. the threat against the pope was real and it was thwarted. director would not confirm that philadelphia was intended target for that attack but for joe clancy, the pope is his protectee and that is serious business. >> for a lot of folks in philadelphia it is a a once in the lifetime opportunity, but for us, it is an opportunity but it is also a serious mission. >> reporter: the the mission, protecting the pope and the people. during his 35 hours in philadelphia. >> our agents will know this independent hall be

dan suzuki of bank of america merrill lynch.oe: what is this a chart of? it's an emerging market currency getting crushed. joe: "what'd you miss?" alix: before the break we showed you a chart. joe: the world's worst performing currency this year, it had its biggest date drop in seven years today. the country was downgraded by moody's,. totally getting crushed by the commodities. glencore canceled a major project there. it's a total wreck. alix: that is what happens when commodity prices sink and producers have to shut their doors. let's get to the top headlines this afternoon. royal dutch shell is halting offshore exploration after the company spent $7 billion and ended up with a well in the arctic waters that failed to find meaningful quantities of oil or natural gas. they will receive u.s. approval to drill offshore -- received u.s. approval to drill offshore just a few weeks ago. be the legacywill aluminum side of the business which will retain the alcoa name. the other unit will make materials for the aerospace industries. t

merrill reese my man. dictionary. merrill reese my man. just by switching to progressive. so you'll be bringing home the bacon in no time. sorry. get a free quote at progressive.com. you'd do that for me? really? yeah i'd like that. who are you talking to? uh, it's jake from state farm. sounds like a really good deal. jake from state farm, at three in the morning? who is this? it's jake from state farm. what are you wearing jake from state farm? uh, khakis. she sounds hideous. well, she's a guy so... another reason more people stay with state farm. get to a better state. do we have anymore chips? [off screen] fellas? uh, sorry. we were day dreaming. about that vip tailgate and game tickets? uh yeah! and that pre-game sideline experience... exactly. or even eagle season tickets! [shouting over crowd] how do you know? you both have the new instant game from the pennsylvania lottery. yeah, the eagles instant game with top prizes of $50,000. and second chance prizes, including season tickets. [both sigh] the pennsylvania lottery. bring your dreams to life. the road to hell is

was among merrill's clients.nder the law, recipients of the letters are barred from telling anyone about their encounter with the fbi. merrill challenged the national security letter statute, and won a settlement in 2010 allowing him to discuss some details. now a court has removed the gag order in what reportedly marks the first time a national security letter has been lifted in full since the patriot act expanded the fbi's authority on national security letters in 2001. merrill remains gagged for 90 days to allow the obama administration to consider an appeal. after a lengthy legal battle, the obama administration has given over a redacted version of eight videotapes showing forced-feedings of prisoners at guantÁnamo bay to a court. the guardian reports the justice department's disclosure came nearly a year after a federal judge first ordered the disclosure of the eight tapes. an attorney for abu wa'el dhiab, one of the prisoners whose force-feeding is shown on the tapes, called them a "national scandal." dhiab

merrill lynch have upgraded their rating from the stock. shares were down almost 60% so far this year, before the news making it the ftse 100's worst performer, as you can see bouncing back 7.5%. and it's year to date down 55.7%. >>> the outlook segment was relatively down up 7.6, bhp, reyoshgs the two big ones also up. we'll be discussing this in more detail with the research analyst paul gate in just about half an hour's time. >>> let's move on, the bonds as i said didn't move too much on the back of that nfp even though the u.s. sold off quite sharply. we've not got the u.s. markets here because u.s. markets are closed for labor day. but it's in and around 1.25%. across the board, we're seeing a little selling, nothing too drastic happened in the bull markets, in the back end of the last week and this week. selling in an odd fashion. the euro and yen acting more from safe havens from the u.s. dollar. all three, they've all strengthened across currencies. and sterling, 152. it's been weak. just under the radar a little bit. has weakened f

we are back with dan suzuki of bank of america merrill lynch.efore we went to break you were talking about indicators that are pointing to so much air sentiment often the market. -- bear sentiment in the market. months, it will keep on rising so the orange line is the s&p and the purple line is how extreme selling has gotten. these indicators are not working. we're not seeing huge buying come in. >> i think the percentage of companies down more than 10% or 15% or 20% is clear with how the market goes down. the more the market goes down the more you see the high percentages go up. that does not tell you what will happen from here. what you need to see to get those things to reverse is any sign that growth is improving. once you do i think we will see a pretty violent move toward in the market. joe: it has been a mess in the markets ever since the fed hold. people seem upset by is, irritated. what is the connection between the fed and not hiking rates and the selloff we have seen? >> i think it is usually connected. you sought a day of announcemen

for years he claimed he was working for merrill lynch on the 54th floor of the south tower and saw the first plane hit. but the 37-year-old was actually in midtown during the attack, and merrill lynch didn't have an office in either tower. rannazisi tweeted his apology saying as a young man i made a mistake that i deeply regret, still not be enough. fxs released a statement saying it is disappointed. >>> switching gears here, pope francis will arrive in new york city a week from tomorrow. >> and when he steps into madison square garden for mass, a special sound is going to fill that arena. it's a processional written by broadway composer michael valenti. it all began 20 years ago with pope john paul ii. in 2008, that same processional music was performed at st. patrick's cathedral for pope benedict. now it's being used again. >> we would like to use it in madison square garden as well. and i said three popes? imagine three hopes using your music and to be alive for it. this didn't happen after i'm gone, like so many composers get recognition or what they get afterwards. >> three times.

speak about narrowly escaping the 9/11 world trade center attacks on 9/11 as a former employee of merrillh. "new york times" confronted him this week with evidence countering his claim. merrill lynch did not have offices in the twin towers and they also didn't have any record of his employment. he responded through his publicist, i was not at the trade center on that day. i don't know why i said this. this is inexcusable. i am truly, truly sorry. >>> did jeb bush's debate performance stop his downward slide in the polls? and who got the best one-liners of the night? that's up next. cash back from a to take their act to the next level... before earning 1% cash back everywhere, every time... 2% back at the grocery store... and 3% back on gas... vince of the flying branzinos got a bankamericard cash rewards credit card, because he may earn his living jumping through hoops, but he'd rather not earn cash back that way. that's the spectacle of rewarding connections. apply online or at a bank of america near you. how much prot18%?does your dog food have? 20? nutrient-dense purina one true instin

globalhe head of commodity research at bank of america merrill lynch joint bloomberg. we think we won't be in more balanced market by year-end. honestly, i would not want to be short on oil. and weu have iron ore, see this change in the australian government. what is the bank of america merrill lynch call on the industrial metals that are the backbone of australia's economy? metals do not look great, but the correction is only just starting. we have seen some mines closed down. or the announcement recently. in oil, the response has been much more immediate, and the imbalance was much smaller to begin with. metals is a more structural story. metal is very important to keep in mind that china consumes half of the world's metals. the consumption of iron ore in china is two times that of the u.s., yet the average chinese consumes 1/8 of the oil of the average american. much smaller consumption rate per capita. >> what is your view of china's economy and what the commodity demand will be going forward? >> clearly china's economy is slowing down pretty meaningfully , and we

he lied about working about merril lynch. and car seating are being recalled.ffecting proride and performance ride seats that can detach in the event of a crash. >> seven years since lehman brothers collapsed. this was the scene on wall street on that day. and employees packed up and left. this was in midtown manhattan where lehman brothers was based. the federal reserve cut interest rates to 0 and hoping to help the economy. we have a big meeting today and tomorrow and will the fed change those rates? and charlie is joining us. and mark founder and ceo of matsen money. and keith fitzgerald chief strategist for monday morning.com. and we remember the day lehman collapse. we got to work and the streets were so busy and the panic was at that time. how much better off are we today than seven years ago? >> i covered the financial crisis and we should point out it began earlier than the collapse. it started a year before and continued in 2008 and 9. the dow hit 6000. and listen, we are not in the same shape. we have more rules. but we have other problems. and if you

merrill lynch upgraded it.hares down before the news making it the ftse 100's worst performing stock. it's now 4.6%. it had been up as much as 10%. still down significantly year to date, down 56.9%. >>> let's look at asian markets, as i said, a soft session in general. we've had revisions in chinese gdp growth. the shanghai market down 2.5%. also the hong kong morning. the nikkei is the performance at 0.4%. china, the greatest amount on record in august, shrinking by $93 billion. chinese authorities have used some of these to stabilize the yuan after, of course, devaluing the currency in the past month. we're looking at the yuan, that's a sharp move when they devalued the currency. since then, relatively stainless. in an interview with the italian foreign minister cold cnbc, he's not too worried about the slowdown. >> there's not much concernwe are aware, starting with the chinese authorities, as the economy shifts away to investment-prison to consumption-driven economy, the overall growth rate goes down. it go

lynchk of america merrill has for years supported that diversity and inclusiveness in the workplace. firms to provide same-sex partner benefits. our benefits extend to gender identity as well. we score extremely high, 100% on the hrc surveys for the next -- for the last 10 years. there are a number of things we do in the firm around the globe and regionally, all designed to make sure that our bankers are staffed, our associates or supporters all know that we support the ability for people to come to work and to bring their whole selves to work. angie: does that allow you to attract talent in a way that perhaps competitors or rivals who are not as embracing, perhaps not as open to same-sex marriages among employees on this issue, half? >> absolutely. last year, out of the street -- out in the street at the asia summit, there were some interesting statistics. that event is attended by seniors within the finance industry, legal industry, and business. one of the statistics wise, of , 73% were outdees in their personal lives, but only 24% were out professionally at age 25. by the time yo

that is from bank of america, merrill lynch. they have a by rating on the stock.or a while, it was the unnamed drug company that was going to used as a poison pill to get out of the shire purchase. they were going to buy it for $2 billion according to sources. they backed out of the deal. sources are telling deal reporter other companies are interested and it can still go for about $2 billion. the stock is up 5%. i want to talk about bmg fence. &g foods. it is going to buy jolly green giant from general mills. it says it could get $100 million a year in profit from this. analysts like the deal. .he stock is up 4% today it has had its best to-day again this year. bgs doing well. i want to touch on blackberry. forkberry made a purchase $25 billion for good technologies, a company that does a lot of the same kind of cellular service things that blackberry does, but based in california. the canadian company on the purchase, up .6% at 751. back to you. olivia: thank you, matt miller. betty: a look at top stories this hour. microsoft is looking at a multibillion dollar

vice president at merrill lynch investment managers. >> let's look at today's other stories as well.quare the mobile payments company founded by twitters interim ceo set to launch it's ipo in the 4th quarter this year. the timing is subject to market conditions and reports say that square filed confidentially to go public in july seeking to raise $2.5 billion, at least, in what would be the largest u.s.ipo this year. >> box reports it's 2nd quarter revenue rose 43% beating forecasts as more customers signed up for its cloud storage and sharing platform. the company that went public in january is also raising it's sales forecast for the second time. however it's net loss widened as box continues to spend heavily on marketing. shares rose 3% in after hours trade. as you can see in german trade up almost 5%. now box founder and ceo will be on closing bell today in a first on cnbc interview. that's at 3:30 p.m. eastern time. >> we're heading for a quick break but still to come, details on a major merger in the trucking industry that could make one company the new king of the road. that's

. >> of merrill is named straight out of nowhere because that is exactly where it is when you turn the corner is right in-your-face and breathtaking. >> when they started to cut funding is when kids to the creativity to the street now this is the evolution of that. it comes back to beautify the area. >> he handed me a can of spray paint and had we get to work i tried my best i am sure it will get covered over but we're on a news -- we are of the wall i think i did a good job. >> how does he for the hundreds of cans of spray paint 14 hours a day? >> nobody it is all added his pocket $4,000 not to count the endless hours of work to show that this is art to bring some light back into the neighborhood that has been forgotten. >> this is a mural and a mural is hour and jersey city believes it murals in fact, they're all over the city i think it is beautiful >> that is not art to. [laughter] >> i will of voters once voting for christie stayed now say they are for a team donald trump. >> there is no enthusiasm at all. >> the worst place to live is out. >> >> you are "chasing" governor christi

thank you so much, michelle meyer, bank of america merrill lynch, deputy head of u.s. economics. scarlet: we have an intriguing question leading to the market meltdown. i have no idea. i'm excited. ♪ alix: i'm alix steel. scarlet: and i'm scarlet fu. "what'd you miss?" alix: the oil collapsed means domestic recounts have dropped from 1375 that we were working just the year ago which means steel shipments have fallen from almost a half million times to only 92,000 times. torlet: this is going percolate through to the rest of the economy and to earnings. theuch for that idea that s&p 500 energy companies are doing just fine. alix: it is not just a blip. to the topt's get headlines at this hour. chrysler's winning streak is alive and well. rose 1.7% last month. kuester cells have gone up for 65 straight month. general motors salt declines, but not as much as expected. nissan, honda, and toyota with smaller than estimated drops. alix: tesla may be ready for deliveries of its suv by the end of the month which would be in line with the ceos timetable. they been told they can start cust

good stuff. >> turn down the sound let merrill and mike get you through it. >>> wild fires are racing through california, now it is a raza against time, coming up what fire fighters are doing to protect tens of thousands office people who had to run for their lives. we will take you out to the west coast. >>> low dose aspirin is often recommend todd help your heart but doctors say it might prevent even more health issues, we have details on the healthwatch. >>> everyone knows it is important to have a good credit score but there is some confusion about how to get it, three on your side jim donovan shows you what you need to do to a achieve that high score, we will do that on the other >>> fire crews are just struggling to contain two massive wild fires that killed one person and, destroyed hundreds of homes. flames devoured 200,000 acres. cbs news correspondent chelsea edward is at the scene there in middletown, california with the very latest. >> reporter: parts of the middletown, california are gone, incinerated after flames tore through several communities, 20 miles north of the na

the bank of america and merrill lynch. i mention thissed note you put out, and the comments you made at the top of our show of a paradigm shift that you see coming in the market. places to reallocate. that's really the central question for any investor watching this program now who wants to learn what they should do no matter what the outcome of the fed is in the months and perhaps even years ahead depending on away your time is. >> there's thises a long-term call. we're seeing volatility in every asset class, and stocks and credit and in commodities and currencies. to me what that signals is not just a change in leadership, but a hang in paradigms. where do i think you want to be in position in this type of environment? we're exiting the 30 year bull market in bonds. over the last 30 years. our call is to just sort of do the opposite of everything that worked in the last cycle. this is where it gets interesting. stocks outperform bonds is our call. leverage is not where you want to be. you want to be in cash-rich companie

merrill lynch did not have offices in the twin tourist and they also didn't have any record of his employmentponded through his publicist saying i was not at the trade center that day. i don't know why i said this. this is inexcusable. i am truly sorry. >>> let's get down to business with cnbc's landon dowdy. good morning. >> hey aaman. >> for consumers they will still have access to low rates if the fed pulls the trigger. home sales could pick up. savers may not see benefit as banks may keep rates flat on cds and other deposits. and and. reports say gm will pay a fine of about a billion dollars. and are you looking for love are you a bacon lover? oscar meyer has created a dating app called sizzle set on users favorite type of bacon, thick, smoked or maple. >> and not even a foul ball off the face can stop this baseball fan. sports is straight ahead. for over 30 years, in study after study, advil is unsurpassed in pain relief. nothing is proven stronger on aches and pains than advil. not tylenol. not aleve. nothing. relief doesn't get any better than this. advil. no, no, no, no, [music] peopl

ron says he was working for merrill lynch when the plane struck on 9/11. he admitted that he was actually working in a building in midtown manhattan. he went on twitter and facebook this morning to try to apologize, calling the story inexcusable. he currently appears on the fxx series the league. >>> d.c. is not the only city cracking down on synthetic drug sales. indictments against ten people with a massive k2 distribution ring. six have been arrested. four are still at large. prosecutors say synthetic marijuana is causing deaths and sending thousands of people to emergency rooms across the country. >>> pot smokers lined up early to take advantage of today's marijuana tax holiday in colorado. a glitch forced the state to suspend the 25% recreation pot tax for one day only. many marijuana shops offered doorbuster style deals to attract customers. >>> today coming up we are talking to students at sacred heart catholic school that get to meet pope francis next week. >> a once >>> some 12-year-olds might as well hit the lottery. they have been selected to gr

steve ran see the tower, but merrill lynch didn't he have offices in either tower. he's tweeted an apology saying as a young man, i made a mistake and i deeply regret and for which apologies may still not be enough. i don't know why i said this. this was inexcusable. i am truly, truly sorry. >>> when you're buying a car, a vehicle history report can tell you whether it's been in a crash or had major problems, but how accurate are the reports? here is lynda baquero. >> the reports can cost up to around $40 but are often free from the dealership. one of the most popular, car fax. two years ago sgoe , roberta bought this used car paying about $13,000. she agreed to that price after the dealership informed her the vehicle had been in a minor accident. >> they said you can see it really wasn't a bad accident, there was nothing in the bumper, no departments. >> reporter: she saw the information in a car fax vehicle history report which listed an accident six months before her purchase. she went ahead with the sale, though, and the car has been running well. but recently s

you have to be a holder of bank of america or merrill lynch credit card. you can check out the young museum in san francisco, the tech museum of innovation and more up to $25 value. finally the department of fish and game is having their annual free fishing day. that way you can go out and fish without a license. you just need a poll and bait. you won't be written up. good way to test it out. >> that's a great idea. how would we get this? >> what should we do? >> get a poll and let me show you right now. you can log on any time of day, abc7news.com. >> thank you. >>> just ahead, a couple of unveilings to tell you about. one by the water. >> the other [female announcer] through labor day at sleep train's mattress price wars, save up to $400 on beautyrest and posturepedic. get interest-free financing until 2019 on tempur-pedic. but this special financing offer ends labor day at sleep train. >>> coming up tonight on abc 7 news at 6:00, a violent takedown at a high end east bay grocery store. the quick action tonight against the security guard responsible. >>>

bank of america, merrill lynch are reinstating their coverage with a positive bynes.he recovery still has legs. are they late at all in the way they look at these stocks? >> i don't think you can call it late. i think this housing recovery is just getting started. what it comes from is jobs. you've got a labor market on the u.s. that begets household formation, young adults moving out of their parents' house with a job. getting married, moving on. and this going to continue for several years. you've got to realize this is pent-up demand that was built up for about five years starting at the great recession, it's going to continue for several years hence. >> they like toll as a buy, that's bank of america, merrill lynch. they like dr horton as a buy as well. those stocks aren't getting quite as much love at jp morgan. but they are in the conversation. >> toll doing a lot of other things, large quantity of homes within big communities. >> i like that side of their model. and the fact that the buyers have, their customer can buy without the mortgage. >> dr horton is the

he never worked at merrill lynch, wasn't in lower manhattan on 9/11 and in fact merrill lynch didn't even have an office in the twin towers. when "the new york times" confronted him rannazzisi came clean, i was not at the trade center that day, he said in a statement. i don't know why i said this. this was inexcusable. i am truly, truly sorry. well, buffalo wild wings and comedy central told us they're disappointed in him and re-evaluating their relationship but have yet to pull him off the air. fx is standing by him saying they believe the apology was sincere. >> he apologized after he got caught. >> right. >> so the story changed over and over. all right, we thank you. >>> coming up on "good morning america" -- a young man who went let anything stop him from reaching his dreams, michael in the social square with that. >> he looks like just another football player out there on the field but wait till you see what he's had to go through to get there. you will be inspired and a whole lot more. for a moment feeling like it's hopeless to clean the oceans, to start a movement, or lead a

, so far i love what we got -- no fees, 25% rewards bonus, extra interest, the preferred pricing, merrill edge online investing. pretty solid, huh? yeah, i agree. i actually have a bunch of other ideas, but they're not gonna fit on that board. you know, we got another side to that board. i don't see it right now. it doesn't -- it doesn't turn. can we underline some stuff, then? because none of it's really popping out. i've got this underlined in another color. are you gonna use that green marker? because it's just sitting there. you know, that's just... that's just decoration. and i am uncomfortable with the green marker. chaerses (cheers and applause) >> trevor: welcome back to the daily show. now people keep asking me if i'm going to bring more of an international perspective to the daily show. but i say screw that. i'm going interplanetary. >> nasa announced they have proof that liquid watt certificate slowing on the surface of mars. >> you mean this? but up there? great news for nasa. depressing news for california. don't worry, california. they'll find water on you too some day. but

bank of america merrill lynch says auto suppliers that have the greatest exposure to volkswagen have the most at risk. the firm says board warner, delphi, genteg, and magna could see earnings pressure in the event of a material decline in volkswagen's global business. and those stocks all finished lower today. >>> did if we see a big drop in volkswagen's business what will it mean overall for the auto industry and could it hurt economic growth in germany or europe? jack narad is executive editorial direct and market analyst at kelly blue book and joins us now. good to have you with us. i don't mean to minimize this but general motors in the wake of the ignition scandal and toyota in the wake of the sudden acceleration issues that it confronted a few years back, their profits have never been higher. their sales have been very good. why should we expect volkswagen to suffer because of this? >> well, i think the big issue here is the disarray of the management. i mean, here you've got potential criminal proceedings, you've got the ceo resigning in the midst of this. a lot's going on tha

. >> reporter: michelle mayer is an economist with bank of america merrill lynch. >> i think we're seeing an environment where the labor market is improving. it's showing continued tightening. that's quite encouraging. >> reporter: but has it improved enough for the federal reserve to begin razeeing interest rates when it meets the week after next? the fed wants to start hiking but the stock market's continuing volatility-- it was down another 272 point today-- could force the fed to wait a scott. thank you, anthony. but in the oil industry, as always, boom has gone to bust. oil prices have been the lowest in years, $46 a barrel today. and that's cost 100,000 american jobs so far this year. here's omar villafranca. >> let's go, let's go. >> reporter: wendy post had worked in the oil and gas business in houston for 20 years before she lost her job in june. >> i've always been working. it's been pretty consistent. this is the first time that it's been to where, wow, i'm really concerned. >> thanks for helping. >> reporter: post needs that income to take care of her special needs son, duane.

steve has said repeatedly that he narrowly escaped, death that day running from his office at merrillch, but the actor has recanted his story saying he made the whole thing up and does not know why. on twitter he said he made a mistake and he regrets it and he is asking for forgiveness but that is something, you shake your head. >> you just don't do. >> unfortunate. >>> texas burger king is making things right after an employee to serve police officers. >> what aberg inner lewis villa pol guyed to the office are and offered to buy them and their family lunch yesterday. just a day before officers said an employee, get this refused to serve them, because of them being police officers. >> we always say, it is not going to happen to us, and it won't happen to us, and when it does, it makes you realize, and this is how a lot of these guys feel. >> they dealt witt. burger chain fired that employee calling the workers actions unacceptable. darn right they are unacceptable. >> but come on, go one step further, police officer, public servant his put their lives on the line. we could go on and

former governor of merrill will hold a fund-raiser at the point breeze pop-up beer garden.however, a petition on the change.org website is calling for o'malley to cancel following zoning problems at the beer garden site that caused it to close and re-open several times over the summer. >>> a berks county police dog is back home from the hospital this morning after being injured in the line of duty over the weekend. cody was looking for possible intruders at a school in reading when he fell about 15 to 20 feet from a catwalk. the k-9 was treated at the university of pennsylvania veterinary hospital and was released just last night. >>> investigators still have not determined what caused the death of a south jersey teenager during a sleepover. 14-year-old tara lamonowicz was found dead. her and her teammates wespent t night outside in a tent. >>> you could call it an explosive start to the school year at one new jersey college. >> what the school is doing to make sure everyone is safe. >>> it's the video that's shocking sports fans across the country. two high school quarterb

at merrill lynch until our building got hit with a plane. >> discussing the events six years ago ing dreams. >> and fellow comedian pauly shore. >> where were you when nooin 1 1 happened? >> 54th floor. >> this guy was in the second tower of 9/11. >> this isn't like some joke. this is like real, right? >> then the first tower got hit by a plane. and we felt it in the second tower. >> in a statement rannazzisi apologized admitting the whole story wasn't true. as a young man i made a mistake that i deeply regret. the 37-year-old comedian says he first made up the story 14 years ago when he and i had wife moved from new york to l.a. shortly after the towers fell. in his statement he said, for many years, more than anything, i've wished that, with silence, i could somehow erase the story told by an immature young man. it only made me more ashamed. when rannazzisi's claims were exposed by "the new york times" wednesday he was called out by comedian pete davison whose father was a first responder. it's okay. people make mistakes. can't wait to meet for lunch later. the elaborate story may

from bank of america merrill lynch. coming up, we will talk u.k. retail.major moves today, including $6 billion in tesco. it looks like it is about to sell it south korean business. we'll break it down after break. ♪ manus: welcome back to "the bloomberg'sfrom european headquarters in london. the u.k. retail industry. a billion dollars deal for tesco. let's bring in bloomberg intelligent analyst charles allen. south korea, i think there is a line and the story on bloomberg that refers to this being the crown jewel. was it the crown jewel? charles: i think it was the biggest and most profitable. but conditions in the south korean market have changed quite a lot. so, it became inevitable that they have to sell it. it's worth a lot of money, as you said. so it actually makes an impact on their overall debt which is maybe 12 billion pounds. we actually will see some material change in that. and secondly, maybe they have to south korea if they are going to keep the value of that business. manus: a lot of this was driven by debt, the need to address their debt.

woo fromwe had david merrill lynch.events are overtaking fundamentals here, especially with what's happening in china. if they were to hike, i think it's going to be a mistake. from thening us nominee falls as brian jacobson, chief portfolio strategist at wells fargo fund management. a fed rate hike would be a mistake? brian: i would just prefer they not do it. it doesn't matter whether i think it's a mistake, just a question of whether or not they will do it. are.'t think that they i think that based upon the beige book information that we received, reporting that only six of the districts have moderate growth, that really sends a signal that they are inclined to just wait. when it comes down to it, what matters is the chairs opinion. really in a she is position where she wants to rush into a rate hike. the last time the chair was in the minority was back around 1938. i think there is a good precedent to what janet yellen has been saying. it suggests they are just going to punch this to october. a long look back at the

i know you have a play on bank of america merrill lynch. you see? of these financials have been beaten down pretty good. bank of america is the worst looking -- a lot of options activity and jane record looking to buy the 19 call spread -- 15-19 call spread. the trend is there. any move by the fed, the banks will benefit. matt: thank you for joining us. brendan, back to you. brendan: serena williams continues to roll at the u.s. open. she is one step closer to completing the tennis grand slam. if you want to watch serena or anyone in this year's open, you can into us espn. -- you have to tune into espn. joining us is the chairman and ceo of the tennis channel and david westin. i want to talk about serena. does tennis potentially have a tiger problem when serena finally decides to retire? an: there certainly will be point when a person like at least. i don't know when that will be. i've been answering roger federer for a long time. i'm not sure when serena is going way. i don't think so. david: a tremendous amount of personality in this game. she had

he said he worked at merrill lynch rhondda 54 floor.d railway the 230-mile route was to victorville california with that car ride is expected to start next year extending all the way into downtown los angeles. but who will foot the five 1/2 million dollar bill? now we have of market recap. stocks slammed negative for the week. the federal reserve decision to keep rates unchanged with low pull economic growth. this behavior did create more volatility quayle takes the hit a loss of 5% today. is a river like the only safe haven up 3 percent over the past week we have of major women for republicans to defund planned parenthood. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet? liz: a bid for house republicans to a hundr

the bank of america, merrill lynch, and the author on the ship to greenspan. stay with us.his fed day, bloomberg surveillance. ♪ tom: good morning. bloomberg "surveillance." quinn, greeley, vonnie here on this historic day. my morning must-read and must listen was a successful evening for all "surveillance" claim investors. michael mckee and he went back and forth on tumultuous times. here he is on the fed and why 2:00 p.m. is not important. i do not care if they raise 25 basis points or it moves along the curve. i do not see the reason for it, frankly. 2007, i was watching a bubble happen. it was an asset bubble financing debt. it was an obvious bubble. to thefed gave attention gdp, they missed the whole bubble and we had an economic collapse. we are now in the mid-part of a cycle and they are trying to identify where inflation is. we have a lot of liquidity. there are glimmers here and there, but basically i think that i worry too much about the short-term debt cycle and not enough about the long-term debt cycle. get it given the asymmetrical risks. look at the world. we

mckee of bloomberg surveillance asked francisco, the head of global commodities america for bank of merrill, to assess how commodities are faring. >> can -- industrial metals do not too great. it is only just starting. we are seeing mines closed down -- min. the balance was much smaller to begin with. remember when we think about metals, it is important to keep in mind that china consumes half of the world's metals. capita isption per two times that of the u.s. the average chinese consumes 1/8 of the oil of the average american. 1/5 of the japanese. it is a little smaller consumption rate per capita. michael: what is your view of china's economy and what its economy demand will be going forward? francisco: the economies are slowing down pretty meaningfully. we have seen it for a while. look at data or has been pretty flat for quite a while. it has been flat for most of the year. a lot of indicators are pretty soft. think the chinese government will do more measures to stimulate the economy. maybe a fiscal package. maybe more monetary stimulus. i am not saying things will be great. betting a

equity and quantitative strategist at bank of america merrill lynch. alix: the forecast a 10% increase for the year. a look at the top stories making headlines. donald trump is that to be in toks to sell miss universe . scarlet: and saudi arabia civil -- and authorities dozens are wounded. officials blamed strong wind for a train collapse. people are converging on the holy city. alix: the mayor of baltimore will not seek reelection this year. stephanie rollings blake has been under fire since april following theots death of freddie gray. he first trial for one of the six officers charged in gray's death starts six months. a judge ruled that all six trials will be ruled in baltimore. is on the decline in more than two decades. the press about his curbing u.s. a shell output. the iaea says saudi arabia appears to be having the intended effect. alix: the government says he was all prices were a little -- whole prices were upset by following field cost. core prices rose three tens of a percent in august. the price increases. the policy makers to make sure