joining us from dubai is the ceo of nomura international.incredible to see just the market response, but also, what was the general response to this quite unexpected move, perhaps? announcements had a number of effects. one effect was actually a signal to the potential investors, the bonds that saudi arabia is expected to choose later this year. that was one of fiscal discipline and the saudi government is taking seriously the recommendation to reduce the public-sector wage bill from about pretty -- 45% of the budget to 40% by 2020. a lot of this has to do with trying to rekindle investor .onfidence currently, the market is the worst performer across the middle east. what's going to get investors to put money to work again in the saudi stock market if it's not fiscal discipline? >> that's a very good question. of the 94 primary markets that bloomberg covers, i think the saudi market has outperformed only about five or six this year. it's been a terrible performer. please bear in mind that the saudi market is dominated by and sentimentrs play

mitsubishi financial group, dai-ichi life insurance both grew 7% and nomura holdings rose. there was a bounce in exporters. pioneer, honda, panasonic all saw hefty gains. ramin mellegard, tokyo stock exchange. >>> moving on to other markets in asia. upper momentum from japan's spilled over into the region. kospi rose for a fourth day up by .5%. sidney added .7%. hong kong responded 23,669. highest finish in two weeks. gains in japan's financial firms encouraged investors to pick up banking shares. the boj's decision had limited impact on mainland china. the shanghai composited edged up by.10%. chinese premier said the country's economy is showing a steady upward trend. >>> executives at china's major steel makers say they are thinking about absorbing a smaller domestic competitor. it would create the world's second largest producer of steel. executives say they might take over wood iron and steel group both state-owned. chinese steel makers account for hahalf of global output. a pillar of the chinese economic reform is to encourage consolidation in the steel industry and lo

moderate to heavy rainfall stretching from cleveland, western suburbs into nomura kites down to brooklyn heights, south brooklyn. some reds there moving into the north ridgefield area. there is lake township in stark county. canton, beginning to dry out. marlboro and alliance, steady rain there. we will bring him back for 1063 downtown 62 in north royalton, low 60s everywhere you go. jackson township with some rain. 57, can't, asu, my alma mater, 56 degrees. there was rainfall persisting. 60s in most spots. it's going to, those temps are going to hover through the evening hour. you will be around 60 for cleveland, upper 50s in akron. capturing that band of rain pretty well is this front orr rain showers developing to our south and east. they slide in and they make a beeline for cleveland, lorraine, at, canton. there could easily be a lot of rainfall overnight to the tune it may be one-2 inches if you get under heavy band for an extended period of time. here's the low-pressure. to slow is sitting over kentucky. here's where it's going. way. it will sit and spin right here tomorrow. saturd

nom nom nomura out with a new note. wish jon najarian was here to have this conversation with us. >> he's at the casino. >> probably is. he's been more positive on this, saying there has been a turn in mccounswn numbers. >> i think there is a turn. i think you want to dismiss the note or if there is a continued sell-off, you want to use it as an opportunity. stock is around 104. this is a stock that really over the last couple of years has had a difficult time. it is navigating a turn. i think some of the numbers are reflected from mccown. you, as jon pointed out, you saw positive numbers coming back again after the multiple quarter of not seeing that. >> resistance was, like, 102, 103, took three attempts to get above, finally broke out. this looks like a retest of the breakout. if it can hold that 103, 104 level, and rsi cooperates, which so far, so good, probably this thing continues higher. i wouldn't throw in the towel because an analyst had a thought pop into his head. >> just three hours until the market close. f

tom: we demand an opinion of someone from nomura. what was the reaction in tokyo?e interesting, you look at the market reaction and how things have worked out, volatility has been low. you are not seeing swings. expectation going into it, a lot of moving parts. it is going to be hard to get it right. at the same time, they delivered the message that it is going to be terrible for the markets to digest moving forward. this idea that they are out of , enhancing conventional type easing, they could've went for the helicopter money tom: -- money. tom: the idea that they have gone beyond negative rate policy in qa, thank you alberto gallo. they are still utilizing the negative rate policy within this new policy. which side of the fence are you one? means theyble option can go to negative rates. their have chosen to be more yield targeting and forcing out there. just because that is happened does not mean it doesn't work. they are looking for taking away some of this pressure that is been happening from the asymmetry of the qe design here to francine: i heard used -- des

this time nomura initiates with a buy, target 950.y argue global retail is a $24 trillion target. if amazon gets 1%, they say that's incremental $15 billion in revenue, 65 cents. >> let's go back to delivering alpha two weeks ago when bill miller said this company could double in three years. the stock could double in three years because precisely if we had just said that the market for retail is so large, i would not get in front of this juggernaut. notice amazon not a bidder for twitter. >> no, they're not. amazon is not. facebook is not. >> comcast? >> i don't believe so, but at this point hard to say. you know, it's funny with twitter of course shares are down this morning -- wow, look at that move in amazon. >> yeah. >> that's some long term capital appreciation. >> that's everest right there. look at that base camp -- you need oxygen to buy that now. do you think you have to carry some canisters? >> maybe. maybe. >> percentage gain on 20 years. >> geez. >> people thought it was like the piedmont or appalachians. this turns out t

nomura thinks they would need to cut one million barrels of oil a day to stabilize the market.ec. that unofficial meeting. in terms of debate and the markets, i am looking at where the volatility might be. the purple line is the clinton/trunk spread. as it moves up, it means clinton is gaining in the polls. the white line is the volatility of the treasury market. the blue line is jp morgan fx volatility index. you saw trump -- gain in the polls. you saw a pickup in fx volatility. not so much when it came to the treasury markets. the volatility in fx, where we see it, when we do see trump gaining in the polls, that is something i will be watching, going forward. anathan: let's bring in bloomberg economist who covers equities and financial services. you are a student of the markets and a student of the history of financial markets. to go by, is anything is there a lesson here at all? pickupcally there is a in volatility heading into the elections. i read a million strategist notes. not every single one, but most of them predicting a little bit of a pickup in volatility. they are