romaine bostick and matt miller in for jon ferro and lisa abramowicz. e, where are we on weibo? romaine: we are basically where we were a few minutes ago. up about 11% or 12%. we work well above 70 a little while ago on that report out of reuters the company might be considering coping private -- might be considering going private. a brief statement that report is "not true." tom: always true is barry ritholtz, dead on with market wisdom and particular the joy he actually runs money, which is a clarifying experience as well. let me start with that. you have a chestnut report of some of the scenes of investing, some of the things to do right. what i have always found true is you cannot model out without having real money in risk. your models are what they are. you have to enjoy the joy of losing money to get clarity. barry: for sure. i have described in the past books i called ministers without portfolios. very easy to be a monday morning quarterback when you're not on the gridiron, do not have giant linebackers coming at you, knocking you over and hurtin

alongside tom keene i'm jonathan ferro with romaine bostick.isa abramowicz will be back on monday. we are off the lows. we are down 55, -1.2%. we are down five or six basis points, off the lows on the 10 year yield. we did have a look at 1.24. 1.2596 is where we are the moment. tom: i should point out oil. less demand, more of a less growth tone. $73 on brent crude. jack fitzpatrick with us from bloomberg government. i know you want to talk about some of the debt ceiling dynamics. we have to talk about 1915. there was an assassination in haiti before the u.s. involvement in world war i and we set the troops in. 689 miles from miami to haiti. haiti is not cuba. katie is close. will we send the troops in again? jack: i will not expect that. there haseÑ response just yet. we are watching the bided administration -- the biden administration that is trying to be less interventionist than in recent years. to be honest it has been a fairly quiet response so far. still as the story is playing out, quite response so far from the bided administration --

romaine bostick. it's not the fourth in berlin. what is it like to have an orchestra in the most historic outdoor building an american classical? romaine: i was out at tanglewood for the boston pops july spectacular. this was the first in person concert they've had since the pandemic. just to see everyone out there on that line, still limited capacity but you had a decent crowd. just absolutely fantastic. matt: it was not in the halfshell. tom: nobody cares. where they're real cannons? romaine: they had real canons. they were actually even louder. that's all anybody wanted to hear. tom: these gentlemen have done it. i have never gone because they just don't think -- romaine: i'm sure they would have you. tom: i don't think so. a little lift to the market. this is the grinding market. let's do the dated check. romaine: you look at euro-dollar, the 10 year remains unchanged. the real story is this bump up we have seen in crude oil. brent crude doing its thing as well. tom: i do want to note we didn't talk about it in the last hour but

romaine bostick.

together with romaine bostick this morning.firmer, this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com

alongside tom keene, on jonathan ferro, together with romaine bostick.isa abramowicz is off this morning. this is bloomberg. ritika: with the first word news, i'm ritika gupta. president biden is signing a wide-ranging executive order today and get promoting competition in the economy. amongst other things, it calls for supporting programs that would import cheaper prescription drugs from canada, save money on internet bills, and make it easier for people to get refunds from airlines. the president also seeks greater scrutiny of the tech industry. the biden administration will reportedly at least 10 chinese entities to its economic list, according to reuters. the move has to do with china's alleged rights abuses against ethnic uighurs. pfizer's plaintiff request u.s. emergency authorization for its boosted u.s. covert vaccine after it increased protection from coronavirus. still, signals say they would take a cautious approach to approving a business "bloomberg surveillan -- approving a booster shot. police said 28 people carried out an attack against th

alongside tom, i'm jonathan ferro, together this morning with romaine bostick. believe lisa is back on monday. tom: hard to believe. jonathan: getting some sleep maybe next week, romaine? do you go to the gym? romaine: i used to, before i started doing this show. [laughter] jonathan: this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. jonathan: from new york city for our audience worldwide, live on tv and radio, alongside tom keene i'm jonathan ferro together with romaine bostick. lisa will be back on monday. here is your price action. up went 5% on the s&p 500, we advanced 21 points. yields higher by around three or four basis poi

romaine bostick in for ms. abramowicz.t is a raging battle about what to do when the stock market. jon: we said earlier on in the morning, show us the bond market, i will give you the equity call. your 10 year yield at 1.34%. your 10 year yield at 1.34%. who was lookingqjz middle of summer after the growth figures we've had in this country? who was looking for a 30 year sub 2%? that was not the consensus view. those positions got hit once a couple of weeks ago. they got battered again yesterday. tom: the real yield right now, that 10 year duration at get a 1.0023%, says it all. on the equity front, it is a raging decision between being u.s., or maintaining a cyclical view, or get back on board amazon and its brethren. romaine: i think you are seeing a reassessment of that cyclical view go for the growth stocks, which are by default the safety stocks in this new era. but you talk a bout the rotation we saw little earlier, it wasn't only you ethical. rotation creep out into the emerging markets. five creep out into europe an

into the close, romaine bostick putting in a long shift. adth of the selloff combined with the lack of breadth in the rally, whether you put that together and whether it spells the idea that some of the steam is coming out of this. tom: i lost my train of thought. i was thinking about italy and england. the breadth thing is a big deal. it has not been there. romaine: we will have a good conversation. that day mary during the close. -- that game heirs during the close -- that game airs during the close. jonathan: how does that work? romaine: checking the phone during the commercial. jonathan: from new york city, heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ritika: with the first word news, i'm ritika gupta. a two week search for survivors of that collapsed condo in south florida has come to an end. the operation has shifted to recovery after authorities concluded there was no longer any chance of life in the rubble. crews have recovered 54 victims with 86 people still unaccounted for. another sign the rapi

i'm jonathan ferro with romaine bostick this morning. it lisa abramowicz will be back monday. here is your price action, up on the s&p 500. tom keene, yields can rise as well as full. tom: they can. there is a huge set of research notes out, everyone publishing early off of the growth scare we have seen of last 48 hours. we will have a lot of different opinions on that. conrad in moments, but i am looking at the bloomberg terminal, telling me this growth scare is on the edge of over. jon: yields of five basis points to 134. i think people are trying to work this out. i think many people believe we are at some kind of inflation point. morgan stanley believes that next level is not behind, it is in front of us. tom: the idea he says is real correction would be a buying opportunity. we have not had that. wilson stalking we need 10% or 15% down to be has buying opportunity. he shows optimism for equities out one to two years. jon: we are down .7%. on the week so far. romain, you know that means, the nasdaq slower and the s&p 500 is doing ok. romaine: the s&p 500 doing ok. we shoul

together with romaine bostick, futures markets.down and with it, we take a dive on treasury yields. yields on a 10 year, a break of 1.25. we are down by six or seven basis points. we just keep rolling over and this is risk off this morning with crude down 1.4 percentage points now to 71.50. jonathan: out through a 20 -- tom: we will see where that goes as well. let's discuss as we bring in jennifer of johns hopkins. united kingdom removing quarantine on tourists from the u.s.. jonathan: the u.k. to allow vaccinated residents to return without quarantine. theoretically if residents of the u.k. were allowed into the united states to travel directly from the u.k. they would be able to return and not quarantine that there is no reciprocal arrangement. there is no arrangement for you and i who have been fully vaccinated to travel to the united states directly from here and not quarantine even when this is brought in. this is the second headline, the way of removing quarantine on tourists from the u.s. and eu. you and i fully vaccinated

we got to say happy birthday to romaine bostick. 't get a chance to do that. romaine: thank you, jon. it was a wonderful birthday. next year, maybe we will spend it together 5:00 in the morning. jonathan: i would love to. romaine: it is earnings this week. let's start off with coca-cola. a pretty big eat here -- pretty big beat here. probably the most notable thing, and 25% jump in case volume on those non-sugary beverages. think teas, coffees, some of those waters. those things getting a boost here. j&j getting a boost not only in pharmaceutical sales, but a 63% jump in medical device sales. some of that some of the base effects from the lockdowns we had a year ago. speaking of base effects, netflix. they added about 5.5 million subscribers in the first half of 2021. that would normally be great. the problem, they added 26 million subscribers in 2020, so the base effects coming off of that lockdown causes some concerns. they are about 2 million subscribers with the street was looking for. there are some stories out there that actual

i'm romaine bostick.ephanie kelton, author of the deficit notice of economic experimentation. we are in an experimental economy. after this crisis, we saw fiscal policy engage in a way it did and after the financial crisis. larry summers on the continuation of trade sanctions between the u.s. and china. >> i hope there is some kind of ongoing channel

romaine: i'm robot -- romaine bostick. down on the day. joe: the question is, "what'd you miss?" caroline: the deadly covid-19 variant, causing markets to drop? and what we talked about yesterday, putting the brakes on reflation trade. and it's not just the u.s.. a major chinese company lost $15 million as they were slammed by shareholder suits and underwriting. wall street tightens all had to defend themselves there. they were pretty bullish on investing in china, but we can't go a day of course without what we love best, cryptic's. we hear from the founder of the so-called soundcloud, built on the theory of network. don't miss it but apparently, joe, what you might have missed his technical. we have been talking about this all day. joe: technicals is the answer to everything when you don't know the answer to anything. therefore the answer must be technicals. we have seen moves and plays with all kinds of stuff going on. romaine: you aren't going to claim that chart? joe: looks like a bunch of high data plays. [laughter] caroline: we'll see what they are on the left. joe: for mo

romaine bostick dropping by. we've got to start with the center of this market.our 10 year, 1.35%. tom: it is a deep market. you've got to go back to full faith and credit bash -- full faith in credit. we see it worldwide. i know to swiss 20 year positive. that was big news. it flips over. the swiss 20 year yield negative this morning. jon: you went straight to reals this morning. real yields in america, -1%. tom: you can look at this anyway you want. you can look at the actual yield, people screaming i can't make it in yield, i've got to go by amazon for its dividend, or you can look for the real yield, the inflation-adjusted yield, and say that is part of the economy. maybe the word for the end of july and august is stagflation. jon: if you show me a bond market call, i can guess what your equity call is. romaine: it is that rotation back into growth, but you have to wonder what really is being embraced here. is this really folks embracing growth, or is it an and i growth story? i don't seek -- an anti-growth story? tom: that's a little morning humor, romaine.

♪ romaine: from bloomberg world headquarters in new york, i'm romaine bostick. e: i'm joe weisenthal. caroline hyde has the day off. romaine: market jitters back, s&p 500 index down on the day. joe: the question is, "what'd you miss?" romaine: a lot of worries right now about potential slowdown of economic tiffany -- economic activity, yet apple, facebook, growing but a potential slowdown in revenue growth. focusing today on the road to recovery, a rocky road, and parts of the economy are reopening on art of the economy are now facing potential new restrictions. we talk about broadway, corporate offices, vaccines and masks that are now being mandated. we dig into all these areas including supply chains and housing, is hot and restaurants, even hotter. that is where we want to start, an area of the economy that has been growing -- consumer spending. we are spending money and that is giving us a boost. joe: brisk consumer personal income and spending data out today, always one of the more interesting numbers. we have it. it is interesting, because we have these hug

romaine bostick is in boston, the s&p 500 to record. joe: the question is, "what'd you miss?" caroline: strong u.s. jobs data leading to a strong showing for stocks in the second have the air and the s&p 500 hitting seven straight session of record highs, something we have not seen since 1997. u.s. hiring accelerating in june. one of the hopes on this recovery as it will be more equal and will not leave parts of the economy behind. the labor force for adult black men rose to a record in june but still black men over 28 having the highest and a plumber rate of all races and gender groups. we dig into the equality issue on various levels throughout this report. joe: reasons for optimism, picking up the pace of hiring, but concerns remain, pockets of weakness. let's listen to what some of our guests had to say throughout the day on bloomberg. >> 850,000 jobs gained in one months is a solid number. >> for every positive thing you point to their something less positive. >> i am more enthusiastic about this data. yes i think our mix points to this, you have to step back and put pers

romaine: and i'm romaine bostick. you saw a bid come into treasuries, a modest bid come into stocks. what did you miss? caroline: u.s. cpi reports showed prices soared in june. cpi showed the same thing, but fed chair jay powell says don't worry about any of it. the u.s. economic recovery has not progressed enough to scale back asset purchase. we will talk to a congressman who believes this guy should stay on as fed chair. the u.s. rental market making a bit of a comeback, especially in manhattan. rentals are up about 9%. we have some talk in congress as well. joe: we have hot inflation prints yesterday and today. one area that hasn't been that high but is expected to be hot -- maybe used car prices will come down -- owners equivalent rent, still well-off levels in 2019 but starting to turn up. anyone out on the rental market is probably experiencing it. romaine: i think it depends on what end of the price point spectrum you are on kimberly -- you are on. joe: kimberly, we see in the government data it is starting to

romaine: i am romaine bostick. the day started out up but ended down for the s&p 500. e: the question is what you miss? caroline: the china regulatory news. the big theme of the day -- it is. romaine: on this show? caroline: we are talking regulation and investing. the u.k. has slammed crypto finance, forcing them to remove financial promotions to make it clear the exchange will no longer be permitted to resume operation without prior consent. this has kicked off global scrutiny. we speak with the ceo of binance's united states branch. meanwhile, we are not just looking at a centralized exchange of crypto, but decentralized options. what is the future of decentralized finance? what protocols are being built? we speak with a venture capitalist who is investing exclusively in crypto companies. let's talk isn data. still well above 60, but slightly slower pace. joe: exactly right. still very strong. i think the way people would characterize the economy overall right now, and nothing we saw in the ism today, was very strong and fast growth. there are these concerns about pr

romaine: i romaine bostick. caroline: let's take a look, "what'd you miss?" another set of a tech earnings after the all meeting after the battle with growth just yesterday, apple warning growth would slow after posting record-setting sales. facebook and paypal also looking at potential deceleration. we will focus on those numbers, including paypal payment volume topping estimates. it's a possible key point for the fed. we will get a deep dive there, but before that, earnings from paypal. romaine: this is confounding, numbers in the quarter beating here with net revenue at 6.2 4 billion active customer accounts , added 11.4 million. i guess the issue is that some of the numbers were right in line or just a touch light here and the forecast might have been lower than what folks were looking for in terms of active customer accounts for the year. it's a range they have given in the street was looking for about 54.5 million and four more insight into this, breaking down the numbers, we are bringing in our intelligence fintech analyst, julie. great to have you her

taylor: joe weisenthal and romaine bostick are off. it is ladies day. caroline: the s&p 500 worst day since may. the global market selloff. not a single member of the dow jones industrial average managed to be in the green. taylor: the question is, what did you miss? caroline: the u.k. is a prime example. today was it's freedom day. a time when covid restrictions were removed. boris johnson spent the day in isolation. having to conduct a news conference virtually after having come into contact with a health secretary who tested positive. to the most in the world. it is a good example of how doubts are creeping into the recovery. it is also notable deaths are not rising at the pace we had previously but case counts are spiraling. taylor: there are case counts leading us to remember where we were a year ago. there are two stocks that reminded us what goes up when you do these stay-at-home trades, namely peloton. you are up 7% versus the reopening trade. today was starting to unwind. you are down almost 5.5% for planet fitness. felt like the mood music for

romaine: i am romaine bostick. let's take a look at where financial markets stand.he great selloff of 2021 gives way to the great rally. caroline: markets close out the week on a high. a broad-based rebound. and a day rally ahead of supply coming into the market next week. are we done worrying about peak growth? china is getting more dove which. -- doveish. the fed is promising more root -- support until we have more jobs. this comes before he is said to head to the hill. americans are feeling the effects of the pandemic. we're digging into two indications. one in the home. the other 10 people back home. let's talk about these markets. joe: absolutely. of course, remain talking about the stock market and this incredible recovery we saw about the great crash of yesterday. still a downturn but not a crash. it bounced back in the 10 year yields but the big picture story is how low they've got it. we were below 1.3 yesterday. 1.35 compared to a month ago. much lower. let's bring in cross asset reporter katie. it shows today you get paid for writing out the volatility. k

let's bring in romaine bostick. ine: the big tradition is of investors handwringing over whether it is good or bad. you've gone through the numbers on the top, relatively good. there's going to be concerned about those reserve releases. the knee-jerk reaction was to the downside, particularly for jp morgan. goldman does remain firmly in the green here. both of these stocks and most of the bank stocks rallied into the start of this earnings season, see you have to keep that in perspective as well when we look at these numbers on the board behind me. we're talking about fractional moves to the upside on jp morgan , fractional moves to the downside for goldman sachs. the other big story as far as earnings was pepsico, and it was definitely a positive here. we're talking about strong 13% plus gannett revenue growth here. year-over-year, that is about double what the street was looking at on a growth basis. a lot of that came from north american beverages and the snack segment. you did see a sick decline for quaker oats a

i'm romaine bostick in for david westin.the founder of the wall street that's form that deposed robinhood from a trading up to a million dollar ipo. >> everyone invested a serious manner. they are all looking to make money. romaine: and the latest on china's regulatory crackdown. >>

thanks, romaine bostick, for sitting in. lisa abramowicz back today. her bond market has enough to keep her awake after the redeye. jonathan: your 10 year yield right now, 1.34%. actually slipping to morgan stanley in that opening tip. he said cpi could be really important tomorrow. i keep saying this. if i tell you what cpi will become a will you hear this -- will be, will you tell me the reaction? tom: we will have wonderful voices on this, including someone coming up on what hedge are doing. it is about gdp, the most important number this morning, bank of america confirming 9.5% this quarter. and then what -- jonathan: and then what? do you care about the levels or the deceleration? for a lot of people it is the deep acceleration. tom: all i care is how england kicks their penalty shot. i still understand it was go to you because of your observation on the american economy when you were not in crete. lisa: when i was not in crete and not catching the bond market, i could not get back to the negative real yield going to the lowest we have ever sent.

the movers with romaine bostick. is harry kane a mover? jonathan: i don't know yet. that would be the big signing of the transfer window for the spurs they hold onto him. just to reiterate, tom and i don't drive. lisa: that is breaking news? jonathan: there's only one person on this team that drives, and it is lisa. it is not tom and me. lisa: i don't know how else you get up to tupper lake. jonathan: we need to work this out. what we are waiting for is the autonomous driving vehicle to come along. tom: i don't buy it. you're going to get me going, jon. i saw a tesla article the other day that the auto driving thing got screwed up because of a yellow traffic light. seriously. jonathan: that's not good. we need some progress. then we can have a subscription. lisa: you have to try. tom: david rosenberg the last hour. michael schumacher joins now. he knows where they play good hockey, and he throws it into his note this morning. on ago and far away, there was a ccm five stripe. you say this is a yield that is going to look like a ccm five stripe hockey stick. discuss th

kailey leinz my taylor riggs, romaine bostick. kailey: good morning to you. what a morning it will be. just under one hour and 45 minutes from now, we will get the ecb decision followed by the press conference from christine lagarde. what are we going to get from the forward guidance changes now that we do have that symmetric inflation target and what does it mean for ecb credibility? can they convince the market that they can reach that target? that press conference from christine lagarde is starting at 8:30 eastern. also we will be getting jobless claims data. 350,000 is the print we will looking -- we are looking for. the fed is watching inflation, but also watching the labor market extreme closely. what i'm going to be watching closely after the bell, earnings. we will get a slew of them. intel will be interesting. we had texas instruments last night blowing it out of the water in the second quarter in terms of 41% revenue growth but a little cautious on the forecast. does that indicate that shift demand may be peaking and what does that mean for chipmake

romaine bostick is --, it was a final concert among other things, and you will grace his presence thismaine: i'm honored to be here. this is the summer home of the boston pops, their venue, tanglewood. on the stage behind me, in a couple days, we will have a real star-studded event. a legendary soul singer and a new breed of singer out there, jazz, standards and everything in between. they will be under the helm of keith lockhart, the conductor of the boston pops here. a big celebration of our nation's independence, but also, a real celebration of our reopening. this will be the first major event at tanglewood since the pandemic shut everything down. there's a lot of excitement here, a lot of people want to get out and want to be with their fellow americans and they really come out here and celebrate and have fun on sunday. lisa: that's exactly where i wanted to go, the reopening of america, the idea of the end of the pandemic. what kind of measures will be taken and recognize that the pandemic has not really gone away? romaine: there are still going to be some social distance measures

"the close" this afternoon. . , romaine bostick with others the euro -- this afternoon, remap bostick with others. the silliest gkionakis -- vasil eios gkionakis with bank lumbar dodi a, you see strong -- with banque lombard odier, you say ace strong move. why do we see such a strong move? vasileios: it has to do with domestic fundamentals. there have been some signs of slowing down, but nonetheless, the chinese growth is still going to cause a rise in the second half of the year. there are a lot of flows into china right now, and this is because of the introduction of a lot of chinese assets in the benchmarks. the other thing that is going out quite interestingly is that chinese exporters have been feeding into an unusually large pile of dollars over the past eight to nine months, and whenever we have had that in the past, which coincided with period of prices, it lead to acing the unwinding of that pileup dollars and conversion back into the renminbi. the confluence of all of these factors, and the fact that global trade is thinning out very slowly if you look at global trade volume

. ♪ >> romaine bostick live from tanglewood.uple days, on the stage behind me, the spectacular. the six string soldiers of the u.s. army field band, the singing surgeons of our very own united states air force. all under the director of our inductor, keith lockhart, the boston pops fourth of july spectacular. that will be right here sunday, on bloomberg. ♪ >> we have seen large consumer price movements in recent months. we think those fairly high inflation readings will continue for a few months. i want to emphasize, however, the evidence suggests this inflation will be transitory, and it is largely a profit of relative price movements that are occurring as the economy rebounds. jonathan: that was the imf managing director there on the u.s. economy. bullish the u.s. economy this year and next over the imf. this is bloomberg alongside tom keene and lisa abramowicz, i am jonathan ferro. we are 11 minutes away from the jobs reports. here is action. equity futures are drifting higher up four to five points. we advance .1%. a six-day

we've got to do this before romaine bostick. domino's in with earnings.ion you in the press release. kailey: they should. domino's is one of my favorite forms of food. it could be its own food group for me. revenue, bottom-line line coming in above estimates. i would like to think i was a big factor. jonathan: does kailey leinz eat domino's? kailey: all the time. jonathan: i did not know this. tom: after is the same way. a little bit aged, i should say. jonathan: this shows off the rails, isn't it? we need to get some movers outside of domino's. tom: romain will save it. romaine: good morning. i think that is the sound of a lot of new york italians cringing here. let's look at the individual movers. we want to talk about what is going on in the chip sector because a lot of activity in the premarket around these names. texas instruments last night, it was pretty much saved by the pandemic. this was a company that had seen a retraction and revenue growth for seven straight quarters. then the pandemic hit, and all of a sudden it was hitting double-digit reve

shery: brian brooks speaking to sonali basak and romaine bostick.amsung's results and the outlook for chips. this is bloomberg. ♪ haidi: we have breaking, samsung's second-quarter preliminary earnings are a. we are seeing operating profit for the second quarter of 12.5 trillion won. that beat estimates of 11 trillion won. sampling saying they see second quarter earnings are affecting a one-off gain in the business. memory business expecting more than a 30% jump from a year ago although investors had asked patience have grown ever high. we will be getting the estimates of revenues and operating income for the last three month period but also of course, we get the full financial results with profit numbers a little bit later this month. shery: we will see what the preliminary numbers mean for the stock, which has been going nowhere when it comes to the samsung shares flat this year despite the kospi rally in the double digits, up 15% this year. we are joined by korea technology analyst at cls a securities. -- clsa securities. sales, 63 trillion won. >

shery: scott minerd and romaine bostick.e of the calls that we are watching for miners as well, what is happening to the stock markets, given some of the risks he mentioned, whether it is fed to bring coming ahead or hit delta variant, he thinks that we could see some more downside of around 15%. take a listen. scott: september and october are likely to be very rough this year. may be a pullback of 15% or slightly more, but once the doctors are at the opening game in the world series, i think he will be able to buy it. >> i find it really interesting that in particular, he also talks about some segments of the credit market being to expense of at the moment as well. he really likes the top tier of junk bonds as being the best sort of opportunistic buy at the moment. he says there will be further opportunities when it comes to the junk space as well. shery: let's look at some of those opportunities when it comes to the equity markets. as we wait for the open across asia, we are eating he restocks -- seeing kiwi stocks gaining