su keenan has a look. street will be all about the fed needed policy members, who midweek to decide whether to raise u.s. interest rates for the first time since june, 2006. based on last week's trading, it appears much of the market is in a wait and see mode. --ding was like in volume was light in volume, which may signal confusion over what the fed will do. there is no consensus, particularly among the professionals. one hedge fund titan said a rate increase could prove "an epic blunder at this point." one researcher said the market may take a pass on raising rates. the rise in the dollar has already tightened financial market conditions. basisuivalent of three 25 point rate hikes in the federal funds rate -- chance ofght now, 28% a hike. there is a 59% chance that they will raise rates by december. on tuesday ahead of the meeting, we will get the latest retail says data, which economists probably gained in august while consumer prices are expected to be little changed. su keenan, bloomberg news. interes

su keenan has the roundup of the action on wall street. : we can tell you that it was arefensive market, many waiting to hear from janet yellen, the fed chair, to perhaps give clarity on the fed position. she lostfocus is that her place several times, there was some concern it appears as we are being told unwarranted. s is yet another wrinkle in ome of the focus on how the fed chair is communicating the fed's aim. that is tending to add more volatility to the market. flat,now s&p futures are indicating that the incident is minor. i think the way you will see the market play tomorrow will give us a better idea in terms of how do thursday such an ended, -- how about thursday session ended, lower across the board. questof investors on a for clarity. the friday session will provide clarity on what we have learned. let's talk about the economic it up. durable goods fell 2%. separate report shows weekly claims for jobless benefits rose somewhat less than forecast. to homeher measure sales rose 5.10% last month stronger than forecast. the rebound

let's head to new york right now where we see our su keenan standing by.he selling began in the morning and just picked up throughout the day. you can see u.s. stocks just took a real beating. downd the down down -- dow and the nasdaq was down, there was no progress either -- in either direction. the continued selloff we are seeing in biotech shares, we also had two more strategist that said they were cutting their forecast for the s&p 500, bringing to a total of eight of strategist at bloomberg who are role -- lowering their projections. and copper isged at its lowest in a month all on further signs of weakness from china. amazon and facebook have pacing declines for tech and internet related shares. the best some of performers out there suffering from selloffs. alcoa is also in the spotlight. they are the top aluminum maker. the business struggles to overcome booming production from china and the shares fell -- 6%, that waslmost one of the big gainers of the day. angie: hopefully. this will pick things up for the -- hopefully this will pick things up for

angie: su keenan, always good. thank you. back in asia, let's check in on the markets. to new zealand, where we are seeing continued selloff. a quarter of 1% down, ahead of china pmi expected to be in contraction mode. spot holding at 63 u.s. cents ahead of the fed decision and chinese pmi data. ino counting the opens japan, australia and korea. let's go over to japan. 25, 2.7% in the last close. the previous day was down more than 4%. it is about the 17,000 mark. teachers in chicago pointing to a higher open on this thursday session. showingen is weakening, that perhaps risk could be back on. 119. 91. hong kong and china are both closed for national day celebrations. mainland markets will be close for one week. china, not taking a holiday here. it has taken another step to shore up flowing -- slowing growth. policymakers are targeting the largest part of the economy and it is property. is quite timely, actually. you mentioned we are starting the long holiday. typically families have time to shop around for apartments. yesterday we talked about cars in the tax cut takes

we have su keenan with all the details. : macro uncertainty, as one strategist said, and little fundamentals created a situation where there is a rise in volatility, it leads to investor on synergy. any bad news can shake things up. and commodities from energies to precious metals joining the global selloff. we have renewed concerns about china's strength which brought renewables tumbling. and commodities from energies to preciousgoing to a t the dollar. you have some serious concern. as one analyst said, there is a growing realization that the impact of a slowdown in growth hits commodities and the commodity driven economies very hard. take a listen. economicowdown in growth in china might affect russian economy, not only because of the link, but because of the international exports. generally, i think the key issue for russia is dependence on oil prices and other commodity prices. -- the commodity spotlight oil continues to slide although it is above $45 a barrel. is never coming back, according to one company. we have eco

su keenan, thanks for that. let's check the asian market.eb eckert is monitoring early indications. zeb: pleased to report that we are seeing some leadership in the markets from the asia-pacific this morning. check out yesterday's trading action, mixed across the region. new zealand is the only market but is open so far. australia in just under an hour. the topic the index in wellington posting again. posting again.c -- posting a gain. 2% and effecteing factor limited up 1.5%. to the downside, kathmandu down 2% and pacific edge. the new zealand exchange down about 1%. that is what we are seeing in terms of equities but watch closely because china, the big concern in washington for janet yellen and the members. as we near the open of the chinese markets it will be interesting to see if asia investors believe that as well. yesterday the shanghai composite closed 2% lower, continuing the big drops we have been seeing. the hang seng lower by .5%. commodity currencies, not benefiting from the move. emerging-market currencies are likely to do so.

su keenan has all the details. not much action on the market, what's behind it? >> this was a rebound, but a light volume one. a lot of u.s. investors are now in wait-and-see mode. and moving money to the sidelines, games were across the board by the end of the session. short -- oil and other commodities from metals and across the board benefited from dollar weakness. oil, snappeds was a three-game losing streak, government supply data shows gains. ahead,ion levels are they could possibly whittle away at global surplus along with the technical factors. in terms of the data hitting the market, we had another report iswing the labor market strong. it showed fewer americans on unemployment. -- bolsteringples higher interest rate. that is really the big question, what did they do in particular with the backdrop of this emerging market week this? >> it's not just china, it's generally weakness in the emerging markets. recession,lready in south africa slowing down. only india is performing more or less is expected. deceleration in growth has been most significant in ch

su keenan has more from new york. d on wall street is likely to be filled with a lot of gyrations. big questions ahead. how will the market hold up? ?hat will the fed do this is the first time they are holding a meeting, it is less than two weeks away, and many in wall street have no ideas what moves they will make. and what kind of volatility do we face? the latest data to come on friday shows that the u.s. jobless rate fell 5.8% in august, and as far as the fed is concerned the workforce is fully employed. data in the coming week will take on greater importance and probably show the u.s. consumer confidence was constrained at the start of september amid stock market turbulence. apple is expected to unveil the latest smartphone with a look similar to the current iphone 6 model and a better camera and faster processor. meanwhile, the fed watch continues. we are told that they are following developments in the chinese economy and there are potential effects on other economies and they are following it more closely than

we have su keenan with all of the details. su: we saw the market reverse a two-day selloff. sant of this had to do with francisco had president john wayne's and policymakers coming laying out a case for the fed to raise rates. the decision not to raise rates was a close call. many say the fed's job is to manage market expectations and there is a view that many people did not expect the fed to pull presserger, the fed explain their position came off as a debacle. there are a a lot of people feel they did the right thing. >> special conditions have already tightened a little bit equity prices falling. i think it is a big deal when the fed starts raising rates. they make very dovish language going forward that it will create certainty in the mind of investors, and i think that is not right. su: it appears a lot of investors still cautious. the latest data showing that sales of existing homes fell. we had merck and many of the biotech stocks under pressure, really taking a hit after democratic residential candidate hillary clinton tweeted that she would be releasing a plan to co

su keenan joining us for a roundup of the day on wall street. >> you could say everybody is waiting on the fed. the meeting begins wednesday. we will get the decision thursday. stocks in rally mode ahead of that meeting. s&p 500 rallied to the highest level in more than two weeks. focused on this last of the data that will be heard before the final decision. google leading tech shares higher. new york oil was higher, energy shares. what the fed will do is hanging over everything. it adds a new context to this economic data, in terms of retail sales, u.s. consumer showed resilience. retail sales were higher. u.s. factory production fell to the lowest in 18 months. some argued that that might change the picture for the fed as it decides whether the u.s. economy can withstand higher rates. lynch had toerrill say about not raising the rates, maybe the best way to go now. >> the risk is they don't. the reason is because the international events have overtaken u.s. fundamentals, especially china. if they were to hike in september -- >> speculation growing that the fed with a late raising rat

su keenan has been watching all of the action. how did the day go? : the stocks halted a five-day slide. many investors will be happy to have this quarter behind us so, put a dent in the decline. we had health-care stocks fueling the rebound. health-care stocks have dropped some 11%. we had oil bouncing back but while the dow and s&p climbed a slide in apple shares caused the nasdaq to miss out. we did get some fresh economic data. home prices rose 5%. drum -- jump in consumer confidence where a lot of economists expected a decline perhaps because of the turmoil. we have earnings season coming our way and he sees a positive impact on bounceback in the consumer. >> coming out of the recession, normally you would see a fast growth but this has been slow and steady. to increased consumer confidence, lower gas prices and more discretionary income and your starting to see small businesses bounce back and invest more. small businesses bouncing back but we do have a lot of weaker banks cut in the crosshair. bank of america is said to be cutting dozens of jo

su keenan has been tracking the action on wall street. they're calling it a tug-of-war in the market. are still waiting to see what the fed is going to do. nothing else really matters. he had this is one to be a fun week. a 20% chance down from 48% for the chinese currency. that will raise rates 59%. we had a relatively late volatile market. so roughly a third of a percent. we also jewish holiday here in new york, it's about 25 to 30% below -- normal volume. biggest thing to watch observers intos when the market goes stability right ahead of the meeting on wednesday. , many arguestable cause, but it may be a green light to go ahead and raise rates. again a lot of questions. policymakers -- many on wall street say they have no idea how it will come out areas oil and gas down almost 5%. apple shares were in the spotlight up as much as to a third percent. they gave most of that back by the close, but word out there that the iphone 6 s and f plus are selling like hotcakes thinks largely to demand in china area they are willing to pay more tha

su keenan has a look at the week ahead. su: the week ahead on wall street will be all about wall street and the fed policy meters -- members. based on last week's trading, it appears much of the market is in a wait and see mode. trading was marked by light volume. that signals confusion around what the fed is going to do. this is one of the first fed decisions in which there is no consensus, particularly among the professionals. we have one hedge fund titan saying a rate increase could prove an "epic blunder." a researcher at goldman sachs is out with a report saying the market may take a pass on raising rates. the rise in the dollar has already tightened conditions the equivalent of three 25 basis point rate hikes. if you look at where traders are putting futures right now, they are pricing in a 28% chance of the fed starting to hike rates, down from some 48% right before the chinese currency devaluation . there is a 59% chance they will raise rates by december. on tuesday, right ahead of the meeting, we will get the latest

thank you so much for that, su keenan. let's check other headlines right now.ormer citigroup ceo is back in the news for his investment in a startup called cx. it is declaring its aim to expose the hidden fees financial institutions charge including life insurance, counting and credit cards. he was ousted three years ago and the bank was punished for selling unnecessary add-ons to credit card consumers during his tenure and afterward. person and heest is shuffling his business empire. the bloomberg billionaires index ranks him 17th in the world as the shanghai infrastructure prepares to pay. he prepares to combine his utility interest and will give him access to power assets -- $9 billion pilot cash -- he will own nearly half of the combined company. the indian prime minister is calling on the rich to drive into his economy. the senior business figures urged them to step forward. the meeting is said to have included india's wealthiest man, governor.an and rbi modi has been struggling to implement key reforms. he asked companies to take more risks and they calle

we just heard from su keenan about what is happening in the u.s. let's look at the global market and the reaction to this decision. zeb is tracking the markets. let's start with commodities first. zebq: we begin with gold, because gold getting saved by the federal reserve. we just had prices a tick over from the u.s. session to the asian session. you are looking at a two day chart. we see a little bit of selling. gold in the u.s. session had held at a two-week high at $1 .131 an ounce. we are waiting for the trade to tick into the asian session. gold futures trading down mostly. we will watch gold nicely -- closely. extending gains to a two-week high. the rate delay leaving markets in limbo. having impact on oil prices. oil holding your $47 a barrel. two day performance here. this is the u.s. session. barrel.ing at $46.89 a oil starting the session lower west texasthe benchmark. brent crude under some pressure. down trading at 49.98, fractionally for what we saw overnight. these, the trading sessions, rather, tipping over. let's check in on currenc

we have su keenan taking a look at the week ahead. the week ahead on wall street will be all about the fed and policy members which meet midweek to decide whether to raise interest rates for the first time since june 2006. ited on last week's trading already appears much of the market is in a way to the mode. it was marked by light volume which strategists say signals can usually around what to do. it's clearly one of the first fed decisions in which really no consent is is among the professionals. researcher goldman sachs is on record that the market may take a pass because the reagan mark -- recent market selloff is triggered a rise in the dollar. basis-thelent of 325 fed budget. x if you look for traders are putting -- putting futures right now there's a 28% chance of a hike. there is a 59% chance that it will raise rates in december. on tuesday right ahead of the meeting we will get the latest retail data which economists say probably gained in august while consumer prices are expected to be little changed. the perfect guy topped t

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