for "nightly business report," i'm susan lee in hong kong. >> mark joins us now to talk more about china and the rally that lost momentum on wall street. he's chief investor strategist. thank you for being here at the program. >> thanks, sue. >> you were correct in predicting of the start last week isn't over yet, but i wonder whether this is just a correction or whether you think the bull market is over. >> sue, we don't think the bull market's been derailed, even given the recent action we've had. in fact, corrections are going back to 1980, we've seen no less than 19 times, during which in the course of the year we had 10% or more and the annualized rate on a price only basis is 8.7%. so what we think is happening is investors are basically given full evaluations on more demanding with regard t earnings growth expectations and right now those expectations are being disappointed by the prospects of weakening global growth. >> what about china? are you worried china is not able to really stem the rout in its stock market? do they have more room to be accommodative? what tools do they ha

our susan lee is live in hong kong with the latest. hi, susan. >> hi, carl. a terrible session for china today. a lot of the declines we saw in the selling took place in the final hour of trade. but going into today's session, no one thought the interest rate and reserve cuts we saw were going to rally markets since it's seen as being too little, too late. but the key was stabilization, that things were not going to get worse from here. hong kong today mostly followed china. i guess the big story has to be the volume coming back onshore in china. one of the most active sessions we've seen in recent weeks. 49 billion u.s. dollars being traded onshore. we saw a lot of volatility swing up and down through the session and trying to clamp down on the volatility. we have restrictions imposed in futures trading in china and margins being raised for nonhedging purposes to increase the costs for day traders. brokerages were the big sector decliner today. sold off on the announcement that the five biggest in the nation in china are being investigated for insider tradin

but china still a major headache for the global economy, our susan lee is live in hong kong with the >> the market was calling for china had to step up tonight. with some fiscal help. so they cut interest rates and bank reserves for the fifth and third time since november of last year. on top of injecting massive amounts of liquiddy into the markets, they've been using the reverse repo operations, today we saw $23 billion being filtered through the system. that's the biggest single-day injection in about a year's time. i guess in some ways china's hand was forced here. because the shanghai composite broke through 3,000 today, a psychologically important level. after some headlines this morning really shook investors' confidence suggesting that beijing might be weakening the yuan currency further by another 10% to 7 to the dollar. that was not a great way to start off the session. we did see encouraging signs throughout and some markets rallied at the end. we saw big gains in australia and taiwan. malaysia, indonesia. but i guess the most encouraging market was hong kong. because we d

susan lee is live in hong kong for us tonight on what's happening there. n, but we've all been working 24 hours with these markets. >> that's right. very interesting markets. today the shang crashing through 3,000. it's a psychologically important here. they pulled the trigger on something big sending a signal of confidence to the markets because of the fact that they stood on the sidelines the last few trading cells. maybe they're happy to let market forces dictate but not the case. tonight they cut interest bay 25 basis points. they say it frees up $101 billion immediately into the financial system. this should lubricate the markets and the fact that china did this on a week day, usually they wait for friday night or weekends to cut interest rates. the fact that they went ahead on a tuesday evening means they want immediate market impact. and we saw some encouraging signs today during the regular session. some markets rallied today in the pack rim. we saw big advances in australia, malaysia and even the fact that hong kong ended higher by three quarter of

breaking news on the policy moves in china, those interest rate cuts, let's go to hong kong with susan leeood day. >> yes. a surprise from the central bank. i think markets will take this positively tomorrow because for the last two sessions you've seen those declines in china. it seemed like the signal from the central bank is they would like market forces dictate but not today when they cut interest rates. they usually do this on a friday night or weekend when people are not at their desk. this seems like they want full market impact and trying to add liquidity to the markets. they've been doing that in different ways as well. today we saw 150 rmb, so they're trying to grease the wheels. if you cut rrrs that effectively spreads 160 billion rmb in the market. so, i think people will take that positively during the wednesday session here in the asia-pacific. so, we're looking at four interest rate cuts since november 2014 to these rrrs since that time period. and as you see, china is really trying to get the money flowing once again. i spoke to goldman sachs today. they say china is not br

i want to go to cnbc's susan lee for a quick rundown of what we're expecting today. >> hi, yes, jose. encouraging signs from china central bank in the last few hours. they cut interest rates and the amount that banks have set aside in reserves in tandem for the first time so far in the last world market selldown we have seen. this is encouraging because we also saw buying, bargain hunting by investors across the asia pacific. despite the fact shanghai wiped out its gains, you saw hong kong gain. this is how foreign investors buy china. so there is some bargain hunting going on, and the fact they have cut interest rates, cut the reserves, now frees up a lot of money that they hope will probably go into the stock market and maybe also grease the wheels of the chinese economy as well. goldman sachs is telling nee the china model is not broken. they're staying overweight on chinese equities. buy those state-owned enterprises to benefit from reforms. also, some encouraging news from a lot of brokers out there. they're saying despite the bad headlines and the fact shanghai composite has fal

let's start with susan lee in hong kong. susan. >> good morning to you.one expected china to get a huge lift today from last night's interest rate and rrr cut but what the markets were looking for was a stabilization that maybe things are not getting worse and at one point we saw asia markets here actually having their best day in ten months but then things fell back of course. hong kong followed china in the session. lot of volatility. selling off in the last hour after the asia pack closed. they're now being investigated for suspected rule violations. no idea in terms of what exactly that means but the important part is that volume came back today on shore in china. one of the most active days in recent weeks. and this is significant because it looks like players are getting back into the market. i want to show you what happened in japan. huge day. 5 billion in-turn over which is double the usual amount and what's really encouraging across japan and taiwan and korea when i talk to brokers that cover the markets is we saw a lot of local buying coming bac

we'll talk about it as seema mody is in london but before that hong kong where susan lee is hanging out. >> i think everyone agrees out here it's consensus that there was government intervention and buying from china in the last 45 minute of trade because we were down 1% and then up 5% which is the biggest rally we've seen since july 9th or so and we saw these sizable bids coming from china finance security corporation backed funds and it's backed by the state council and other people took notice of the csf flows and it did seem obvious that china stepped n. they were buying banks. some are saying this support is showing china and the markets look pretty good. and there's a term called saving face. that's what they're trying to do going into september 3rd. we're seeing funds going back in with china supporting the market again. they're trying to keep things light and hong kong following china's rally but akocross the regions we saw japan following wall street's lead seeing a rally of 1% but they say this was not institutional money. the big institutions are still staying on the sideline

susan swain: lee is watching us from durango, colorado. hi, lee, thanks for waiting. you're on.ee: thank you for taking my call. i have a question about the alley bill that was so important to ellen wilson and that did such a wonderful thing for the city of washington, d.c. and also i'd like to comment on edith wilson, she was more of a hindrance than a help. joseph tumulty, a major adviser to the president wrote in numerous letters during his illness and they weren't discovered -- unopened until after his -- after her death. susan swain: thank you so much for your call. we're going to just let her comment about edith's stand, but she asked about ellen's alley bill. what was that? kristie miller: yes. when they came to the white house, ellen felt that as long as she was in the white house, not a place where she particularly wanted to be, she would use her position to do as much good as she could. and she connected with a group called the national civic federation that had been around for 10 years or so. and they were very interested in trying to clean up these little alleyways i

lee. told a friend, "i'm going to marry that woman." and, indeed, he did. susan swain: and who was alice hathaway lee? kathleen m. dalton: well, boston brahmins are the upper class of boston, usually descendants of people who came over on the mayflower or, you know, inter-married with them. and she was the daughter of a wealthy banker. and a very beautiful woman, and really quite charming and athletic. and t.r. was incredibly taken with her, but she had many suitors, so he had to work hard. he sort of surrounded her, which is, he charmed her little brother and sister and her cousins and her uncles. and finally he became so familiar, she gave in. susan swain: how old were they when they married? kathleen m. dalton: oh, they were -- well, let's see, 1980 -- i mean, 1880, he was just 21 and she was something like 19. so they're very, very young. but that's not unusual in that time period. susan swain: how long were they married? stacy a. cordery: well, she died in 1884, on valentine's day. so, four years. kathleen m. dalton: four years, yeah -- susan swain: and this

congressman sheila jackson lee, compass and maxine waters, councilmember susan, councilmember chair itdent john young, hurray's president -- parish president, and former senator mary landrieu. thank you. thank you all. [cheers] ♪ >> it's what i call a sacred space. it is a boulevard named after one of our civil rights leaders. it was the cornerstone of african-american businesses. the last two years it got torn up. >> we brought young kids in here and what it meant to be at a table with family. >> it does a whole lot for the community. i want to help my area out. help people to become stronger. >> this location and place became a hub for the fema workers. >> there are little over 1500. >> we have 100% of graduates who have scholarships. 80% of these kids have been in the justice system. at 8% have mental health or drug prediction did 32% single families. all those berries they came through the program. -- through all of that they came through the program. >> it we see somebody who is leaving school and is looking for a job or something like that , i went through a program. great opport

susan wrote "i found my stone, do you have yours? beautiful words, kathie lee." and patricia wrote "these are my stones from israel my friend brought me. you threw frank's stones far and wide, may we do the same." and darlene wrote "kathie lee's comments were truly inspirational so i went right out and found my stone." >> that looks like a heart. isn't that precious? i'm excited for this. we didn't have a service, we had a party for frank. he hated funerals, he hated boxes, he hated to be put in boxes, he hated to get in an elevator. so we played frank sinatra all day long and we partied and the only criteria was if you were there you had to be somebody he adored so it kept it nice and small. you were one of them, hoda. you were there. they told me at the time they were going to do this and they've just announced they're going to honor frank and ann meara, the patriarch of the wonderful meara family and the widow of the giants wellington meara on their uniform this is season. and they'll have number 16 on their helmets to honor frank. and we'll be meeting some ti

lee will come back on monday. we have dana delaney, nick cannon, susan lucci. >> plus rachel platen sings her fox song. ♪ this is myverybody. squooz >>> right now at 11:00. history in cuba. for the furs time in decades, an american flag is flying over the communist island. >>> good morning. i'm chris cato. after decades of tension, just within the past half hour, the american flag went up for the first time since 1961. secretary of state john kerry was there to watch the stars and stripes rise above the u.s. embassy in havana. that embassy is now officially reopened. he's the first secretary of state to visit that country since 1945. and hundreds of cubans and americans gathered near that

lee will come back on monday. we have dana delaney, nick cannon, susan lucci. >> plus rachel platen sings her fox song. this is my fight song, my get it right song >> v a great weekend, everybody. squooz blinds to go's summer celebration sale's so hot you're gonna need shades. not those shades. these shades! take a cool 20-35% off all sun shades, cascade shades, basswood and more. shades on sale. there's nothing cooler than that. blinds to go. blinds for life. cannonball! blinds to go's summer celebration sale is going on now make a splash with new sun shades, cascade shades, basswood and more, all at 20-35% off! it's the hottest sale of the year. just when you need to cool off most. blinds to go. blinds for life. >>> today on "access hollywood live" live", will this be a trump-free friday, kit? >> my money says -- no. lorenzo laum o lamas's wife just gave birth. >> and also here today, making her cry for us. no one does a better ugly cry on-camera than this girl. >> thank you very much. >>> a special and adorable guest today. social media sensation. big time -- celebrity, he's here. "access hollywood

lee will come back on monday. we have dana delaney, nick cannon, susan lucci. >> plus rachel platen sings her fox song. ♪ this is my. squooz >>> nbc bay area news starts now. >> right now at 11:00, they call him a hero just doing what he was trained to do. a bay area sheriff's deputy, former college football player drowns while saving someone else. i'm scott mcgrew. >> and i'm kris sanchez. the tragedy happened yesterday afternoon at lake tahoe while the deputy was offduty kayaking. >> the sheriff's office just talked about this sudden loss. >> reporter: that news conference just wrapped up about five minutes ago and the word devastated is what they kept using over and over. the loss of their

susan wants the city to clean up their mess. >> we had the mayor and a few other dignity ris coming out from the city. >> mayor ed lee made promises during a town hall meeting back in december. >> we need to do the right thing. >> a lot of people have fix ed things up like i have with their own dimes. he's full of empty promises. >> we work to expedite these claims to make sure people can get back to their feet. it is a license giving a blank check to homeowners maybe trying to get more money out of it. >> we are in the bankment where the water level came all the way up to here. you can smell the stench of raw sewage. city crews came in here making the place better than it did before the flooding. as you can see, nothing has changed. >> flood victims, the city has a different explanation. >> no matter what solution we are able to develop, there is always a bigger storm that mother nature can throw you that can overwhelm the best designing system. ktvu channel 2 news. >>> we'll go to the park to see how it is combatting against one of the busiest time of the year. >> what can you expect for saturday and sunday for your weekend. i w

. >> up ex in, kathie lee and hoda hang out with emmy winner susan lucci. >> plus emily ratatowski andhat data. >>> well, let's check your weather this morning. >> good morning. i'm meteorologist kari hall. skies will continue to clear. and we're in for another sunny day. but temperatures will be so much cooler than we've had recently. a high of 87 degrees in the south bay. 79 degrees in the peninsula. east bay 80 degrees. and the tri-valley up to 87 degrees. san francisco 69. and the north bay topping out at 81 degrees. and more of this weather the rest of the week. let's see how the commute is moving with mike. >>> we're looking at still a smooth drive but still some slow spots for the south bay. mostly 880 up toward 101. that's traditional pattern right here for the south bay. we're also looking at approach to the bay bridge toll plaza. nothing dramatic but i want to show you the toll plaza itself. still a good amount of cars through the area, kind of gumming up right here. looks like there was a stall at some point but everything in the last few minutes have been moving. just folks

. >> up ex in, kathie lee and hoda hang out with emmy winner susan lucci. >> plus emily ratatowski and her new movie. >> and the three hottest hair cuts for ah, this lucky boy... he has no idea what's coming. my taste - so huge, yet so unexpected. i'm like a boxer in a ring. a small boxer. you don't expect much... and then, wham! i hit 'em with a whole lotta creamy goodness! left! right! uppercut! leaving taste buds... deliciously dizzy! look! his tongue is knocked out! oh! mom steps into the ring! bring it, girlfriend! rich, creamy, 100% natural cheese. mini babybel. snack a little bigger. >>> ds d clolg 58ology this wulgz xz >>> public health advisory after a bat tested positive for rabies. they are reminding residents to stay away from any wild animals and make sure the pets are vaccinated against rabies. it gives theater--goers goers a chance to get two tickets for the price of one. >>> muggy, scattered showers, 87 for the high tonight. tomorrow, very humid, another chance for rain, high of 84. friday, heavy storms, 81. staet saturday, 82. scattered storms. the high of 83. coming u

. >> up ex in, kathie lee and hoda hang out with emmy winner susan lucci. >> plus emily ratatowski andiladelphia clouds, sunshine and the muggies if that we started off with is still with us. it's a warm muggy breeze blowing, a live view from the lowe's hotel. the temperatures have climbed into the low 80s, 83 in philadelphia, four degrees warmer than yesterday at this time. 81 in northeast philadelphia, wilmington 82 and millville 48. in ocean county moving towards toms river to the south. >> a main line chinese restaurant once voted the best in the country hopes to reopen today after health inspectors shut it down. police say a customer at yangming in bryn mawr found a roach in her food twice on friday when police came to settle a dispute between that customer and managers they say they saw roaches in the kitchen. management told us they came in through a broken vent and have been removed and the problem fixed. >>> a petition circulating to bring rail service across the lehigh valley on change.org and has more than 2,000 signatures. the mayors of allentown, bethleh bethlehem, easton

lee's tweet. u.n. ambassador samantha power in the oval office back at work after a day in wilmington yesterday, a weekend in wilmington. so a lot of big decision, susan for the bidens, personally and of course politically. >> here's one thing we do know. we know that joe biden would like to run for president. he hasn't made any secret for that. the question is is there an opening for him to do so and that is a tough question, i think, even though hillary clinton has her problems as you discussed earlier in the show with jennifer palmirei, she continues to be popular with democratic voter, a lot of money, huge organization, a big head start. i think the question for joe biden is, is there an opening for him and would he do harm in a way rather han good if he chose to run. i think that is probably the calculation that is going to be going through his mind over the next couple of weeks. >> here's what i can report, at least based on my reporting, that, yes, beau biden and hunter biden, the surviving son, both wanted him to do this, want him to do it. he will make the decision with dr. jill biden. it's a deeply personal decision. in advance of that decis