here's taylor riggs. or: the white house has confirmed that president trump met vladimir putin at the g20 meeting in hamburg, something that was not disclosed at the time. last night, trump lashed out on twitter, saying the fake news is becoming more and more dishonest. even a dinner arranged in germany is made to look sinister. ecb staff are said to be working on stimulus plans for consideration. according to officials familiar with the matter, no definite proposals have been devised and policymakers have not yet held formal discussions on the end of bond purchases. an ecb spokesperson declined to comment. living standards in the u.k. won't get better for a while according to the institute for fiscal studies. it says real household income has grown slowly since the financial crisis and is set to remain depressed due to cuts to working age benefits. greece's much-anticipated return to bond markets this week has been held off, partly due to a ceiling set by the international monetary fund on the amount of d

here's taylor riggs. taylor: the u.s. senate has rejected a move to repeal parts of the obamacare health law. it came after john mccain joined with two of his colleagues to block the so-called skinny repeal bill. this is a disappointment. house, wes in the thank them as well. i regret that our efforts were simply not enough. switzerland's second-largest lender reported an increase in second-quarter profits boosted by earnings at its private banking units. that is better than analyst estimates and comes halfway through the restructuring plan. >> long-term, i'm always quite optimistic. the short to medium term is difficult. ,here's so much uncertainty geopolitical events, that are extremely hard to forecast. that wealth creation in emerging markets is here to stay. taylor: barclays has posted a net loss, driven by efforts to sell down its africa unit and a charge for the payment protection insurance scandal. the bank aims to return tangible equity as it moves past issues that have weighed on profitability. >> we still are n

here's taylor riggs. : president trump has told senate republicans to stay in washington until they repeal obamacare. after gopwo days efforts collapsed. majority leader mitch mcconnell, who drafted the failed legislation, delayed it by a fortnight. china and america have agreed to start constructive cooperation to narrow the trade deficit. the statement came after a high level negotiation broke down yesterday with the world's two biggest economies unable to produce a joint statement. u.s. commerce secretary wilbur ross scolded china over trade imbalance and both governments canceled closing press conferences. theresa may will be urged to do more to reassure businesses on her brexit plan. senior figures have been invited to sit around the cabinet tables today and offer their views. having spent her first 12 months in office attacking industries for overcharging customers and not paying staff enough, may is trying a more conciliatory approach. global news 24 hours a day powered by more than 2700 journalists

i am taylor riggs. you very much indeed. the eu's chief brexit negotiator michael barnier addressing the press and answering some questions. some great lines coming out. said "i'm not hearing any whistling" which is a reference to boris johnson's line on the financial commitment the u.k. may or may not have to deal wit. he was emphasizing the pressure of article 50. the best relationship we can have, remain a member, is the line that michael barnier is coming out with, pouring more pressure on the u.k., generating shifts in the political establishment. a bloomberg gadfly columnist joins us now. there has been a suffering of -- a softening of the line in the u.k. you can't clearly defined strategy and yet he is no lesser than the pressure he is applying. what is his tactic? >> in particular, yesterday, the guardian was really over the line aggressive and again, barnier has pushed the ecj line which they are putting hard on. after boris johnson's comments that the u.k. have been backed into a corner on th

here's taylor riggs. taylor: the e.u.'f negotiator, michel barnier, told britain to come back with more clarity. he brushed off the u.k. brexit secretary's suggestion that flexibility was needed on both sides. two sets of data summarized on the upside this week. june inflation slowed to 2.6% in a break from the steep upward spike. retail sales rose by a better than expected 0.6%. france's finance minister said the u.k. must commit to the repayment of funds it owes to the european union. bruno told national assembly's economic committee, we want our money back. cryanhe bank ceo john said the lender is preparing for a hard brexit. earlier this week, morgan stanley was said to have settled on the city for its european trading on. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this is bloomberg. francine: we are just getting some breaking news. getting a little bit of data out of the u.k. i don't know whether that is having an impact on the pound. get

taylor riggs with a market update.emocrats are about to unveil a new strategy called a better deal. there outside of washington, d.c. what to party leaders want to do differently in the 2018 campaigns? we are waiting comments from jared kushner. he is scheduled to speak outside the white house after meeting with the senate intelligence committee earlier today. we will carry those remarks live. this is bloomberg. ♪ david: this is "bloomberg markets: the trump economy." i'm david gura. we are awaiting comments from jared kushner, president trump's son-in-law and senior adviser. he spent the morning at the senate office building. to senate republicans and democrats on that. lets you were jared kushner has to say. -- let's hear what jared kushner has to say. mr. kushner: my name is to kushner. -- jared kushner. i'm senior adviser to doesn't donald j. trump. when my father-in-law decided to campaign, i served the best i could because i believed in him and his ability to improve the lives of all americans. and now serving th

here is taylor riggs. s leader calls his country's first-ever launch of an intercontinental ballistic missile a north of july gift to america. the trump administration sees it differently calling it a new escalation of the threat to the u.s. the u.s. and south korean troops held missile defense drills today. leaders signed off on the exercise. areran american diplomats concerned about friday's meeting between trump and putin. they are worried that this could be a mismatch. the two are meeting in germany at the g-20 summit. a new suspect in the downing of a malaysian airliner will be prosecuted by the dutch government. the decision was made by the -- theretor for the are no suspects so far. and crude oil has dipped in the as russia saysur it wants to stick with the current opec deal and would oppose any proposal for more production cuts. one said that anymore cutbacks the the deal would send wrong message to the oil market. opec ministers meet later this month. global news, 24 hours a day. powered by our mor

here is taylor riggs. theresa may delivers a speech in central london today, coming opposition lawmakers to steer britain out of the european union as she seeks to reset after last month's disastrous general election. men his that up a meeting between donald trump junior and a russian lawyer says time was made for the meeting, which was organized by rob goldstone, hoping to get information about the clinton. the new york times says goldstone told trump junior before the session that he was behind the information on russia. 15 people died in rural the city. a refueling tanker spiraled into the ground. the marine corps says it operate the plane, but did not say where the plane was going. and the fbi says an active-duty soldier based in hawaii pledged his allegiance to the islamic state group and helped purchase a draghi's against american forces. -- and helpedase a rifle purchase a rifle to use against american forces. global news 24 hours a day, powered by 2700 journalists and analysts in more than 120 count

i am taylor riggs. this is bloomberg. copper has surged to the highest level in over two years, lifting shares of producers including glencore on expectations that demand in china will fuel global shortage as oil continues its rise. about $48 on wti for the first time since early june. is our managing editor for energy and commodities, will kennedy. you -- with you, we saw copper about $6,000 electric ton on monday and it continues to go higher, i understand the optimism around china driving commodity prices but why such as fight specifically in the past two days? , there is aa also report that they want to ban the import of a certain kind of industrial waste from with to -- it back copper which has extract copper, which has made people bullish for copper, regular copper demand, the broader picture, people feel more confident in the chinese economy and analyst to forecast copper say there is a growing deficit, which is a contrast to the situation a year ago. nejra: if we look at oil, the recent surge, down to the u.s. sto

here is taylor riggs. eral john kelly takes over as white house chief of staff today. president trump tapped him on friday to replace reince priebus. he will have the backing out president's daughter ivanka and her husband. calling china and russia the biggest economic enablers of north korea after the kim jong-un regime launched the second icbm in a matter of weeks. rex tillerson says the u.s. wants a peaceful resolution to the incident. president china's says his military has the capability to -- he pushed for a modernization program aimed to make the military a leaner horse capable of projecting power overseas. in australia, security has been tightened at major airports after police say they stopped a plot to bring down a plane. suspects were inspired by the islamic state. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. david: thanks so much. vladimir putin says he hopes it will not be any for further retalia

i'm taylor riggs. this is bloomberg. tom: taylor, thank you so much.ngton, i thought you are delicate and respectful to the uproar which seems ages ago over mr. scarborough and miss brezinski. i will not talk to about the cnn garbage. we are not going there. where i want to go, kevin, is what is it mean for health care reform and critically what does it mean for tax reform -- we can state flat out that this president is not focused on policy. happy fourth of july. listen, there are 57 remaining days left when congress returns next week. they have a lot to do. and a care, tax reform, host of other things like keeping the government open, should we reach the debt limit. there is a growing frustration among republicans, not just democrats. we're been saying this for weeks, in particular aids, --aides, grappling with all of this. look at senator ted cruz, a republican from texas who will be looking to push expanding health savings account and reach a deal. we will be hearing about opioid addiction funding, rob portman from ohio calling for there to be more

washington is front and center with first word news in new york city with taylor riggs. warning for senate republicans, warning if they do not repeal and replace obamacare, the repercussions will be far greater than any of them understand. mitch mcconnell is making a last-ditch effort to provide health care this week. it is still unclear if his bill would repeal and replace the affordable care act. the u.k. is making for a quick trade deal with the u.s. as soon as brexit is complete. removing barriers with the u.s. could lead to an extra $45 billion in trade with the u.k. by 2030. president'she popularity has taken a dive after just two months on the job. his approval rating fell 10% points in the last month. voters are confused or unhappy andt his plans for taxes upcoming labor law performs. jordan spieth won at the british open. he won the third major championship of his career by three shots. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. tom: thank you so much. let me edi

i'm taylor riggs. this is bloomberg. tom: taylor, thanks so much. got one data check today, one board. this is what happens before a fed meeting, really quiet on the western and eastern front. two cent spread in a little bit. we'll talk to tony dwyer about the equity markets. we'll do that in the next hour. the euro, 1.1655, a bit he will visited. fran cry, you got to do better than me today. francine: i can't, but stocks are advancing a little bit. we're seeing a little bit of a rebound, but let's see the earnings. gold heading for the first drop in four days. the dollar swinging between gains and losses. it's all about the fed. i'm looking at oil because, just because. because we spend the a lot of time on it yesterday, and it's a significant move. still below $47, but up a touch. tom: that's very good. i like that. that's the wizard of oz approach there to the data check, because, because, because. how about this data screen? i'm going over to the bloomberg right now. maybe this is what's on chair yellen's demand. i'm reading everything i can, an

here is taylor riggs.day of clashes between protesters and police as the g 20 summit gets underway. demonstrators fanned out across the city. police used water cannon on one group. president trump will have his long-awaited meeting with russia's president vladimir putin. thewhile the leaders of u.s., japan, and south korea cap that the pressure on china over north korea. they met in hamburg and had a aboutdiscussion responding to the north korean missile launch. president trump has signaled his frustration at the pace of china's efforts to rein in north korea. isaudi led coalition threatening new sanctions against qatar. rejectn by qatar to sanctions, strengthens this position. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm taylor riggs, this is bloomberg. francine: thank you so much, taylor. british leaders are heading to an estate today for talks with the u.k. brexit secretary. according to a document obtained douglas flintews, is among thos

i am taylor riggs. this is bloomberg. francine?ncine: we will also get a clearer indication on the squeeze on u.k. households in a .alf hour time cpi is expected to be at 2.9%, far higher than the bank of england's targets. all of this comes as brexit negotiations continue in brussels. the u.k.is returned to after a few hours yesterday leaving technical talks to a team of 98 british officials. he will be back on thursday. let us bring in our guest for the hour. thank you both for deal -- for joining us. coup brewing? think the politics of brexit is very difficult to read at the moment. i remember talking to you about this previously and we said to the run-up -- and we said during the run-up to the talks that there would be a lot of political posturing. we are seeing it on both sides. i think it is very difficult to read what is going on underneath the surface. we do know that theresa may's position as prime minister has been weakened by the election results. is a given andd, that is having reverberations in the u.k. and in europe.

i'm taylor riggs. this is bloomberg. nejra? nejra: thank you, taylor.he world's second-biggest economy grew faster than expected last quarter, the gdp growing 6.9%, faster than the 6.8% target. economic's chief correspondent enda curran is with us. does this give more leeway to the deleveleveraging campaign? enda: they are getting a key ingredient in place, getting the economy on a sustainable, solid footing heading into a big year of political change with the leadership reshuffle of the party at the end of this year. with the economy taking over quite nicely, they cannot perhaps turn their sites to tackling some of the financial systems. we know they are concerned about what is happening with the expansion credit risk. theye same time though, can't take the type of steps that would hurt the wider economy. they can't jeopardize the economics they have tried to get in place, which is important for the president. they will take baby steps going forward and not dramatic until the get into next year. nejra: and we also have the national financial work confe

let's hear more from taylor riggs who has been looking at more consumer companies. : i can't get away from the retail story. i will use this opportunity to highlight that. down 13% here. down 17%, that stock near the lows of the session. on contrast to that, take a look -- they are a little bit higher trying to avoid the pressure from amazon here. -- postedsses same-store sales that were up 6%. the membership business model, a value proposition when you are going into the store. it is helping them stay insulated from some of the digital pressures like amazon or now. also, sticking with the retail theme, i want to hit under armour here. they are also down near the lows of the session. but this is interesting. it is not a brick and mortar store. -- story. this is an online story. search trends are in a decline and that is pushing the stock lower. and analyst over at eagle alphabets saying the search trends have continued in a downtrend. that is what is sending the shares lower today. finally, we will wrap it up with herman miller, the interior office furniture maker. t

taylor riggs is here with the latest. ylor: starting up with the latest, when sean spicer news broke, we didn't see a lot of news reaction in the markets. it was pointed out the s&p 500 and the nasdaq up near the highs of the session and we are still seeing some declines today. some of the earnings we're looking at, because we are in the midst of earnings season are the auto parts sector. i'm a start with one auto parts sector and looking at, saying they are still seeing high salesories and slowing momentum. that is pushing down stocks almost 8% today. one of the thing they mention on their earnings call was organic revenue growth, growing internally versus going through m&a. that's abnormal 2% versus estimates of 4%. oil is another big story we are looking at, all back russia meeting in st. petersburg to try and figure out how they can solve the problem of this global oil glut. i think the market is not as confident that are going to get anything significant from that. morning,ound $47 this and plunging lower now, hoverin

am taylor riggs shares of estrogenic are plunging.ation cancer therapy. a drug combination fail to do better than chemotherapy in lowering the growth of lung tumors. the world's largest food company warns sales growth will be the weakest in two decades. a 2.5 billion dollar stake has been taken in nestle demanding higher returns to shareholders. airbus has cut production of the slow selling a-380 superjumbo. that is your bloomberg business flash. lacqua and london, i am tom keene in new york. we drive forward to an earnings announcement in 16 minutes. the entire team will be locked down with team coverage of twitter. it is an itty bitty company. why do we care? you care about advertising and the growth of media spend it is going to media. if you look at the internet, it is 15% to 20%. people are trying to figure out aside from the usual google and facebook, can i play at twitter and snapchat? the jury is out on that. tom: i think they're saying there is substance here. who is going to buy this stock and put it out of its misery? >> tw

vonnie: taylor riggs, thank you for that. reserve will release the minutes of is june of autumn fomcting in under -- meeting in under 30 minutes. with tips on what to look for in the minutes is bloomberg fed reporter, gina. suggesting tips for fomc minutes, what might we learn that is new? gina: probably the most important thing people are focused on is what we will learn about the balance sheet timing. it forkets have taken it granted that it is september. if the fed gives any indication about what they're thinking of the final details, it is really going to catch people's attention. vonnie: why wouldn't they and of -- and whose interest would it be? >> that is in at select point. at the same time, what we have seen is the sad has been unveiling more quickly that d have beene saife unveiling more quickly. when we got it the initial plan for the balance sheet, it came in the minutes and it would not be totally unprecedented. vonnie: can you see them setting a date or within the next three months? how would they phrase it? jea

taylor riggs is here with the latest. taylor: not a whole lot going on and it felt like a quiet monday in july. the s&p 500 up for its second day in a row. i would point to the nasdaq up over 4/10 of 1%. that tech heavy sector continuing to make small progress, rebounding from the highs it made a month ago. i want to look at the s&p 500 tech sector that is making one of the largest gains of the index. and then there's a few individual shares i want to talk about. i will start with nvidia because it's up the most over 3.5% on the deal with toyota. nvidia will play a key role in toyota's push to autonomous driving. some analysts saying that nvidia could get a heap load of cash. i will be watching that stock. some other commodity asset classes that we are looking at his gold. the interesting thing here is that gold spot prices are not doing much, but gold stocks are moving. this is on reports that gold and copper stocks do better in a tightening environment. this is the bank of canada's expected rate increase on wednesday. th

i am taylor riggs. this is bloomberg. taylor co. -- tom: we are green on the screen.ng here. the next screen here please. the vix is down. the dow, an amazing number. we do see canada and mexico. guy: two standard deviation moves. and we are back as well in the market. sterling, this may have got a little too far. up.stocks are a solid day yesterday. and global stocks, the all world index are trading at record highs. tom: this is the correct time to speak to mario gabelli. you are in cash but mario gabelli is not. the shop going back to his studies. mario gabelli this morning. bull marketlen your clean? issue driving record highs and equities? mario: i know that mario draghi is doing the same thing. doing the same thing in japan and corrode up. we do have to take money out and raise rates. tom: is your day to day the same thing that you do that you would do with -- or roger murphy? mario: nothing is changed. if you are a cfa, what do you do? is it worthwhile to pursue that? you raise the data and you gather the data and in my point of view, you do learn how businesses

i am taylor riggs. this is bloomberg. thank you. change will be high on the agenda as the leaders gather for the g-20 summit in hamburg. or will it? it could be for the north korea soccer dominating the headlines this week. -- climate protection policies. any such discussions have strong applications. this all comes as the prime minister, turnbull, declares his government open to using clean coal technology. minister, always a pleasure to speak to you. do you think he actually will be climatetalk about change in a day like today when geopolitics is at the forefront of everyone's mind? obviously, the actions of north korea is utterly unacceptable. south korea has condemned them in the strongest terms. and within sanctions, australia has gone beyond that in the sanctions of our own on top of that. so north korean actions will of course, it will be part of the discussion here at the g-20. our prime minister will raise the issue and i'm coveted it will be an opportunity for leaders to seriously consider -- event's and for all of us we a

with your briefing, here is taylor riggs with the first word news. ting in the u.s., president donald trump and the first lady are attending bastille day celebrations in paris. last night they ate dinner at the eiffel tower. during a news conference, trump address the issue with his sons meeting with the russian lawyer. president trump: a fine person. took a meeting with a lawyer from russia. it lasted for a short and period and nothing came of the meeting. i think it is a meeting that most people in politics probably would have taken. taylor: the president will fight the united bbacack to states today. two republican senators rejected the latest health care bill. in the new version, majority leader mitch mcconnell added $70 billion to save insurance exchanges. has made knowledge for the first time on paper it will have to pay money to the european union as it withdraws from the bloc. s prepare for a round of talks, the brexit bill has proved to be one of the biggest issues. $114 billion. the number of italians living below the level of poverty almost

to get you caught up with the first word news, it is taylor riggs.ntially damaging information on hillary clinton. according to a statement on donald trump jr., the meeting a uselace in 2016 after -- after his father had secured the republican nomination. skeptical comments from congressional quarters. the notion of a cybersecurity unit emerged from president donald trump talks with president putin. lindsey graham from south carolina said "it is not the dumbest idea i've ever heard but it is pretty close." and the next few weeks will be to show -- will be crucial as to whether trump can deliver on tax cuts. republicans on basic parameters of a tax bill and deadlines to keep the government running emerges on u.s. debt. and theresa may will call on opposition lawmakers to help steer britain out of the hq. to restate her mission to tackle in justice. she says social and economic reform is needed to make a success of exit. she will call for cooperation to deliver it. global news, 24 hours a day. powered by our more than 2700 journalists and analysts, in

taylor riggs is here with first word news. computers taking the train to and from has station in new york city, today is the start of what is being called the summer of hell. the busiest terminal tells writers to expect fewer trains during rush hour. the 650,000 people who use penn station every workday will use a patchwork system of buses and ferries. several obstacles away lawmakers for historic tax cut, including ongoing health care fights, and basic divisions among republicans on tax reform and avoiding default on u.s. debt. tomakers are opposed britain's leading the eu without a deal. more than one third of businesses want the country to stay in the single market after brexit. a british court will assess new evidence in the case. new evidence relating to potential treatment for his condition. the application can after pope francis and donald trump brought international attention to the case. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is

andks are extending gains taylor riggs is here with the latest. taylor: you're seeing green on the screen. we see followthrough here in the afternoon. the dow jones up over 100 basis points. i'm speaking in yield terms here. 100 points. the nasdaq here over 1%. as these major averages rise, take a look to the terminal because it shows a broad-based support we are seeing under that function. it shows all the sectors are green. i will hit gold here because we are on that. look at where gold stands. the fourth weekly decline, we see that drop for the week. that is the general commodity sector down with gold, silver, and bond. >> we appreciate the market update this afternoon. fellow at foreign policy, i will ask what he's watching. we'll get his thoughts on global security infrastructure. this is bloomberg. ♪ david: this is bloomberg markets, the trump economy. >> the highly anticipated meeting between president trump and russian president vladimir putin, mr. trump says he's looking forward to a good relationship with putin. president trump: we had ve

let's check in with taylor riggs from new york. : a person for vladimir putin says he is unaware of a meeting between donald trump junior at a russian lawyer during the presidential campaign. thep junior said it was lawyers claim she had information on hillary clinton. it they cannot keep track of every russian lawyer and their meetings. the next few weeks may be crucial on whether donald trump and deliver on his promise for tax cuts. several obstacles await health -- lawmakers. there will be deadlines to keep the government running. to tillerson will travel kuwait and saudi arabia to meet with gulf leaders as the u.s. seeks to help and and the standoff against one another. severedabia, egypt diplomatic ties with cutter last month. ofy are accusing them destabilizing the region. appalled by the british chambers of commerce showed more than one third of businesses want the country to stay in the single market and customs unions after brexit. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 12

mbassador peter wittig oil and bonds have been making news today p let's get a check with bloomberg taylor riggstaylor: we are off the lows of the session and still seeing some red on the screen. i would point to the nasdaq and we saw yesterday a little bit of a relief rally in the tech heavy sector. taking the, some gains and turning that lower as well and i also want to look at the 10 year yields. it is up 23 basis points in two weeks, up five basis points today even after the fed yesterday came out with those minutes and talked about how they were divergent. i want to start unwinding the balance sheet. you see the 10 year yield a little bit higher even as the jobs data tomorrow. the higher yields are helping the insured. they sometimes invest in long-term bonds to help match the assets and liabilities. year,higher equities this helping to boost those companies investment earnings. you are seeing some of those insurers gain a little bit today. the other story we are talking about today is oil. you saw a pretty big bounce right here around 11:00 a.m. when inventories came out. than expected. th

taylor riggs has that. with the banks because we continue to be in the midst of earnings season here. big picture here, i would start with health care. what does that mean for fiscal stimulus and deregulation? is it just harder to get things done? the banks saying here perhaps yes. we have individual headlines coming out with bank of america reporting a surprise drop in net income. bankse seeing the big heading lower. another story from the national association of home builders. the confidence level for newly belting a family homes dropping to its lowest level since before the election. the chief economist saying home need to start focusing on controlling that supply side cost come up to kerley lumber. that's particularly lumber. down more than 2%. ,s we continue with that theme you see in white home sale inventory taking a huge drop-down. in yellow, that confidence level i just mentioned, dropping down a bit at the end of the chart. where we wrap it up is in blue. the homebuilding etf on par with where it

here is taylor riggs. >> oil has been the story. when you start with an intraday chart here. see this big spite after oil and then tories were released. there has been a larger than expected drop in inventory. it is pushing the price of oil up. this is good news but it is not necessarily translating some of those large-cap oil companies. are down.conoco ,n the case of chevron estimates are just too optimistic. take a step back and see where this puts us. we noted that yesterday was the first down day in nine and today, those gains are recovering some of those losses. where does this leave us? but steinman into the terminal here. those oiled some of companies that were seeing losses today. that might not necessarily translate to a big trouble for the s&p energy index. there's a lighter effect that those oil companies are having on the s&p energy index. i would love to talk about tesla. but i will rapid and send it to you. mark: all eyes on president trump who received a warm welcome in hamburg ahead of the anticipated g-20 summit. with as going tension in north korea, defense

taylor riggs is here with the latest. taylor: not a whole lot of conviction in either direction. dow jones mostly flat. the s&p 500 up a little bit. nasdaq off the reports of books off the report 6% aztec leads the way. bloomberg big smart view peace out saying the unemployment rate in the price of global commodities is positively correlated and those are falling. and oil as tandem where mentioning. as oil drillers are down prices continue to fall and they are down the first day in nine against any production cuts and want to keep the existing opec deal so they do not confuse the market. the 10 year yield, we are waiting the fed a minute meetings then released at 2:00 p.m.. thed income, looking at yield and it was done a little bit on a news corp. -- north korea launched the missile capable of reaching the u.s. we were up about 10 basis points. david? david:. aps of breaking news. c -- a piece of breaking news. is considering buying a minority stake in commerzbank and has not made a statement on the size of that and we will have more on bloomberg television. i just discussed with

kevin: taylor riggs is here with the latest.or tens of 1%up and we are seeing gains in the s&p 500 although we are off the highs of the session. i would note a loss for the nasdaq as investors are fleeing tech giants. i know this is a politics show so i wanted to add a comment that we heard this morning from surveillance. michael over at market field asset management so that markets are an newer to the d.c. news, which is one of the reasons you're seeing record highs on the dow. other news is from the tobacco companies. though cigarette companies here are lower after congress said they are unlikely to block the fda move to limit nicotine levels. course, if the agency goes through with lowering nicotine levels, you don't necessarily have addicted smokers buying up all the cigarette tax. ks. another big mover is charter and the softbank move. softbank is making a direct move for charter after it rebuffed a merger with sprint, which is also controlled by softbank. there's a great note out by an analyst over at moffett, saying that

i am taylor riggs. this is bloomberg. jonathan: the fomc ticks off to meetings of meetings today.cts the fed to keep interest rates on a gradual path. here with us now is bloomberg intelligence chief u.s. economist carl riccadonna and bob mckeever still with us as well. carl, your base case? >> most of the economic assessment that can remain intact, growth is proceeding moderately, the labor market is strengthening. consumer spending is bouncing back. all of that language should be fairly bulletproof. the big question is on the inflation assessment. we have had further backsliding in headline and core inflation. we are 50 off of where we started the year with headline inflation. they need to talk more about inflation, but still convey the message they are confident inflation will rebound for their target. the other potential uncertainty is this is a fed that this year has deliver things a bit more quickly than analysts anticipated. i'm standing by the view that the balance sheet runoff starts in october but i think there is a non-negligible chance they could announce that at the m

i'm taylor riggs. this is bloomberg. spotlight, but i am focusing on copper, surging to its highest level in two years. the headline, the demand in china will be hoping to trigger a global shortage. i am skeptical. here is ed morse to break it down. recently cutting the oil forecast, and looking at copper in the fourth quarter -- help me, i do not understand what is fueling the rally. ed: it is china-based. the rise was unexpected in the past 24 hours. what goes up can go down, it vice versa, so underlining this is the tightness in the balances. we have gone from growth in inventory in 2016, to what was a very tight balance that could easily turn into a deficit this year. the moreked largely by solid base of growth in china. it was looking like it was a housing market growth, but in addition to that we have had strong investment with production growth and we have had strong consumer spending. consumer spending has seen an increase with car sales, the real estate, like goods, -- light goods, and rebuilding of the transmis