without specifying so much it is seeking from the imf. hey have negotiations ongoing with an imf delegation. shares and metals are jumping on the announcement of a solid set of production. the fourth quarter costs and cash costs are taking action. it slashes operating expenses. the fourth largest iron ore exporter is taking action. jumped after they fell less than projected in the forecast exceeded estimates. a slump in iphone sales in the third quarter but the new sc models aimed at china. about $47.5 billion. yusef: the founder and vice-chairman of aromatics is said to sold his entire state. he has let go of his almost 10% share with the words of the other market price. matthew martin has been following this story. i pulled up the chart for viewers. what is happening here? matthew: this is a story involving two with the most well-known business leaders in the region. he is a well-known entrepreneur who founded this company. the chairman of the bank now embarking on a whole new initiatives. bought thei bar has stake and he's also buying i

brexit has definitely chill the imf forecast. next forecast says the brexit crisis may offer good news as much you performances are met. we have a chief economist joining us now. great to have you in hong kong studio. i am curious why you say brexit to be a good thing. >> first of all, the lesson is clear. in 1992, we saw a dramatic drop in sterling and never sensed in 1992 drop, employment went up, gdp went up and everything was imprisoned. what i am really saying is that is is not that there are negative fallout in consequences from brexit, but the fact that we need to change is so implicitly ignored by the market everything will day. the fact that we spoke about this is a clear indication of this. i remember when they were pokemon cards in the 1990's. we are really just repeating the same story over and over and not getting anywhere. yvonne: we see europe divided and a lot of uncertainty coming out of this u.k. referendum, not to mention you have turkey, early -- italy. is there the political will to push for more change? >> no

to sayd the imf have about japan and the stronger yen?to boost theon japanese economy is neither useful nor necessary. they cut the growth forecast to , but did downplay the need for a weaker yen. they said it was challenging for japan to reach its inflation target and should use the available tools it has to boost the economy. they also pointed out wages and said some attention should be paid to the wage setting process. the imf chief economist says the calls for helicopter money shows the need for fiscal policy. >> it is a colorful med o metaphor, but it skewers the problem, which is conventional bearing policy has been the entire burden of maintaining price expectations and supporting economic activity. without enough help from other government policies, for example structural or fiscal policies. lower forecaste globally comes after brexit and an overlay of risks in the economy. year, 3.4% this 2017. in a severe situation, it could fall to 2.8%, therefore important to remain confident among investors. imap had been the planning to upgr

we have the deputy director at the imf. why the organization only cut its forecast 1/10 of a percentage point given the impact of brexit. >> there is a lot of uncertainty out there, but the financial market reaction so far has been quite contained. given the quite contained financial market reaction, we have a relatively benign outlook ahead with a gradual reduction in uncertainty and less of a hit coming from financial market volatility than we were fearing. uncertainty ist, high and things could turn out worse. >> central banks and authorities have contained the damage for the most part, but it seems like they have not ended the hangover. could they do that given the central bank stimulus could be too hard for economic realities? gian: well, we think central banks have been shouldering a lot of the burden of sustaining global aggregate demand in a period of slow growth. we think that more support is needed from other policy leaders as well, and that policy should act in more covering and simply withstructural reforms fisc

>> the imf still has growth risks of their. ey have cut a growth forecasts of this year in next, highlighting risks around brexit. not dramatic but a drag on the world economy. what do asian policymakers do to offset the blow? wait that's is the most likely scenario for most economies in asia but won't do much because they are pushing on the string. rishaad: so why do it? is a little but at the margin. rishaad: glenn stevens has been talking about the efficacy of monetary rates and policy decisions saying it is not like the old days. the economy, economic structure, how has it changed the we have to be more fiscally orientated now? >> monetary policy is lost its punch. much.ro does not help other countries have a lot of dead so cut interest rates it does not mean credit will accelerate. the option left is fiscal policy. very few countries are determined to do so. you might be one of the first ones expected to unveil a big fiscal stimulus program but we need more of that. policy.more fiscal rishaad: you describe growth as , 6% wi

i feel the imf would want the markets to be a look at more free.hink devaluation is probably on the way. yusef: we've seen quite a bit of euphoria when it comes to the egypt story. that easing as well. has something fundamentally changed in the egypt story for fundamental investors. is the imf decision what this hinges on? >> the devil is in the details. markets usually act in advance of headlines. it is an expectation. thegypt we've seen government fails to deliver it historically. i would rather still wait-and-see. you said: there's plenty to get through. let's cross over to angie. all-outt obama has gone he is ready to be commander-in-chief. it has cleared up behind you. still the speech by president obama. it was resonating with the people in the hall. president who ran on a message of hope and change. to lay the battle lines for the general election saying that donald's rhetoric is heisive and criticizing him also praised hillary clinton. try to give her a boost. he wants to boost those trustworthy numbers which are low here in america. that's

the imf cut its outlook for the global economy. fallsglobal most heavily on the united kingdom. the imf lost a full percentage point from the 2017 projections citing the brexit vote. maurice i spoke with obstfeld. maurice: it creates an overlay of risk in the global economy on top of pre-existing risks. central banks are taking a cautious attitude, entertaining the possibility that interest rates may stay lower for longer. why did you only down greater global growth forecast buy .1% given that you've downgraded you caved so much -- much?'s a much julie so maurice: it will have to completely renegotiate with the eu and the world trade organization. it causes businesses to think about investing in u.k. as opposed to elsewhere, it might affect the financial services industry in london. for the u.k., it is a huge deal. , it is significant. -- broad context of the global economy, based on , it may be have now more of a moderate effect. that explains our baseline case by a we downgrade growth percentage point. vonnie: you said you do not

angie: the imf sees japan's economy growing 0.3%. steen jacobson says the boj stimulus has run out of steam. >> the fact is they can do whatever they want to do, but it is not going to change their growth or their ability because the reforms remains unanswered. this third arrow has never been launched. will never be launched. i have been to japan three times in the last six month. it is a great country. we are probably underestimating where they are in terms of the credit cycle, but boj and their ability to save the japanese colony is nowhere to be seen. angie: fred newman says there are bright spots in asia. thing that is likely better over the coming years are countries that are less trade exposed because global trade is not firing off and they are ones that have low debt because they can accelerate credit growth. the two that stand out are the philippines and indonesia. the market is telling us that. equity markets have rallied. the two countries that have the biggest scope for improvement. angie: that is the word from asia on the

the imf is notorious for being a little rich in their forecast. we have seen now, as i think was mentioned earlier in the last show, four consecutive meetings where they have lowered their forecast, and the forecast that came out today, 3.1% for 2016. that is equal to last year's level, and the forecast was made before the turkish push happened. we have not considered what the impact of that could be for the global economy. we expect the numbers could be lowered further, the number could be 2.7% for the year when it is all said and done. vonnie: what are you anticipating for the u.s. -- most guests say the u.s. will look better, but how much better will it really looked? -- at the end of february i had a book out called "recession-proof vonnie: there you go. mr. schenker: that is right -- we think growth will come to a halt, and we think average growth will be 1.4 with a recession next year. we see slowing. concerned about the linchpin for all those being very critical for the u.s. economy. see that slowing. oil prices, we see moving lower, falling

setser., brad great to have you on the program. imfst of the world, how difficult, not even a month after the vote, is that gauge? brad: extremely difficult and i think the imf handled the intrinsic difficulty of a airing on the side of caution. it didn't work down british growth as much as it might have and the expected fallout on the euro area is on the moderate side. only down by 20 basis points. jonathan: some say it is relatively optimistic for what the u.k. is anticipated for this year. the worst great -- the worst since 2012he u.k. but they are looking for growth .6% and theyound are at the high end. brad: absolutely. and that is because the imf will into the baseline optimistic assumptions about a fairly constructive process of negotiation. and i think the report is quite clear that it is weighted to the downside. alix: so four cuts now? jonathan: four cuts. alix: when we know that we are hearing and imf forecast, we know they are cutting. brad: and that highlights a bigger problem. they consistently overestimated -- we were at

the yencats doubt on ahead of it joining the imf global reserve. party chair to quit over claims of pro-clinton bias. we will be live in philadelphia. fromme to "daybreak asia" hong kong and streaming on mobile and bloomberg.com. happy monday to you. i am in yvonne man. we have that record high it from the s&p 500 on friday, and asian markets are taking the cue and running with it. the risk on rally continues. the nikkei up 2/10 of 1%. importantly, that surplus in june to beat estimates. coming online --kospi coming online. , a bit offlat downward pressure in some commodity players. that is where we could see some weakness. have a look at new zealand. it rallied last week to a record high, up a quarter of 1% on early trade. it is holding on to record highs and is showing that bullish sentiment across asian equities. show you theo currency movers and commodities week are watching. -- we are watching. it is all about dollar strength. the dollar pushing through that 106 handle to the japanese yen, the japanese yen weaker by 2/10 of 1%. that is one sym

if it does come, the imf delegate will be in cairo in a few days. manus? hank you very much. on the very latest deals. anna: the democrats have formally nominated hillary clinton for resident, making her the first major party nominee. in a further call for unity vermont senator, bernie sanders took the stage of the democratic national convention to ask for his former rival to be unanimously backed as the candidate in november' election. ssenator sanders: madam chair, i move that the convention suspend the procedural rules. i move that all votes, all votes cast by delegates, be reflected in the official record. and i move that hillary clinton be selected as the nominee of the democratic party for president of the united states. manus: bernie getting behind hillary. kevin is at the democratic national convention in philadelphia. kevin, we also heard from bill clinton tonight. how did his speech go? kevin: well, former president bill clinton had a tall order, trying to continue to unify the democratic party. he deliberately brought a personal pitch, talking ab

my demo and there is guard from the imf. in the next -- and there is a downed christine lagarde from the imf. we will join her and tom keene next hour. ♪ welcome to bloomberg markets. scarlet: from bloomberg world headquarters in new york, good monday afternoon. matt: in this hour, we are covering stories from san francisco, toronto, and new york. i am of managing director christine lagarde sits down with tom keene at the new york fed and we will show you that conversation live. scarlet: the republican national convention kicks off in cleveland today i got an exclusive interview with tom barrick who will take the stage and support of donald trump this week are you matt: plus, the ceo of pete's coffee joins us, celebrating their 50th anniversary and how it competes with big names like starbucks and dunkin' donuts. scarlet: first, let's go to the markets desk and julie hyman. i have been watching volume, about 20% below the 20 day average for the s&p 500. you can see markets are trading a little higher but you can call it a sid

i think from the imf perspective. ely kerning -- the large emerging market economies, they have a legitimate space around the circle of nations. certainly a needed response to the global challenges we are facing. it cannot be a zero sum game. much broader. olivier -- stunned me the other day by calling helicopter money a scam. are we exhausted by our creative policy? you have been the adult in the room on same many of the strategies won't work. moneyou hear helicopter how do you react? what do you do? christine: he is a fantastic counselor so i will turn to him. notion, whicham is provocative as it can be in some occasions, is to say this is fiscal stimulus to the extreme. at this point in time i think you would agree with us. some countries have some fiscal space. they would recalibrate and redesign their fiscal policies. soon people can actually find meaning, get a job and have a decent income. scarlet: fellas an interview with christine lagarde. tomorrow we will speak with chief economist -- on the world economic re

having said that you will note the imf while downgrading the thed outlook upgraded forecast from 3.1%3.4% on the back of expectations for higher oil prices. i think that with a solid earnings to help for 30% of the regional gives hope the markets can continue to perform. one interesting point, the dubai -- you are up 36%. still to come on the program. iran looks for out right health to become a major player. find out which companies are knocking at death's door. ♪ hoy s'oi gho, esak hoy s'oihoesakesak th la p hceot hkes. cthstcainusins rnetan fiwi, rod llinkelicaots? ju dd aus czemimess e ytowir ro pasplgepa an u'yo rll ychoustcusererwheithesa on t diresicemimess e ytowir ro pasplgepa orupr odtrg in pfiwi, hatps gyow us bs.esitel howgrr. u y'n'e se eat dry. asmcbusi.ss odtrg in pfiwi, hatt ilbur ssnes.esitel howgrr. u y'n'e se eat dry. yousef: the top stories on bloomberg markets middle east. turkey cracking down on organizations linked to the mastermind of last week's failed coup. the government said is seizeding the guard and assets, shut down everything from schools, hospitals to c

the reason, the imf says is mainly due to the fact of the brexit. imf warns that growing uncertainty across the single currency bloc will harm confidence, increase market volatility, and spill over into other economies. meanwhile there is the ongoing refugee crisis, only adding to the uncertainty. obama hasarack loosened ties with cuba, there has been an 84% visitors spike. this number could rise even further. the u.s. has tentatively approved 8 airlines to fly to havana as early as autumn. american airlines has been given the largest share of the limited routes. once an arduous journey, now traveling between cuba and the u.s. could become simpler. on thursday the u.s. transportation department gaqve approval to 8 airlines to fight directly to the communist island, which could take off as early as autumn. >> it's positive. we should have more flights. reporter: while the u.s. -- they were limited to charter services. >> people who live far away in the u.s. need to do part several days before, like my son per you lives in texas and had to depart seve

the imf will be updating its economic outlook next week. nt backing is the ubs is finally the right size after many recent job cuts. so says at least, the division president. he spoke exclusively to bloomberg. >> at this point in time, i think we are exactly where we should be to face the environment we have, to fa ce the regulation that we have, to face the forces that we have. at this point in time, our challenge is to execute correctly what we have in front of us. and i think the firm is very much focused on doing so. david: the eurogroup is resisting calls for money to prop up trouble banks by almost 360 billion euros of nonperforming loans. thathairman insists such problems need to be solved by the banks themselves. >> the rules are set. theit is ain the hands of supervisors and the authorities to work with those rules and the opportunities they have to find precise solutions. any solution for an italian bank needs to be very specific within the framework. david: global news 24 hours a day, powered by 2600 journalists in more than 120 c

it says the imf should have been more realistic in its assessments and that would have allowed countries to prepare better and possibly to have received more financial aid. back from the brink. british luxury carmaker bristol unveiled its first cars and the company was rescued from insolvency in 2011. there will only be 70 models of the new bristol bullet, one commemorating each year the company has been making cars. it has a sticker price just under 300,000 euros. here is the company director speaking. >> it is a very emotional car for all of us. carbon fiber body, looks to die for. is is -- it is a special commendation. we will move forward with electric and hybrid technologies in bristol, but it is a celebration of the last 100 years of bristol. this car is a very special card for all of us. william: all caps on eatery in london claims to be the world's pop-up-d printing -- a eatery in london claims to be the world's first 3-d printing restaurant. 3-d printer -- the chairs, the cutlery, the plates, and yes, even the food. you have to be one of the lucky few. only 10 guests per night d

the imf still believe there is a chance for economic downturn. fter the brexit, the imf had slashed its outlook for global growth to 3.1 this year and 3.4 for next year. may not sound like much but it is tantamount to hundreds of billions of dollars. it says the uk's will be the worst affected of all advanced economies revising down this year's forecast to 1.5% and shaving almost a full percent off next year's forecast down to 1.3%. despite the low number is, the british government is keeping at school. lundy -- keeping its london says it will not rush into formal exit negotiations. philip hammond faced parliament for the first and since he became british finance minister. he revealed there will be no major fiscal policy decisions until the end of the year statement. it is clear that the referendum decision represents a shock to the u.k. economy, thanks to the actions taken over the last six years by my predecessor, it is well-placed to respond. i will work closely with the bank of england to provide immediate stability and to maintain confidence

it is the future. manus: imf christine lagarde, sitting down in an exclusive interview with tom keene. we will have more on the exclusive one-on-one throughout the day on bloomberg. anna: bond trading revenue increased more than analysts had expected. manus: goldman sachs is next to report. we now have a preview. when we look at this, it has been quite a tough reporting season. what are we expecting from goldman sachs today? theire it is about customer complexion, versus everything else? >> with those three banks use the an increase over fixed income trading. they gained from the volatility around rbexit. -- around brexit. so, a lot of people will be looking to see if goldman sachs will be able to gain in the same way. anna: what has the common theme been for the reporting season? theme is thatmon this was a big ruling on the front -- a bit grueling on the front foot. everybody is watching to see if these guys can come back with some sort of a rebound. manus: let's bring in david stubbs from j.p. morgan asset man

two months ago, the yuan will be included in the basket of currencies for the imf. yst casting doubt on its ability to achieve haven status. we are following this from shanghai. another setback for the yuan after years of questions over its credibility, right? as you say, the timing is unfortunate. we are two months away before the yuan is officially added in that basket of currencies. away from thats august the one year anniversary, so the market feeling jitters there. umult.e had some tom has made progress getting close to pseudo-safe haven currency status. the pound, the yen, the dollar tend to rise in uncertainty measured against market volatility. over the past year, swings became larger and the yuan has underperformed and let go of some ground it made in the last five years. the portion of yuan global payments also receded to a 2014 so globale, 1.74%, usage component is not looking good. ,he take away from this study this certainly suggest the yuan is nowhere close to being a safe haven currency, and more importantly, it's progress towards becoming a safe haven

you know the imf came out the revised outlook and that was down.at the picture for 16 and 17, it looks like once again it will be a downgrade. that is very unfortunate and we would like to be able to come with better news at these times for the does not seem to be enough on the horizon. mark: dizzy among the winners, posting profit that beat estimates. the carmaker has been cutting costs to become more competitive here they also benefit from an increase in sales in china. a slump in brazil and russia. bp is the first major oil company to report second-quarter results that were disappointing. profit fell 45% missing estimates come -- estimates. some prospect for relief was provided. sweetened its offer for sab miller, the new price is $103 billion. that means investors would get dollars -- $1.30 per share. vote. wake of the brexit porsche would add 1400 jobs to take context the -- take on tesla in the battle of jobs. the automaker will spend more than $1 billion to develop its first battery-powered sports car in 2019. time now for the quick take, we

the imf lowers its growth forecast. chief economist will join us to tell us what impact brexit has on the outlook. this is lumbered. -- this is bloomberg. ♪ [hip hop beat] ♪olympics 2016, let me get you on my level. ♪ so you never miss a moment, ♪ ♪miss a minute, miss a medal. ♪ ♪ why settle when you can have it all? ♪ ♪soccer to wrestling. track and field to basketball. ♪ fencing to cycling. diving to balance beam. ♪ ♪all you have to sa♪ ♪ is, "show me," and boom it's on the screen♪ ♪ from the bottom of the mat, ♪ ♪ to the couch where you at? ♪ ♪ show me the latest medal count♪ ♪xfinity's where it's at. ♪ welcome to it all. comcast nbcuniversal is proud to bring you coverage of the rio olympic games. vonnie: live from new york and london, i am vonnie quinn. >> you are watching bloomberg markets. let's check in with bloomberg first word news this morning. >> thank you, the islamic state is claiming responsibility for an attack in germany. passengers described as a 17-year-old from 10. come at least twice its people were

election because the imf warned on the consequence of a brexit but they voted to leave anyway. we are seeing a similar rhetoric coming from donald trump, re-declaring independence on trade, immigration. how does the u.s. election impact the u.s. economy? nigel: we do not see a large effect but what we have tried to do is look ahead to the new administration and the forces that will face the u.s. economy in the coming years. we think it is important. these are an increasingly -- and a declining labor force participation. we think these are the forces that will need to be tackled. scarlet: that is a pretty long to do list. i know we talked about brexit already but how do you fold in political disruption and uncertainty, whether it is the upcoming u.s. election or external events like rex it or something in -- like grexit or something in asia -- brexit or something in asia? nigel: it is difficult to quantify. we do not have a straight quantification but we do feel there are downside risks to the u.s. economy although we have a relatively up eight forecast. shery: and all of these

the imf called it the worst threat to the world's banking sector. stocks surging after being down in profits. withstanding the ability for economic shocks. to help boost european shares in general this friday. ecb has approved a lifeline for one of the lenders. the financial institutions are overloaded with bad loans. it is a debt pile of 47 billion euros. they have received approval. fun for doubtful assets. the u.s. economy is growing more slowly than expected. the second-quarter growth rate will equivalent to 1.2% annually. there wasn't any growth, consumer spending shot up by a full 4% in the second quarter. the company is much more cautious. they slammed the brakes on investment. they see the u.s. economy performing below expectations. no wonder the federal reserve didn't go for an interest rate hike. >> at this point, it might be a little silver lining. it might be some expectation that we might see a pickup in the u.s. growth in the first or third quarter. the switch a huge disappointment. the stronger darl or -- dollar probably hurt corporat

because this is breton woods that it is important and perhaps it sounds defensive but we are at the imf not the world bank this morning, it is important to remember one of the core mandates at bretton woods and what emerged from the right and what's conference. overs been consistent seven decades now. so it is an entirely fitting that to we are here talking about the agenda among other start today, but let me by trying to create a little bit of a laundry list. there are three areas. from a policy perspective, we have had a landmark seven commitments. specifically last year with development goals and the major commitments reflected there. in the same year, you had major climate andaround very much in understanding that these issues are linked and have to be approached jointly. at the same time, you had a commitment i have already alluded to with the multi investment bank. while it is regional in nature, it has a global membership and meaningful. members from latin america, europe, africa, notably not a in the united states. we see new risks and challenges development landscape. very visi

didn't stop the international monetary fund f the imf sees an increase of more than 3%. that's lower than previo e main reason for the cut -- britain's vote to leave the european union. >> the brexit effects will play of many months as the e.u. and europe negotiate a new agreement. so, you know, i think one is always surprised by what stock 'rt central banks maintain int slightly upgrade its efor outlook. >>> antitrust officials are reportedly close to filing lawsuits to block the planned mergers of anthem and cigna and aetna and human that. as first reported by bloomberg, the justice department is concerned that the deals would harm consumers and stifle competition. if both deals were to go through, the top five health insurers would be reduced the proposed aetna and humana is examining the d future of driving. the autonomous vehicle summit is bringing together leaders from the automotive industry to bill lebeau is in san fran >> reporter: with 14 companies including several automakers there'sng and t no doubt that the day of the self-driving car is approaching. in fact,

or world bank or the imf or the wto, they are now huge bureaucracies themselves.hey are not going to erode themselves. at a time when we are sitting here saying there is no way out of entitlement, how do you reverse the budget for anything? it is not the president. i mean, the president is a conciliator. he is an executive. charlie: when he has all these names in calling hillary clinton "crooked," "lying ted cruz," and all the things that he said -- even what he said about john mccain, does that have a purpose? tom: look, he's a friend, so i can disagree with him. i don't personally like any of it, and the reason i don't like any of it is because he's better than that. he doesn't need to go there. charlie: so, why does he? tom: because he caught onto something, this fissure in the american people that is against the grain that worked. if he would have been presidential -- and he could have, by the way -- the way we would have liked him to do it -- he would still be on "the apprentice." charlie: he can only be where he is if he did what he did? tom: i think so. and

the imf estimates that a financial transaction tax of 0.1% which is a 1/5 of the parties proposal in the campaign would reduce market values by 7.6%. if you translate that to a reduction of wealth, it means a family that would amass $250,000 of assets for their future would see the value of those assets decline by $20,000. that is why how broadly we make this tax needs to be worked out. i urge you to stand behind what the brilliant drafters did and defeat the amendment. >> anyone else wishing to be heard, we will do this on white cards. everyone who is in favor of the amendment to raise your card. everyone who is against the amendment, race your card. have won.nst we will take a very short break. hang on. there is a reason. to cochair and i have asked have a meeting with both campaign staffs. it should not take long. a break to meet with those campaign staffs, i would like to do a quick survey. how many people in the room would like to complete the double -- their deliberations tonight or the early morning hours? we will go have a meeting and we will be back very shortly. don't wonde

the imf is cutting its growth out again on the brexit vote on the world economy.e'll speak to the chief economist soon on cnbc. >> plus, the rnc kicking off with controversy over charges of plagiarism. we've got the latest and what to expect on day two. >> also ahead on the show, netflix plunging as subscriber growth slows drastically, what it means for investors now ahead on the show. >>> coming up, the vice president of the european commission, his thoughts on brexit and if turkey could become a member of the eu. plus, the former u.s. ambassador to turkey, robert pearson will join us with his view on the coup. and we have a slew of speakers, including donald trump's wife melania and what is ahead for day two. we're joined by john from cleveland. >> reporter: good morning, carl t. started out well enough, the melania trump speech. the showman donald trump, walked in, with a haze of smoke, and introduced her. the problem came from passages in the speech that were lifted from michelle obama's 2008 convention speech. take a listen -- okay. i'm told we do not have th

on tuesday, the imf releases its latest nap shot. roeconomic forecast saw global growth of 3.2%, rising to 3.5% in 2017. christine lagarde says there is little hope the forecast will be revised up, and a new development bank is due to hold its first general meeting in shanghai on wednesday. st was established by the bric countries and will contribute to infrastructure development, making clean energy a focus. gambling revenue hit a new low in macau for the second quarter. the mass-market segment remain steady. adding tos non-gaming attractions. placeing of g-20 takes next weekend, the third such gathering this year while china holds presidency. the meeting comes with a spotlight on central-bank actions in the face of global volatility. a busy week for corporate results in the u.s.. we are expecting economic data as well. su keenan has more from new york. >> the week ahead on wall street will be all about where do stocks go from here. investors weighing the potential for further gains with stocks trading near records, also corporate ea

also the imf just released a report on the u.s. economy. let's get a recap of all of it with steve liesman steve. >>> growth is going to be somewhat above trend over the next couple years but it's stressing downside risks and worrisome challenges ahead. you can see here the potential about 1.9%, we'll remain above that in '16, '17, and '18. the fund worries short-term about the fallout from brexit, and brexit volatility. younger term, the u.s. economy could suffer from aging population, aging infrastructure, and the aging middle class. if left unchecked, these forces will continue to drag down potential and actual growth. diminished gains and living standards and worsen poverty. urging the u.s. leaders to take on these challenges and addressing high public debt levels and aging infrastructure, also they supported the go-slow approach for monetary policy. several fed officials spoke in the recent days as sara indicated, including st. louis president jim bullard. he says, do you know what, i'm sticking to the 0.63% fed rounds rate idea, good

the imf says the inflation rate there could top 1,600% next year.m. ain't it? back in a minute what's happening here? this is my new alert system for whenever anything happens in the market. but thinkorswim already lets you create custom alerts for all the things that are important to you. i guess we don't need the kid anymore. custom alerts on thinkorswim. only at td ameritrade. [so i use quickbooks and run mye entire business from the cloud. i keep an eye on sales and expenses from anywhere. even down here in the dark i can still see we're having a great month. and celebrate accordingly. i run on quickbooks.that's how i own it. . >> i'm nicole petallides with your fox business brief. record setting week on wall street. we've seen some up arrows, recovering near those highs. notable to know that the nasdaq level 2016 all up arrows, the s&p up four, the nasdaq gaining 30. we talked about the s&p 500 up five days in a row last week. setting new highs the five days and today while higher, here's something touching new high. an up great over at bayer o

. >>> the imf outlook as dampened investor sentiment, set another record high, the key index has gone up for eight days in a row now, that marks the longest winning streak in three years. let's see what's happening here in tokyo this wednesday morning. we're going to go to rumi who's at the tokyo stock exchange. tell us what you're seeing. >> reporter: it does seem like the markets are edging higher and some of the volatility has eased somewhat, in fact analysts pointing to a very key volatility index, known as the vic, which is now at its lowest level in a year. so let's have a look at how the nikkei and the topix are going along, we're seeing a touch of profit taking, former dollar, however, still may underpin some support for japanese export related shares and reports from some of the major banks has also eased some of the uncertainty in the financial reports. here however, soft banks buyout of chip design holdings has really focused the market players. it has given it a bit of a negative result so far, pushing shares down over 10% yesterday. interestingly that deal had the biggest

he doesn't like the imf. maybe the advocates of some of those organizations have an done a good enough job of portraying that. tohaad: when you point globalization, china becomes -- not quite as much as we have seen. currency manipulation. outsiders, contributing to this. re we really getting the bang for the buck. rishaad: he called it a job killing deal. there are aspects of it. most analysis would say it favors the u.s. more than south korea. that is what we did not see much of. toking with others to try achieve something that is a benefit to the u.s. also in cooperation with allies. rishaad: the fact checkers will be busy. remarkably light on specific policies. about the justice for the supreme court, we don't get that much. a hundred day theme. mark: it was light on those aspects. i'm going to fix this. health care is going to be fixed. students pay so much for education. and then to have these big debts. it is a nice thing to say. no indication of how you might move forward. rishaad: you could almost tic

the country's central bank confirmed by phone that zimbabwe has not paid a dime of what they oh the imfthe world bank, or the african development bank. mediating asec is feud between service providers and broadcasters which has been outages ongram and paid tv. the fcc says they will not rewrite rules to accommodate either party. hireders are looking for charges to offset rising revenue costs and sluggish -- rising programming costs and sluggish ad revenue. shares in the investment company line are soaring in their debut today. we sat down with the company founder and ceo. what did this company say about how it intends to grow? >> you would think the u.s. would be one of their target markets, and it may be. one of the cofounders today said they think it is their dream to be in the united states. but when you look at growth markets, it's still back in asia, but it is outside japan. taiwan, thailand, indonesia, that's where they are seeing growth rates of 80%-90%, and so that is where they will put most of their energy and their billion dollars. it was certainly a cheerful day for them. >>

brexit may not prove to be the big calamity like some such as the imf that it would be full's -- would was a big negative shock. the ecb may have to start thinking about when it will end quantitative easing. the paper tantrum took place against simply stopping purchases, not the monetary policy so i think in some sense bond that yields are too low and should move higher and that is how we are position. manus: you a masonic a man who was convinced that of that was the scenario and physical liftoff, the ineptitude of monetary policy, where'd we go than with the fed? is that sounds as if it could be a fed more in place than the bond market anticipating. we are not anticipating major hikes in the u.s. until 2017 or 2018. >> that last point is the relative one. it seems to be against economic data, notwithstanding certain around the exit that the market is underestimating when normalization will return in the united states. i think it is entirely possible the fed will lift rates by the end of this year which is the far cry from the forward curve. the repricing of the possibility whether it

in an exclusive interview with bloomberg the imf chief christine lagarde says quick action by turkishnk in the financial authorities have taken very immediate and very concerted measures to avoid an economic and financial disruption. we could have had that. all of us were on alert monitoring the situation. making sure that they took the right measures. i think the turkish authorities have all reacted very strongly and in a concerted way to make sure there would be liquidity available and the banks could it is down by about 3%. the currency of turkey. there was an orderly functioning of the markets. angie: he is the managing director and research at arkham capital. given the regional instability it is very common but it is being absorbed back into the markets. how did that play out regionally for banks? think when we look at the middle eastern banks we can see the qatar national bank was just buying one of the largest banks. it has a significant exposure to turkey. these were the banks to watch. yousef: what is going to give us more clarity about the health of companies in this sector?

nato or with gat or with the world bank or the imf or the wto, they're now huge bureaucracies themselves. they're not going to erode themselves. so i think at a time where we're all sitting here saying there is no way out of entitlement, how do you reverse a budget for anything? and it's not the president. the president is a con sil yaiter. he is an executive. >> rose: so when he has all these names in calling hillary clinton crooked, calling ted cruz lying ted cruz, and all the things that he said, and even what he said about swron mccain, does that have a purpose. >> look, he's a friend so i can disagree with him. i don't personally like any of it. and the reason i don't like any of it is he's better than that. he doesn't need to go there. >> rose: so why does he go there? >> because he caught on to something, this fishure in the american people that is against the grain that worked. so if he would have been presidential the way you and i would, and he can do it, by the way, the way you and i would have liked him to do it at the beginning, he would still be on the apprentice. he would

with throwing money at consumers fix the country's economy? imfonly organization down on the global economy. cutting the global forecast, saying that despite improvements too many economies remain fragile. they are not making enough progress to stand on their own. catherine mann tells bloomberg there is little reason to be optimistic that the next year. .> we are doing revisions the imf came out with their revised outlook. that was down. when you look at the picture for 16 and 17, it looks like it will be a downgrade. very unfortunate. we would like to come with better news, but there does not seem to be enough on the horizon. mark: a busy earnings calendar. among the winners is the first half profits that beat estimates with the biggest tire maker cutting costs to become more competitive. michelin benefits in an increase in car sales in china that offset a slump in brazil and russia. major oilfirst company to report second-quarter results that were disappointing. -- fell 45%.45% the brent 25% increase during the quarter provided some prospect for

so you know, i think certainly the imf figures there is really nothing hugely catastrophic. significant one of the major economies. manus: let a circle back. there are headwinds in emerging markets. when you sat down on the set does before 6:00 a.m., we checked where the dollar-lira was. this is the interesting point. just a little bit away from the record low. this is the chart that yousef was using your we went to rip the currency. currency,xt for the one of the worst performing over the last five days, that and the argentinian peso. is it purely political? derek: yes, an awful lot of what is negative about the moment, and even before the attempted coup, was the political risk. that really came to the fore after the resignation back in the beginning of may of the front minister. and that change the investor focus, much more significant on policy. focus, much more significant on policy. the consensus of the market was that, i think, obviously given what happened during the obviously given what happened during the weekend, we will have to change that considerably. i go back

vonnie: the imf saying the ecb needs to make adjustments, needs to expand this bond purchase. limitations, if you like, in order to buy more. get usis continue to anywhere in the end? >> well, it is not clear. we are seeing the downside of the fiscal austerity everywhere, bank iseuropean central in a tough spot. they're doing what they can. they have been doing, as mario draghi said, everything possible for quite a long time. and i suspect they will do that will stop -- it will do that, but brexit is not going to help because it increases a lot of uncertainty for a long time. mark: one of the extraordinary happenings within the fed in recent months is james bullard. he certainly shifted his stance. he said the u.s. economy is stuck in a rut, essentially, medium-term level of potential growth. does this reflect an ongoing shift within the fed, within the fed's members? 'sat you make of bullard conversion? >> i don't know exactly what to make of his changing views, but they are not untypical. a lot of us are worried about the future of growth rate of the u.s. economy. what gets

you have the marshal plan, you have the wto, you have the imf. >> rose: right. >> nobody knows what anythese entities do, and why are we paying for them. it is all foreign policy, it is all foreign policy related and our foreign policy doesn't work. so i think what he is doing, in a smart way, is saying, look, i am throwing a little bit of fire and i know into the frying pan, and people are going to be concerned. but them being concerned is a good thing. >> rose: so you are actually saying that while you think he understands the issues he also understands the value of inflammatory rhetoric? >> yes. absolutely. >> rose: so when he has all of these names and calling hillary clinton crooked, calling ted cruz lying ted cruz, and all of the things that he said, and even when, what he said about john mccain, does that have a purpose? >> look, he is a friend so i can disagree with him. i don't personally like any of it, and the reason i don't like any of it is he is better than that. he doesn't need to go there. >> rose: joining me now is roger stone, he is a republican strategist and a long t

right now with james bevan and christian keller, global gdp on the imf and that yellow line is the classicowth in the basic rule of thumb is if it is below 3% growth, not so good. i was surprised francine about rarely in the last 15 years have growth.above 3% francine: this goes back to what we have seen here in europe. the concerns about brexit and the impact it will have on gdp. it goes back to the inflationary pressures. if you sum up the week, there is clear risk aversion on the week. as we still try to measure the fallout from brexit. there is a clear path into havens such as yen and the swissie. james and christian are here. james, he will probably be upgraded to anchor. -- why is yen a fundamental asset? christian: i will try to make a very short. one looks at the gdp dynamics, over 200% debt to gdp. it is a country that over a decade has run conservative did they have a massive desk conservative. -- conservative. what to do japanese do when things go wrong? they bring money back. if there's an earthquake, they bring money back. a very unique situation. it is not necessary that fore