tom k: we are going -- romaine: we are going to hear a lot of this.is that the growth story a lot of people thought was started in two peter out, there's a big reassessment of that. a lot of people saying that 3300, 3400, that might be too low. matt: i will remind you that our old friend byron wien, before the year even started, said 4500. it always shocks me how right he is with so many of those points he forecast. tom k: we have much more to talk about here on economics, finance, investment, also italy-spain. i believe there's a soccer game with denmark tomorrow as well. the red sox are on the west coast. they beat the los angeles angels as well. that was equivalent to euro. stay with us on radio, on television. good morning. ♪ ritika: with the first word news, ritika gupta. the price of wti oil hasn't been this high since 2014. crude surged after a fight between saudi arabia and the united arab emirates blocked a supply increase. it has also plunged coalition into a crisis and left the oil market without supplies for the next month that had been co

tom k: how far are we from shao on lay -- from opening up? hat's what we are doing within our stocks and our capitalism in china? tom o: that's a really great way of phrasing it. one way of thinking about china is that it would -- it was closed, and then mao, richard nixon, and that historic meeting, opened it up. that is what leads the groundwork for china's extraordinary growth story. it was the opening between china and the world and china's and orma size -- china's enormous size, which created the conditions for four decades of rapid growth. here we are, firms about chinese stories -- stories about chinese firms going private, perhaps we are swinging the other way. the connections to the rest of the world are two various metoo important, but certainly the risk -- are too various, too important, but certainly the risk is that we swing the other way. matt: the reason you do that is that they point out a lehman style collapse could put china into a gross trajectory that looks a lot more like japan then a covid recovering u.s. is it possible t

tom k: they are buying back shares with apple cash flow. ou get revenue growth, do you assume the privatization of apple with that massive share buyback? tom f: i think you can assume they will continue to use a large portion of their free cash flow to buy back their stock. i think the big benefit apple got when they lowered the corporate tax rate is it freed up even more cash flow to buy back shares. so yes, they are generating by apple standards very robust topline growth. when you think of their high margins, lots of free cash flow, lots of opportunity to buy back their stocks and retire the shares, as you pointed out. jonathan: the company has pointed out that supply chain problems might persist. the question is always looking ahead one year, two year, three years, how to value this company come on what multiple. if we continue to see the shift towards services, and we get the continuing revenue boost we have seen, what is the appropriate multiple for a company like this one and a company is developing into? tom f: excellent question. fo

your estimate this morning, 720 k. tom: they are grounding -- grinding flatter yield and equities grinding as well. jonathan: the curve of 120. tom: first thing i looked at this morning. this is the major dollar index, caught up in the last few days. jonathan: here is the from the labor market. labor challenges across the entire value chain continued to be the major obstacle to increasing drugs. lisa: and how much does it have to do with the pandemic that ravages certain areas still and how much does it have to do with childcare, probably all of the above. the employment numbers will remain lower than for. jonathan: six days of gains. 43.13 on the s&p. 0.06% on the bond market. the 10 year down to 144.24. dollar strength. lisa: hike in rates ended reason it is as low as it is, we get insight into the deliberations of the federal reserve. the payrolls number comes out, june jobs reports. one of three data points. they will decide whether or not to at least taper. what i am looking for is momentum. how much momentum are you

another and better idea of how critical that maybe according to a development coming out of the c d c k tvs tomlive in marin county with this development that came out of the health agency tom pretty soon these test sites that you see behind me for covid are going to be much, much busier as flu and cold season comes in. people get scared they are going to want to know, but you've got to understand. and this this virus is like a many headed monster cutting off. even multiple heads may not kill it, especially when many of the victims are actually helping it. the headline is frightening without getting sick vaccinated. people can spread the covid delta virus to others. if you're vaccinated, it still remains a fabulous shield from preventing you from getting hospitalized in dying. but the vaccinated often with no symptoms can still spread it to others. delta is a strain, the cdc says, is the fastest spreading coronavirus, including colds and the flu, as well as smallpox and ebola, even as fast as chickenpox, and that's what that's what demands a change in our behavior. now delta reportedly also flo

k. sport. michelle. thank you tom. how surprising is this given that the olympic track and field events starting just a few days time? well, i think people will be surprised that an international federation's independent integrity unit has actually taken such really unprecedented and aggressive action in insisting the national federation play their part in preparing athletes for cr games and to be drug tested effectively. ok, how good or bad of a job in your opinion is the athletics integrity unit doing well. i think it's doing a very good job. i mean there is always doubt that an international federation is looking after its own people. but in this instance, it's quite clear that the, the criteria for qualifying for the olympic games was set out to include a level of drug testing. and that was an expectation that has not been forthcoming in certain countries. and therefore, 18 athletes of being rude and eligible to have been replaced. so that brings us up to the 20. so as i say, it's pretty unprecedented. and in a cli

come off to the shopping assassination of a precedent in his presidential tom tom with the leading scientific journal in the u. k. cold, russia as a new job quote, safe and effective. stressing the lack of severe side effects, such as legend, blood clots linked to other vaccine or through the program we hear from a german red cross member who's raising the alarm over a growing number of those, skipping their appointments for a 2nd. corona virus injection that has a coven hesitancy trend to continue to spread worldwide.

k. government, which could see john the legacy prison tom. this place is closed state secret, the dual credit devastation in china met what is said to be the was flooding in 1000. yes, it pulls that, wiped out transport into struck. john breeds a 4th. well pub, rob, noise, the humble.

k. government, which could see john this legacy prison tom. this place is closed state secret, the dual credit devastation in china met what is said to be the was flooding in 1000. yes, it pulls that, wiped out transport into struck. john breeds on a sports well. cover up noise. the whole team as for wearing shorts rather than 15, you bought them during a recent not we all kind of gas that the rules effects should up. he's got to to what they want well done to the grave. we meant for other schools. she said some times maybe this is a sexual, they should women ah live for most good. this is our hello and welcome to look at the biggest noise of the days before starting with this one looked up for reporting the truth and that's the fate. but could be awaiting john. this is a proposed law in the u. k. gets passed through report has on us forces would be treated like spies and publishing government secrets could result in imprisonment up to 14 years. or the news has met with huge aprile parties more cost if explains a journalists can do as much har

. >> i think it is fair to say tom lee deserves the benefit of the doubt because sf sif someone's k record is pretty good, we're willing to listen to you even if your own conviction is just 60%. are you giving tom lee the benefit of the doubt, do you think this call will be correct? >> i think it may be challenged. tom, i think you would agree that we've entered this period of chop and if we talk about the epicenter stocks in general, i do think that you need to be slepgt d selective. and the comment about opec, i have a lot of concerns about the energy complex over the next several months, you know, into the third and fourth quarter just given the fact that clearly there is ineffective collusion going on at the opec level and then if you couple that with some of the delta variant concerns, and even the overhang or the specter of potentially that this economic growth boom that we're anticipating could take a little bit longer to manifest, how do you marry that with this -- are there certain areas of the epicenter that you feel you are more comfortable with, but i know you like energy, so i

so you take up more space on the road, your that's important to tom and then 3 plots and booked on installs for k, as the movies to his latest creation is a vehicle that has 0 mobility, a statement on the state of the world during the pandemic, plan as long south is certainly getting out and about and after his gold porsha cause the commotion on the cold, british tv. so top tier just even looking at a small scale market launch any into getting into this. i've even had people from the art scene mistakenly thinking, i'm some car free goals or not. you wonder who you are now? well, i guess i'm no longer an artist. and now more of a car designer auto. on the bought the constructor, you the weather artist or automotive architecture. hi miss long good. i will keep on commenting on mobility from his own maverick perspective. while teaming up would like minds to create unconventional visions of the vehicles of the future the perhaps society will change and people will be able to rediscover their love for life. and the aspect of a more positive future is if it's a few, then i'm sure they'll also rediscove

tom: don't you agree with me that the german 10 year and k-swiss 20 year are acting differently thanhe u.s. 10 year? they have a life of their own. jonathan: i will bring up the italian 10 year in the next hour. just wait for that. that is the tees for 6 minutes time. it is the development with what has happened for the 10 year yield and why that might be the ultimate target for the ecb and not that 2% number that has been thrown around. kailey: -- tom: we have a busy session. kailey, this is important off of united airlines. southwest hopeful to be profitable in q3 and q4. there is a lot of hopeful out there. kailey: they are deciding less confident than united that said they would be profitable in the second half of this year. united talking about a full recovery in domestic travel. i wonder if southwest is seeing that because they are just hopeful. they are not sure that profits will be hopeful. tom: manus is always hopeful to get to a three hour lunch in frankfort. we welcome him today as he looks at the ecb. what will christine lagarde try to not say today? manus: she will try a

secret in ongoing investigations or us correspondent k them up and picks up the story. microsoft vice president for customer security and trust tom bert has testified before congress about the use of the gag orders and secrecy orders by the u. s, department of justice. this are, these are orders essentially where the tech companies are asked to hand over the data, the private information of journalists, politicians, as well as ordinary citizens. now, according to tom berg, microsoft receives on average, around $2400.00 to $3500.00 such orders every year that comes out to roughly $7.00 to $10.00 such orders per day. here's some of what he said. most shocking is just how routine secrecy orders have become when law enforcement targets and americans e mail text messages or other sensitive data stored in the cloud. now, according to what was testified, the trump era department of justice was acquiring the information of journalists because it was investigating potential links of classified information that were going on. now this presents a problem because it prevents journalists from being able to promise the security and the privacy

tom 100%. as things deteriorate he has a legitimate reason to fear fom k. before we get into the debate should we stay or going, how we are leaving looks very haphazard and rushed we don't seem to have a plan in place yet how we'll deal with the translators. that's what it looks like from here is that what it looks like to you? >> reporter: very much so. the translator tom, just as an example, it took us 45 minutes to connect with his former company commander. and he has been waiting for his visa for four years. so it's been very organized to et go the troops out of here, to make sure they are evacuated safely but in terms of a plan and dealing with all the people who worked with us, that seems very, as you said, haphazard, and could be done better. >> all right let's talk about the larger debate here, which is, and we may not know the answer to this debate for 20 years let alone 20 days or months and that is, are we going to see history repeat itself as the taliban takes over afghanistan will it be a safe haven for reconstituted al qaeda or islamic state?

here is tom llamas >> reporter: when the olympics kick off, these seats will be empty. no claps, no cheers, no fans at all. organizers pulling back kn pls announced just two weeks ago to allow some local spectators. the ban on fans coming just hours after japan's prime minister announced a new state of emergency in tokyo which begins monday and will run through the entire olympics. one of the reasons for the state of emergency officialsant to thin out the crowds at restaurants and bars, like here in downtown tokyo. officials are urging those businesses not to serve alcohol. they want people to watch at home even the illuminated olympic rings are being shut off early the new restrictions come after an uptick in covid cases in tokyo due to the delta variant and while transmission here is still relatively low, compared to other hospital spots, the vaccine rollout has lagged what is japan so afraid of >> the vast majority of japanese remain unvaccinated and they're afraid of the olympics kick starting another surge >> reporter: 70,000 people from around the world are expected here foror the olympics, includg ioc president thomas bach w

hold on the word tom, something which on the chewy speak from experience as a freelance producer for hong kong public broadcaster radio television, hong kong or r t h k. she's become a target for her reporting. d online footage. last year she was arrested for her investigation into white police, didn't intervene in a violent move attack on pro democracy protest. her new 2019. she was attacked by a group of men. we reckon 6, she looked through publicly available vehicle registration databases to track down the attacker a practice that the prosecution seized on alleging that by failing to declare that her search was returned the listing purposes, joy knowingly made a false statement. she was to find nearly $800.00 us dollars and co autopay. she shouldn't stop. we don't get yelled in either. hi coping some more than i might see her hotel, but we shall hike in the town all cold. a hard edge on both o'clock. come to start her height and we can go, someone's yelled. it's no longer just a shame that coming for hong kong media. the city chief executive carry land and will many of called her pro china rubber stamp governments are cracking down to take now cho

k. prime minister, most of them have already left the country. a fact riled some of his own and pace. speaking the house of commons, tom to good hearts, began his statement by recalling how he 1st met another and pay on the battle ground. this is an enormously personal issue for me. i didn't meet the honorable member for bonds, the central here or in any of the clubs, the think tanks around westmount. so i met him about 20 miles to the west of gums here in the desert. as we were fighting side by side against the enemy, he's just lifted. and the achievements that he has listed were won with the blood of my friends. i can point him to the grave where they now lay. because that legacy is now one that is in real doubt, we know it, and we know that is not just his decision. we know that the u. s. decision to withdraw forces was fundamental here. but he can, he explained to me, how does britain's foreign policy work in a country like african it's done. if persistence isn't persistent, if endurance doesn't endure, then how can people trust us as an ally? how can people look at us as a friend? we spoke to a former royal air fo

k. prime minister, and most of them have already left the country and returned home. now the wisdom of that decision was actually questioned by one of his own. m. p. 's ex soldier. tom took an hot, who saw action in afghanistan, but who also related how we fought alongside another member of the house. this is an enormously possible issue for me. i didn't meet the hon member for bonds, the central here or in any of the clubs, the think tanks around westman, so i met him about 20 miles to the west of gums there in the desert. as we were fighting side by side against the enemy. he's just lifted, and the cavemen that he has listed were won with the blood of my friends. and i can point him to the grave where they now lay. because that legacy is now one that is in real doubt and we know it. and we know that it's not just his decision. we know that the u. s. decision to withdraw forces was fundamental here. but he can, he explained to me, how does britain foreign policy work in a country like african it's done. if persistence isn't persistent, if endurance doesn't endure, then how can people trust us as an ally? how can people look at us as a friend? we spoke to a former r

k the most? jonathan: we will hear from citi, wells fargo in the next hour. trading clearly where the disappointing is for some at the moment. tomthere are dealing with a grosser economy. debt is up. bernie sanders wants $3 trillion. someone else wants $1 trillion. wait a minute. debt is up and yields are down. my textbook and say that. jonathan: a brick of 1.40%. let's go straight there right now. steve major, hsbc global head of fixed income research, joins us. i'm pleased to say he's going to be with us for the next 5, 10 minutes. i want to start there, was a provocative question. do you think we may have already seen the peak in this yield curve for the cycle? steven: i think we saw the peak of yields at the end of march, jon. what's happened since then is the market just repricing to the reality that rates aren't going up anytime soon. to me, i wonder what has happened to the 2% and above consensus forecast because to me , that wasn't particularly robust in the first place. so i think there could be a scrambling of people's forecasts as you see people covering their shorts. so i would go for 1%. tom: we've got an awful larg

program, we'll get some perspective from tom holman, retired acting director of immigration and customs enforcement. you doesn't want to miss that, gentleman kcqui: griff, president biden spent time campaigning for a gubernatorial race. this as the white house celebrates the president's first six months in office and mark meredith is in wilmington with the latest. >> as you mentioned president biden was back on the campaign trail last night trying to help democrats keep the governor's mansion in virginia in blue hands. the president seemed thrilled to be back out speaking to the crowd and stumping for his long time friend terry mccauliffe, somebody already governor once before in virginia and the president sees it as a race to expand on his own economic agenda. >> folks, we're proposing a blue collar, blueprints to rebuild america. once in american invested-- and i need a partner like terry who is not only respected in his state, but respected by governors all across america. >> but virginia voters are focusing on more than the economy. the debate over what should be caught in the commonwealth classrooms has engulfed this race with conservat

tom shillue has this week's fox bet super six questions and how you can win 10 k coming up next. forontrollable coughing fits. ask your doctor or pharmacist about whooping cough vaccination because it's not just for kids. usaa is made for the safe pilots. ask your doctor or pharmacist about whooping cough vaccination for mac. who can come to a stop with barely a bobble. lucia. who announces her intentions even if no one's there. and sgt moore. who leaves room for her room. with usaa safepilot, when you drive safe... ...you can save up to 30% on your auto insurance. get a quote and start saving. usaa. what you're made of, we're made for. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire brian: all right. the fox bet super 6 giving you another opportunity to win $10,000. answer six questions correctly on a wide variety of topics. steve: in fact give you exact questions for this week. tom shillue is also the host of fox n