tom keene coming up with "surveillance" after the break. that is it for "the pulse." cer: this is bloomberg "surveillance." tom: commodity markets find a bid. what is the price of oil? what is the unclear value of hydrocarbons? houston and riyadh care. october, an early jobs report. 0,000 jobs per20 month. russian airstrikes in syria caused damage and distressed. this is bloomberg "surveillance. live from a gorgeous new york. it is the first day of october. i'm with is. good morning. us from ferro joins london. what have you learned about glencore? lot.han: not a i've heard enough about glencore. it embodies the problem we see globally, commodity rout, weaker china and companies loaded up on that debt. commoditiesus is on , your gallon of gas in america. our top

i'm jonathan ferro in london ith tom keene in new york. to do the new ook in our next section. we have touched on it through the hour. no one but no one forecast the collapse to have soviet system, socialism is a doctrine of optimism. socialism's eclipse is the end of hope. it really alludes to our emotional politics in the middle east now. we all have a hope for a strategy on syria. whether it is henry kissinger or president jimmy carter. there is a search for a strategy, a new strategy on the middle east. what will you advocate for prime minister cameron? >> well, i have been saying for sometime that the problem of syria and the problem of iran, iraq, the problem of israel, palestine are interconnected problems, all created by the collapse of the empire 100 years ago. the british and the french drew the boundaries in the sand. all of that is unraveling now. what we need is an overall conference. not just syria. there is a syria problem. there is an israel/palestine problem. it is not going tosoever it. -- to solve it. people don't even k

tom keene, though skies were blue for you. they are great now. he morning must-read. president jimmy carter is writing in the new york times, he is 91 years old. he touches back to a time of assad mccarter. it says that he will not win the war by accepting and sessions imposed by the west but is likely to do so if urged by his allies. the needed concessions are not from the combatants in syria but from the proud nations that claim to want up you refused to cooperate with one another. it is short, sweet and vintage jimmy carter. he basically says that we need iran and saudi arabia and turkey to cooperate on something. tom: it is telling that we hear from jimmy carter at 91 years old and kissinger as 92 years old. in the united kingdom, the response of cameron with regards to syria. jonathan: it is very difficult to. the other side is a refugee crisis and that is very difficult. it is not so much a foreign crisis but a refugee crisis. that is the fundamental debate at the forefront of u.k. politics right now. as we go into the autumn, i atnk of jose

we are excited that tom keene will be an uber driver monday. r says the labor data does not tell the whole story. a new category of workers might be needed. ♪ tom: good morning. fromberg "surveillance" new york and boston. we welcome all of you on this job stay. michael mckee and alan krueger with us for the hour. right now vonnie quinn with the morning must-read. to return to the middle east. nouriel roubini is writing about the middle east meltdown and global risk. he talks about geopolitical risk today. none of them being greater than the long arc of instability stretching from a grab to the afghan-pakistan border. only through military means rather than relying on diplomacy and financial resources to creation.owth and job the region's instability will only worsen. such a choice would haunt the u.s. and europe and thus the global economy for decades to come." if i can bring in you and tom on this. the same idea that sort of global jobs and job creation and growth in countries around the world are the solution to everything. mike: there is no

with tom keene. tom: you have an optimist to keep us going. francine: mark carney. employment figures and deflation. onus: christopher wheeler banking with those bankers coming out of the united states. let's get to the first word desk. here is vonnie in new york. the four challengers took on frontrunner hillary clinton. at one point clinton and bernie sanders does a great about wall street. >> it is the greed, recklessness, and the havey are a wall street where fraud is a business model -- helped to destroy this economy and the lives of millions of people. >> when i think about capitalism, i think of the small businesses that were started because we have the opportunity and freedom in our country for people to do that, and make a good living for themselves and their families. i do not think we should confuse what we have to do every so often in america, save capitalism from itself. theie: bernie sanders said american people were tired about hearing about her e-mails. according to the new york times, the president is willing to keep enough troops in afghanistan to s

i'm jonathan ferro, with tom keene in new york.morning to vonnie quinn with your first word news. vonnie: another deadly attack reported in syria. opposition activists say at least 40 people were killed when government missiles hit in a suburb. more than one dozen countries are meeting to get -- meeting today in vienna. secretary of state john kerry is taking part. for the first time, so are saudi arabia and iran. a consultant working to improve u.s.-iranian relations has been arrested. is awaitingt in sentences -- awaiting sentencing. approval onve final the spending and debt deals. it boosts spending and ends turmoil among house republicans per japan's interbank says there is no need to add stimulus to the economy. at the same time, the bank has postponed its timeframe for weakening 2% inflation. a champion is taking his final bow tomorrow. the triple crown winner will retire from racing but not from ernie. he could bring in -- from earning. those are the top headlines. tom: i do not know much about the breeders' cup. .aded papad

tom keene in your. is it the non-decision. is that how it should look at it? m: that is what i am hearing from my colleague. mike will be in washington at 2:00 p.m.. everybody looking for to december 16. some of the challenges. you see it in the red headline. the norwegian sovereign wealth fund. the -4% return showing the challenges of working across assets. jonathan: it is remarkably difficult for the norwegian sovereign wealth fund. we will be talking about the carpet number of the bit later. for now, let's get the bloomberg -- >> volkswagen is feeling the pain. vw posted a 3.9 billion loss in their third-quarter. its first loss in 15 years. -- german automaker has had has said expectations will be lower than they were a year ago. it is cost vw $7.4 billion which is more than the company originally set aside. barclays has gone to the u.s. for its next ceo. jes staley will take over. at one time, he was considered a likely successor. three much ago, barclays fired its chief executive. chairman wanted to cut cost and double darkly's share price in the next four

i am tom keene, with francine lacqua. francine: great to have you. on or lack of inflation, the story this morning is truly historic. francine: they cannot get this policy wrong. tom: there is a raging debate about the future of britain in europe. economics folds into that debate. francine: i hope to get our guest host to answer that. greathis is going to be a hour. right now we need to get to the first word to ask bloomberg in new york. vonnie: adrian beltre's its bid abn death must pay -- a.b. in the -- china's slowdown are in their deepest slumps for six years. -- isic demand is to dropping. import prices did weigh on the data. -- switzerland is imposing a new leverage ratio on its biggest banks. bloomberg news is reporting the major swiss banks must hold 5% of assets. credit suisse and ubs are on easier terms. the u.s. has similar requirements. barclays search for a ceo leads to another american investment banker. just baileyws says is the leading candidate. last american to run the british bank, robert diamond, resigned resigned under pressure th

tom and be feeders -- he is actually taller. , how talls asking me is tom keene? 6'5", right? y exciting. congratulations to peter, our chairman. francine: and i have a present for you, to make sure that you leave the country. ta-da! tom: very good. oh, my word. on, guys. this says monday, doesn't it? they do this in the stores so beautifully. it just says monday. do it again. buy me an italian bow tie. i'm really in trouble there. .hank's to all of our team francine: tom is going to radio. we will be back in a couple of minutes. that is coming up next. ♪ francine: welcome back. you are watching "bloomberg surveillance." a very nice skyline. that is where tom keene is going back to, getting on a plane to new york this afternoon. it is time for your forex report. we have been talking about yet. a lot of the analysts -- about yen. a lot of analysts coming through. euro-dollar,w you the dollar gaining a little bit of ground as the data has been refocusing traders. the fed, left, right, and center. the odds are decreasing by the minute. one thing you also have to keep an eye out fo

tom keene in boston.rence between the investor impression to china, get in and get out, and the multi-decade approach of what is happening. looking at the business approach they have to take a multi-decade approach. when you listen to the ceos in this world they are more positive about china van and in esther would be with -- about china than an investor would be with a shorter time horizon. , the weekk at china that we have had, and i will tell you the consensus opinion with a longer time horizon is that things are not as bad as it looks. there are challenges, but the resiliency of that dominant economy will overcome all. there is an optimism. as tom says, on a longer time horizon, things are not that bad. in the short term, the keyword is uncertainty. what is the take away of london and capital? mr. shah: would we have seen on the mac show venturing -- what we have seen on the manufacturing side is that they are under pressure. if you look at the production it is barely growing. on the manufacturing sid

jonathan ferro and tom keene in london and vonnie quinn in new york.is bloomberg "surveillance." ♪ jonathan: this is bloomberg "surveillance." i am jonathan ferro with tom keene in london. is it morning or night? tom: when you are working bloomberg "surveillance," it is always the morning. people are staggering home when i am going in. quinn withonnie your business flash. vonnie: expecting a record-breaking takeover today. dell will announce it is acquiring davis storage company emc. dell is in talks to raise at least $40 billion to play for the deal. emc is a leader in digital storage. dell has been increasing its server business. hundreds of southwest airline flights delayed by a technology glitch. the problem forced the airline to manually process travelers. southwest urged pastors to get the airport 2 hours in advance. the opening of "pan" brought in about $50 million over the weekend at north american theaters. it cost $.25 billion to make and market. that is your latest business flash. telegraph,"of "the the duchess of cambridge. they took this p

i am jonathan ferro in london with tom keene in new york. was a non-decision, but a hawkish hold? tom: deutsche bank said this was big. jon ferro will speak with alberto gallo and then john andng and richard claro -- richard clret -- arida. discussions include the u.s. and european allies, russia, and iran. russia backs syria's president, that recognizes he is a roadblock to solutions. trip toerkel began her china. a number of business deals are expected to be announced. the chinese will buy 130 airbus plans for $17 billion. a dramatic rescue saved 240 migrants. the greek coast guard pulled them from the sea. three refugees died, including 2 boatren when their capsized leaving turkey. more than half a million refugees have reached a greece this year. the number killed trying is unknown. republican presidential candidates try to break out of a night'smarket last debate in colorado. it focused on dollars and cents. marco rubio defended himself after a florida newspaper called him to resign for not showing up to recent senate votes. >> in 2004,

i'm francine lacqua with tom keene in london. tom: it has been a quiet couple days. francine: it is all about the fed, and those odds about them hiking just got that much lower. tom: but i would also suggest it is about the real economy. john norman joins us from bank of america merrill lynch. this is a real economy discussion filtering in. francine: let's get to bloomberg's first world news in new york. isnie: president obama pushing back his timetable to bring americans home from afghanistan. the white house is expected to announce today that they will keep at least 5000 troops there 2016.2016 according -- the taliban and has stepped up attacks since the u.s. ended combat operations in afghanistan left december. more problems for volkswagen. they see some -- they face a mandatory recall in germany after cheating on omissions tests. regulators rejected their proposal for a voluntary callback. at majore delays airports across the u.s. last night because of a computer used for terror watch lists. the outage lasted 90 minutes. authorities don't think it was intentional

tom keene is in new york. what is on the agenda question ? itics of the gop is in chaos in washington. -- and as you know, what a debate over whether this is the bottom for the commodity markets stop i would suggest -- commodity markets. jonathan: the nobel prize is not awarded to angela merkel, but awarded to a national dialogue quartet. back onto nichols with. why the one -- with why they won. -- rallying toies are $.5 trillion and counting. accounts andwhat what a week. mark: that is the longest stretch of games since february. i want to show you the appetite for risk -- this is an index that tracks 20 emerging-market currencies -- get in here close. emerging-market currencies are on track for their worst in six weeks -- in six years, rising 3.3%. ,his is a huge turnaround registering its biggest quarterly loss in four years. the biggest laggards last year are the biggest gainers today. fleeting could prove because according to the latest forecasts, all 23 emerging-market currencies tracked by us are projected to weaken against the dollar b

in new york is tom keene. what are you excited about today? inue with wonderful guests on "surveillance." jon, we will do a lot of international relations, that is front and center in on the cover of every people, the escalation of russian activity in syria. of course front and center is the economics you love -- ben bernanke will be on bloomberg television later this morning. he will join us on "surveillance" in two or three hours. i attended his book party last night. great attendance i financial and economic leaders. jonathan: tom keene always giving the best advice. international politics and focus. here in europe, soft focus on germany. weakness for a fourth day in a row. deutsche bank is bracing for its biggest quarterly lost in a decade. in the headwinds for vw continue. let's bring in the german team from berlin. hans nichols joins us, and in frankfurt, nick comfort. but the numbers in perspective -- we go back and forth on factory orders, on industrial production, on the exports. what is the headline out of these numbers? hans: the hea

i'm tom keene. guy johnson is in london.e was that the pope was not in london yesterday. when the president of china visited the white house, they were very -- they were barely cleaning up after the pomp and circumstance is of the pope attending. this is a very big deal for china, isn't it? we are definitely china focused here in london. it is going to be a week as well. we will see the chinese premier as he tours the u.k., handing the keys to a nuclear power station. tom: how many people go to a state dinner? is it thousands? is it like a cate blachett movie? guy: a couple hundred. but i never been to one, have seen it being laid out. tom: we will have a full report from francine lacqua tomorrow on the state dinner. i like to get rumors started like that. let's get to our bloomberg first word news. here's vonnie quinn. vonnie: we are moving to canada because they are voting for an unprecedented turnaround in their government, the liberal party. stephen harper has been ousted as president and ends a decade of rule by conserv

and joined by manus cranny tom keene is over in new york. le bit about what we are watching this morning. everyone was getting pretty excited about bill gross. tom was talking about yesterday. he predicted the many asset classes ending the year lower, and said that u.s. equities have another 10% apart -- do you reckon investors should sit on current volatility in cash? >> there is no doubt that there is volatility which indicates that there is risk, not just in the financial markets but in the real economy. of thinking, investors should continue to have a risk off posture. it can mean larger amounts of more investment grade in terms of the bond market, more treasuries, more duration. sachshat comes as goldman warns that the federal reserve will delay its increase well into 2016 or even later. how are the markets digesting this? let's check in with mark barton. mark: that rally in global starks is rising for a fifth day, the best run since april. stocks rose -- u.s. for the fifth day since -- get in and have a look at the gauge that measures b

i am francine lacqua with tom keene. i see a beautiful skyline. , up the mountain. living up to the mountain is expensive. francine: one day, let's take "surveillance" on the road. for the morning must-read. that's go to vonnie quinn. vonnie: thank you so much. something from the financial times. monetary policy has its fashion. central banks keeping interest rates low until 2013, 1 rarely hears it mentioned. when you do hear about it mentioned, it is because people are getting frustrated and confused. one of the tools the fed put to put toto the city -- work in 2008 they were going to keep rates low for a long time. it is backfiring. we have the same problem in the u.k.. has not worked. we can forget about it? mr. barth: tom and i remember this. no offense, tom. in 2003, the fed told us they were going to be on hold for an extended time. that was the original forward guidance. when they hikes rates six months later it lost its effectiveness. -- qb was ane expression of afford guidance. i cannot hike rates because i am buying bonds. the fed told us

i'm tom keene in london. r hour of "bloomberg surveillance." ♪ tom: punch bowl. to the brim. global stocks higher. you are in the cloud or not. here is a partial score. we need a friday update on where are we? watching royals-blue jays baseball. alan ruskin does not know anything about baseball. he is with us. it is friday, october 23. i am tom keene. with me, vonnie quinn. teamine, it is baseball here in america. francine: i love baseball. if you are talking about the draghi baseball. he said i am ready here for cutie. it goes back to what we are trying to focus on yesterday.

i'm tom keene. from london, jon ferro. you have an important bank of england meeting in one hour. what we look for? jonathan: i want to know whether the issues are brought have altered the central view of the mpc. look to the vote, look to the minutes. tom: we will come back and a moment on that bombshell, hsbc. right now we need the bombshell of first word headlines. here is vonnie quinn. vonnie: hillary clinton is distancing herself from her former boss and a potential rival. mrs. clinton says she is against the asia trade deal. n: what i know about it as a today, i am not in favor about what i have learned about it. there is one other comment i want to make because i think it is important. trade agreements to not happen in a vacuum. have ar for us to competitive economy, there are things we need to do that home that help raise wages. vonnie: clinton backs the deal when she was secretary of state. supported by a possible competitor, vice president joe biden. clinton will propose a tax to penalize

we are going to check in with tom keene to see what our viewers should be reading. e something this morning from "bloomberg view." tom: it's from aaron schilling with the best of on call in the last 20 years. bring up the quote from dr. schilling, this links to commodities. those capacities began to come on stream in 2011, as long as market prices exceed market -- marginal cost, more production is encouraged to make up for lost revenue. some producers will raise output even when prices fall below marginal costs. steve rattner, you know microeconomics are the foundation of all this. the microeconomics of cheap money is build supply. steve r: i think it or quote points out, and i agree with the point, you have all this production coming on stream, some with relatively low marginal price of production. even higher cost producers are producing for the reasons he said. by don't see this commodity weakness ending anytime soon. stephanie: matt miller, what is the terminal telling us? about commodity prices, if you are looking at glencore, have an interesting chart for glenc

i'm tom keene.ouch international relations in this hour, but china's first this morning, isn't it? francine: it certainly is. that itshowing us again is in a downward grind? 6.9%. it is still a pretty good figure but it is met with so much skepticism about the real figures. tom: we welcome all of you worldwide. a good week to get started. an important interview to the week, jamie dimon later this morning. michael mckee with john williams and the san francisco fed later today. right now, our first word news. here is vonnie quinn. vonnie: you are mentioning the pace of growth in the chinese economy, the weakest it has been in six years. say that gdp rose 6% in the third quarter, slightly better than forecast. there is weakness in exports and manufacturing. international monitors say syrian troops are poised to reach a the country's largest city. intense fighting is on the outskirts of aleppo, where rebels are trying to oust president bashar al-assad. syrian troops have been recapturing territory since

vonnie quinn, tom keene, and guy johnson. good morning. ♪ tom: bloomberg surveillance.'s get your top headlines from the bloomberg first word desk. annie: south carolina gets break. the rain is tapering off. floodwaters will keep rising in parts of the state. some towns are like islands after the rain storm washed out roads. at least 13 deaths in the carolina are blamed on the storm and high water. not haveople do drinkable water. president obama clear the way for emergency aid. a message for budweiser. the brewer has rejected a takeover offer from anheuser-busch. some shareholders were looking for an offer in the $110 billion range. no word on if they will make another offer. a roller coaster ride for glencore shareholders. shares fell 8% today in london, following yesterday's 21% gain. -- $1.35. a tom: headlines right now. manufacturer beat with lots of dollar extortion. michael spence, i do not want you to do an accounting exercise, but i have seen numbers for foreign exchange adjustment. i want to say that i have never back to thearkens 1990's. it is 11%? it sees th

with me is manus cranny and tom keene.sia, malaysia, these are singles of a calm and emerging-market. maybe it is one big short cover, maybe it has to do with francine the club being in lima, peru. whatever it is, the emerging markets, good news this morning. the oil story, is at the center? do you think that is behind this , or do you think that is a derivative effect? tom: i would say it is a derivative effect and a sigh of relief. gloomy everything was so in emerging markets. francine lacqua went to the it stopped.ima and she single-handedly turned emerging markets around with her appearance in peru. tom, we are back later. the big story driving equity markets, sabmiller says that a revised acquisition proposal from ab inbev "substantially undervalues" the brewer. morning that this previous and former proposals were it. we are joined by consumers reporter thomas buckley. we are also joined by the chief cross-asset strategist at war against him. i've had lots of thoughts on this this morning. is it a done deal? does it l

jonathan: tom keene, never too early to talk about phillips curve.n them on "bloomberg surveillance" on the next break. ftse 100 moving to the downside. miners waiting on a. b.p. out with earnings. down but insignificant b -- but a significant beat. 35 points.r up by switch of the board. the currency. big week for euro-dollar. down 3%. a stronger dollar and a weaker euro. cable is trading data flat. 153. the estimate for the quarter is 0.6%. i look to the dollar-yen trading a little bit weaker. the report 6% lower. dollar-yen and 120. bloomberg surveillance is up next. if you want to talk markets i am @ferrotv. from all of our team, good luck for the rest your day. ♪ ♪ jonathan: bp beat expectations. average oil price dropped the lowest since 2009. taking a bite out of apple. iphone maker releases the outlook for the holiday season. a record 2014. the u.k.'s global stress test. can it withstand downtown risk abroad? gdp numbers out in 30 minutes. good morning, this is "bloomberg surveillance." i am jonathan ferro.

you've got "surveillance" with tom keene and jonny. ♪ says it willsse raise more than $6 billion in fresh speak to the ceo. revved up. an ipo thatis, gives it a $12 billion valuation. sells for $52 a share. japanese exports continue at the lowest prices in a year. stocks trade higher on speculation the boj

tom keene, when are you coming home? tom: monday to talk about the markets.phanie: tom keene of "surveillance," and matthew winkler. thank you so much. next, we will speak to the ceo of the largest private bank in india. whether it is about the global economy or banking, treatise your questions to her at at davis underscore david weston. ♪ stephanie: -- vonnie: welcome back. the u.s. has expanded the investigation into volkswagen and emission test. more government agencies have joined the probe. the paper says the u.s. may be targeting cw and employees -- vw and employees for misleading government officials. casino mogul steve went is blasting officials in china. he is unhappy because they have not told him how many gaming tables he will get and is the resort. n says become wicked decisions on hiring employees. he is spending more than $4 billion on the new casino. atlantic city, a smaller casino market may help those who have [indiscernible] nearly 11% in september over last september after many casinos and atlantic city has eight casinos. david? david: than

finsbury.founder of up, tom keene is here for the launch of the global surveillance.ls on the show coming up next. ♪ manus: welcome back. we're live on bloomberg television. we are streaming on your tablet and your phone. bloomberg first word up next for our viewers here. he is in the house. it's tom keene. tom: we used to do this all the time. as you know, we are the global network. we're going to emphasize that i moving bodies around. we are over here for the week and i went to the tower of london yesterday. manus: we laid a lot of the roads. i just had a conversation. the context, globally, does the american public even know we are having a debate? tom: it is tangential. it is front and center. luke will join us to get us going. jeffrey you'll will join us. we will talk to him about the markets. part of that is in the brexit, the animal spirit. manus: he was the international component of the fed. tom: we took to alan greenspan six weeks ago. the tone was wait for the data and it still not there. for decembering and into next year. the guy from lse from citigroup s

for a look at what we are watching at the rest of the day, and the rest of the week, is tom keene. n bunds are really something right now, just one indicator of the shifts we have seen from the friday jobs report. francine, to measure what we saw over the weekend. it is synthesizing in what not to look for, called a type two construct. we are going to talk to dominic on stem about the seismic changes. we will talk to him about the strong dollar and the impact there. markets about emergency -- emerging markets. francine: it was interesting 50%, saying the odds are for a rate hike at the next session, december 15. do you think we will have a much better picture by the end of the week of the headwinds that the fed is facing, the ecb is facing? tom: i would basically say it is intellectual chaos. toinic constant once to get 2016. aboutis a raging debate that probability distribution that likelihood of what various and sundry central banks will do. that will be one of the themes for today. i think, francine, i have never seen it so chaotic of opinion. francine: and this is because forwar

emily: thank you so much, tom keene. on had naill ferguson. go to julie with breaking on valiant. julie: it remains low. it is the biggest drop since 2006, down more than 24%. it has fallen as much as 28% today. the volume is about 11 times the one your average. all of this, on a report coming out from citroen research that ask for this be the pharmaceutical enron. a report came out from the southern investigation on its website. a look into the company practices. it has to do with ownership of a specialty pharmacy company and eantgations of whether val is dumping inventory in these special pharmacies and reporting it as sales. it is not actually moving towards consumers. all of this is just allegations at this point. the new york times raise questions about these practices earlier this week as well. with this inflammatory language, it is fanning the flames. i think it is worth mentioning, the holders of valeant, like the holder fund, the top owns 10% of this stock. owns 5%.r form we are seeing this spread to other biotech and pharmaceutical c

we are still joined by david rubenstein, and also tom keene. stein sneaks up on you. he has major commitments to american history and the fabric of our society. so i am at the ford theater, very emotional to see where the 16th president was assassinated. miracle,ormed a modern deeply emotional. david and others have invested in explaining to children why it is important. the spiral staircase is really something. how did that come about? david: when the country was formed, it was designed that we would have a national theater in washington, but we ran out of money. so ultimately entrepreneurs built theaters there. the most famous is mr. ford. he took a church and converted it into a theater. lincoln, that very night, had not planned to go and then decided to go. he was supposed to go with ulysses s grant and his wife. they decided not to go. so he went with one of his aides. he was feeling ill that they and was not wanting to go. he did not want to disappoint people after he had advertised it. he went there, the assassination occurred. he could n

i'm tom keene from london. this is really about the huge cash call we see at credit suisse. jon: isn't it remarkable how far behind the european banking system is in terms of getting it together and responding to the legacy of the financial crisis. i spoke to andrew sheets in the break. he said about three or four years behind u.s. banks. tom: credit suisse, about 46,000 235,000, topmorgan, give you scope and scale. we need to get to our first word news from the first word desk. here is vonnie quinn. vonnie: syria's president ventures out of the country for the first time since the civil war started four years ago. bashar al-assad met with vladimir putin in moscow. he terms as terrorists would have taken more territory if it were not for russia. the u.s. and russia are agreeing on a plan to prevent aerial accidents. the us-led coalition started sites a year ago. russia started three weeks ago. paul ryan is willing to be house speaker on his terms. ryan: this is not a job i have ever wanted. i came to the conclu

he is having as much fun as any bond manager out there given the volatility. .etty: tom keene don't missnce of nyu tomorrow morning on tom's show, 6:00 bloomberg radio. but first, don't miss smock -- mark bober. more on what you missed today. bloomberg market day will be back in a moment. ♪ betty: it is 11:00 a.m. in new york, 4:00 p.m. in london, and 11:00 p.m. in hong kong. welcome to the "bloomberg market day." betty: from bloomberg world headquarters in new york, good morning. here is what we are watching this hour. for a fifthigher straight section following a volatile third quarter. a summer we would like to forget. after jeffrising schwartz is made permanent ceo of twitter. and a heated debate over gun control after last week upon mass shooting in oregon. what donald trump and hillary clinton are saying. we are 90 minutes into the training session. i want to head to the markets desk, ray julie dimon -- were julie hyman has the greatest. -- were julie hyman has the latest. julie: there are no bets in terms of where stocks will be a half hour later, but this has remained steady here

hurricane tom keene. ♪ tom: good morning. joachim fels with pimco.o our discussion with mr. fels. here's michael mckee with a morning must read. this is brilliant. michael: he is the cohead of atan economics research hsbc. commodity prices falling. he notes usually a tumble and commodity prices after a short delay would be self-correcting, prodding importers to spend. this time it is not. the debt overhang is delaying the adjustment. we have too many commodities out there and we do not have any demand is basically what it comes down to. joachim: i think that is right. china on the demand side. china is in a protracted slowdown and that is not going to change. we've had plenty of supply over the last few years so this is weighing down on prices. with supply so great and credit having been so liberal to finance the growth of the last few years, central banks are at the limit of being able to create demand. joachim: i'm not sure. i still believe in the power of central banks to create demand if they want. there are diminishing returns because asset pric

tom keene is in boston. he will be with us because it is jobs day and he would not miss this, unless the boston red sox signed him. let's get you a quick market check, because everybody is waiting for the jobs numbers. these numbers are all going to change. forchinese markets closed the day and not much moving in japan, but europe has been bouncing around. onestoxx 600 is higher by and a half percent, as is the footsie in london. the dax 100 points higher. some expectations for better news today from the united states. we see the same thing in futures here. points,500 up eight 4/10 of a percent. nasdaq is 24 points higher, 6/10 of a percent. the bond market essentially quiescent but moving a bit higher in anticipation of perhaps a reasonable day. a 10 year note yield, 2.5%. 66 basis points for your two year yield. i would not put a whole lot of stock into any of these numbers before 8:31 this morning after we get the jobs report. .e are watching the jobs report ,000 jobsast is for 201 to be created and we ar

david: so tom keene. looked at larry summers -- we looked at the financial times, this goes back to august. we talk about the theme of the moment, secular stagnation. excluding -- it is difficult to measure housing, it is less than 1%. market-based measures of expectations adjust that over the next 10 years, inflation will be under 2%. if the currencies of china and other emerging markets depreciate, u.s. inflation will be even more subdued. do the models that you are working under, can you use them oray given low-inflation, does yanis yellen -- does janet yellen need to invent a new one? we are in uncharted territory because of how long we have been at the zero interest rates. because of how soft the economy has been. we used to think that the a cycle, ande was things went down, and then they came back. is one of the main and painful lessons of this last period is hysteresis. the idea that something is history dependent. so now when you go down, you don't come back up. so now the economy is 12% below in

return, tom keene is going to break it down. "bloomberg go." ♪ stephanie: you are looking at a live shot of hong kong where it might look quiet but it certainly is not. let's take you to matt miller. matt: really the market reaction, i find the most interesting because it is so pronounced across most asset classes. china is cutting its benchmark rate by a quarter of a point and cutting its reserve requirement ratios by a half a percent. i am still looking at s&p many futures up 1%, but if you look at etf's that change -- that trade the ishares china, you can see they are both gaining big in the premarket as well. 3%. across -- i think tom actually pulled up a dollar chart. i do not know if he wants to talk about it. say, itom, i have to have been around breaking news for several years but never have i been around breaking news where you get instantaneous reactions. david: no better place to be -- stephanie: no better place to be than bloomberg. tom: markets are reacting. i'm looking at the bloomberg terminal on my cell phone and

we talked to tom keene about the north-self issues.is work. >> the biggest message from angus deaton is don't look at the aggregate. you need to go beneath the average and look at the just tradition -- distribution. that matters a lot. he was on this topic well before it became a popular one. he has been proven right in the sense that there is the attention that is warranted. we're seeing any quality arise. it is not just income inequality. there are a whole variety of dimensions rising. stephanie: why is that? because of better health care? >> part of it is smoking. down verys come rapidly among better educated, high income people. part of it is other health behaviors. there is a big, missing gap. i think a lot of it is stress. .tress levels of ghana we know that prolonged exposure to stress is deadly for your health. focus on bloomberg. >> there you go. stephanie: you got that? we try not to talk about econometrics methods. very early on, when other economists were doing moral philosophy was imagine models, he was looking at her vaca

i'm francine lacqua with tom keene in london. tom:

favorite was tom keene onset because of matt miller strike. of "bloomberg go." join us tomorrow with secretary larry summers. ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. worldfrom bloomberg headquarters in new york, good morning, i'm pimm fox. here is what we're watching at this hour. call it a beer bust, at least for now. limerick has earned that sap miller has turned down the anheuser-busch takeover for $100 million, or 40 pounds per share. a.b. miller says it is not enough money. how much does anheuser-busch want a.b. miller? that $6.5 says billion will not come close to covering the cost of its omission cheating scandal. they are suspending all non-at -- nonessential investment. detail from germany. deja vu all over again. shreveport mack brown is reconsidering its business plan. he told shareholders that

stephanie: tom keene, we will let you get back to radio in london. all of you out there, joint us. what would you like to ask? up next, the next wave of genetic testing done right in your home. you are watching "bloomberg ." ♪ stephanie: you are watching " and it is time for your best self. it is changing the biotech industry playing with at-home genetic testing kits for rest and ovarian cancers. there he sternly like has put his money behind the side up. he is back with us along with ceo eli gale. welcome. you got gary's attention and he is a smart guy. eli: it is access to genetic testing but in a responsible way, so we provide a test that covers 19 genes that most impact the woman' is risk of breast and go bearing cancer. first, the test is affordable, so it is only 249 dollars. secondly, we use software to reinvent the testing process, so you can order it online to make it easy and accessible for people to use. david: does this require fda approval or review? eli: most of industry uses lab developed tests which do not fall under review of th

we will also have tom keene.e will share his morning must read on bloomberg . ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. vonnie: welcome back. an agreement has averted a strike at chrysler. they reached a tentative deal covering 40,000 workers in no details have been released but the union says it made significant gains. they rejected a deal that did not do enough to close the gap or lower paid employees. carolina,a, south flooding is threatening the water supplies and crews have given up the attempt to bypass a canal. the state warns the threat of flooding and coastal areas could last t

tom keene in your.

that was peter fisher, senior at the blackrock institute, speaking to michael mckee in new york and tom keene, who was on assignment up in boston. let's take a look at the markets. as we head to break, we see the stocks rebounding from the early route today. i was sparked by the disappointing job status. a lot of people saying it would come in. unemployment rate still at 5.1%. a check at the market still shows the s&p 500 up a third of a percent. tell industrials up a quarter of a percent. up 4/10 of a percent at 4646. talking about the jobs report and the fed. ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. >> this is the "bloomberg market day." u.s. employers put the brakes on hiring. what does this mean about the future of interest rates? reportthe jobs vindicated federal reserve's decision to delay liftoff? devonte market seems to think so. we will talk about

i'm tom keene with vonnie quinn and guy johnson. this could be a six hour program this morning. cameron will be speaking soon on the e.u. brief us on what you think you will hear from mr. cameron. nominally, he is going to be talking about houses and the fact that the u.k. needs to build a lot more houses. also any hint about a referendum membership is going to take place. that is the thing that we do not know yet. he will talk about housing, but listen for the e.u. stuff. tom: guy johnson, thank you so much. right now, let's get to our first word with vonnie quinn. president obama is trying to win over commerce in the public on a trade deal. he met yesterday with business and agricultural leaders. he said the video would boost exports by eliminating barriers. agreementobama: this taxes --te 18,000 this agreement limits 18,000 taxes and tariffs. most of them will fall to zero. vonnie: he must wait 90 days before signing the agreement. then it will go to congress for an eventual vote. russia might agree to u.s. proposals for coordinating airstrikes against islamic state in syria,

he sat down with tom keene to talk about his message.nk what happened in the late 1960's and then much more into the 1970's was the government started making available the household survey data but individual level data, the firm data that we did not used to have before. that was very exciting to try and work on that, on the methods we had did not work very well so it was a real feeling that i was in a fairly unplugged field, along with a bunch of other people, and we were having a lot of fun trying to find out how you look at individuals and how individuals can together to make -- of: this idea that we think data always being there, he really wasn't there just something like 1947. and then you had to move forward into the 1960's. you talked about, i love this phrase because i always flunked it in school, carefulness of measurement. what a lovely phrase. professor deaton, what is carefulness of measurement? >> it is being suspicious. it is not taking the numbers. we call them data, which means they're given, but there really never given.

we will have live coverage of today's fed decision with mark crumpton, tom keene, and kathleen hays at 2:00 p.m. eastern time. they will be joined by special andt including ira jersey charles plosser. the next 20 up in minutes of "bloomberg market day," hillary clinton hit the late-night comedy circuit and she is actually pretty funny, but her message was not funny. she is telling stephen colbert that she does not believe in two big to fail. scarlet: the 10 remaining republican presidents of hopefuls will meet for another debate tonight at face off against a new front runner -- dr. ben carson. alix: apple shares rising on a better than estimated third-quarter earnings. but will demand for the new iphone keep driving sales? ♪ alix: welcome back. i am alix steel. scarlet: i am scarlet fu. they look of the biggest business stories in the news right now. is buying digital assets from the parent company of the weather channel. they include the weather channel and weather underground websites and app, but not the tv channel itself. ibm has been trying to increase its aim at analytics -- data

economist alan krueger with senior economist jim glassman on "bloomberg surveillance" this morning with tom keenel to come on "bloomberg market day," commercial drones. the government can't figure out how to regulate them. we are to figure out why when we come back. ♪ matt: welcome back to the "bloomberg market day." we continue to see a success story in spain and on that no, we have breaking news out of standers and pours -- standers poor, -- standards and and they just got a rate to a b plus. they had four and half percent of gdp for this year, so improving its deficits as the 4%, nominal gdp growth above 4% over the next three years for spain. once again, breaking news, standard & poor's raising its rating on spanish government +.bt to a bbb oflis tackle look at some the top stories across the bloomberg terminal right now. the education secretary arne duncan will leave in december after seven years on the job. duncan says he is returning to chicago to live with his family. john king will serve as acting secretary through the end of president obama's term, and the president is expected to talk

we are with matt winkler and tom keene his oppression from "surveillance." welcome. nie: that jacket is ok. tom: did i do ok? stephanie: yes. tom: i'm going as a panda. stephanie: as a panda? david: my son goes every year as a panda. stephanie: before we get into it, -- tom: this camera angle makes me feel like i am eight feet tall. david: it is accurate. stephanie: how about some news? vonnie: an attack in siri has underscored taking place in vienna. they say they have killed more than 40 people near damascus. diplomats met for a second day in vienna to try to end serious civil war. the kremlin says they will only resolve the conflict and a russian official says it is up to the syrian people to decide the future. congress has perverted what could've been a catastrophic event. the senate gave final approval to the compromised spending and debt deal. amongs months of turmoil republicans. investigators are trying to be out why passenger jet caught fire as a prepared to take off from fort lauderdale, florida. out of the runway when an engine caught fire. passengers and c

i'm tom keene. what is the observation this morning after that stunning jobs on friday? given the market response that we had from friday, the yen and dollar have loved pollen. he questions why the markets are reacting this way. the fed doesn't hike, it means we don't have any real engine of growth for the rest of the world. tom: the locomotive series. he will join us later. let's get to our top headlines. here's bonnie. the us-led coalition reportedly plans to put more pressure on isis in syria. the new york times says the coalition will start a major offensive in northeast syria. it will include thousands of arab and kurdish forces. it will be backed by allied warplanes. the main stronghold is in the region. are going door-to-door in south carolina looking for people who may have been trapped by flooding. the death toll is now seven after days of torrential rain. many roads are closed. thousands are without power and up to six more inches of rain could fall today. the verge ofre on completing the largest free-trade deal in a generation. u.s., japan, and 10 other pacifi