joe: i'm joe weisenthal. "what'd you miss?"x: a canada mine is turning to australian eggs which it will export to china. joe: iron ore prices have plunged 16%. the ceo says australia is going from mining to dining. alix: they find the mining -- they find the iron ore and they keep it and if they can't sell it, they say i'm going to sell eggs and omelette instead. best story of the day. joe: the idea of currency wars are simple -- lower current season equal higher exports, but it is not working for japan. check out this chart. are currency wars a myth? my guest says currency wars are myth. the yen has fallen so much and you can't devalue your way to growth. marc: given what china has done, people will say this is a currency war. the u.s. and imf both welcome what china did and there has not been any retaliation. the south korean banks have met -- china's currency moves, that same day, australia with those those eggs fell 1.5%. no big crisis. i think we tend to exaggerate these things. it sells newspaper it makes nice headlines,

joe: i am joe weisenthal. "what'd you miss?"e the break, we told you norway is feeling the pain from $50 oil. unemployment soared it to 3.4% in may, the highest in a decade. scarlet: we have a chart that shows how bad things could get for norway. the company may have to take money out of it sovereign wealth fund, of course a step no , finance minister wants as their legacy. norway's spending could start to outstrip the income that it generates from oil. and that is the light blue line, and you can see the inflows to the sovereign wealth fund have been steadily declining and could go lower. joe: all right another northerly , country hit hard by the fall in oil prices, canada. the commodity decline has helped to shrink canada's economy the past five months. scarlet: bloomberg spoke to canadian prime minister stephen harper about the economy. mr. harper: everyone predicts that the canadian economy will be at or near the top of the g7. and, look. serious challenges, but we believe and the bank believes that the oil price shocks shou

scarlet: i'm scarlet fu in for joe weisenthal. [closing bell ringing] alix: all three major indices closing lower this monday with energy down. crude falling below $50 a barrel for the first time since january. scarlet: but the question is, "what'd you miss?" the chinese plunge. china's stocks hitting the lowest level in three weeks. but are we missing the bigger story? two killer charts that you can't miss about products bewildering the market. alix: and the valuation game -- with uber worth $50 billion, we ask experts where do you get these numbers anyway? we have to begin with the market. overall, you are looking at seven out of 10 industry groups in the s&p lower, and it's all about energy today. got taken out to the woodshed. down over 2% and because oil onces were off by another 4% this continued oversupply. although i'm getting notes saying everyone is to bearish on oil. scarlet: you have been talking about how brent is below $50 a barrel and nymex crude is at about $45. there seems to be no signs letting up with iran getti

joe: and i'm joe weisenthal. ♪ [closing bell] alix: u.s.cks closing higher today after three days of losses. the dollar also rose, and treasuries weekend. joe: the question is, what did you miss? a small dafor stocks, amid growing worries. should we worry? our expert thinks otherwise. alix: apple wobbles, we have two charts the company should fear. joe: and opportunities in oil. times may be tough, but we an activist investor thinks that money can still be made. alix: you could call this up number wednesday. pretty much stocks closing relatively flat, but volume is all up 22% extra volume. i would not have expected that looking at a flat market. joe: i would not have expected that either. other big story, market implied odds of a rate hike in september now over 50%. big surge in the last two days. we got good economic data. this morning. we had comments from the atlanta fed president signaling september. this feels like it's on. alix: two days ago that chart was down to 38%, now it's up to 52%. joe: yes, 52% in two days. mentioning that goo

joe: i am joe weisenthal. "what'd you miss?"heck out this chart. gold and gold accounts for 70% of venezuela's reserve and it adds to the fact that some much of venezuela's income comes from oil. in ugly problem. scarlet: and they use a six-month moving average -- joe: it has not caught up yet. scarlet: is not reflected in official stats. mcdonald's plans to shrink by 59 locations in the u.s. as it cuts costs and tries to revive sales. it plans to close 184 restaurants and open 125 new ones. they had more than 14,000 domestic locations as of last year. they have scenes game store sales -- they have seen same-store sales drop for seven straight quarters. joe: the combined airline says by a percent.ose the lower average fares are expected to her revenue. scarlet: and geno smith will be sidelined six to 10 weeks after w by apunched in the ja teammate. he was "sucker punched" by his teammate linebacker. this could mean that ryan fitzpatrick will assume the starting job. follow football that much, but i know the jets are always not d

joe: i'm joe weisenthal. what did you miss?ore the break we asked which bank is dumping its coal assets. alix: it is goldman sachs. ofave ended a 35-year era refineries with a failed colombian coal mine. everyone is hating on coal right now. if goldman sachs is making money, they stay in the business. it clearly says something about the commodities super cycle. joe: everywhere you look it is bad for commodities. alix: we are going to take our focus and look at norway today. forget the financial crisis, oil at $50 a barrel is much worse for scandinavian's richest economy. and for a nation so dependent on commodity track has been crude. kari due-andresen is chief economist and joins us now from oslo. thank you for being with us. and you take a look at the next four down, most of it comes from oil and gas. how bad will this get? kari: the income from oil and gas is about 45%. when you look at the manufactured goods, it is about 50%. this is like the single most important engine for growth in the norwegian economy. oil prices where

joe: i am joe weisenthal. "what'd you miss?"x: before the break, we asked what currencies are most at risk? libya, the gulf of oman -- alix: one of the reasons behind volatility and the global start markets is currency. saudi arabia is not immune from this. falling oil prices have put pressure on the country's currency. joe: this week the country came out and said it will maintain the peg. our: recently we talked to thet about the chances of currency becoming undone. >> the probability is very low, but there is a probability now. it is implying and less than percent move at the moment. for that to say, you would have to see much more political tension in saudi arabia, because it's much a pride issue maintaining the currency where it is and they have the resources to do it. eman, why is it so important a maintain their pay. why, for them, is maintaining at such an important part of the economic strategy? eman: they need to have some level of stability. for another, saudi arabia imports most of its food, etc., brings, in turn, inf

joe: and i'm joe weisenthal. what'd you miss?x: volatility in global markets is clear but there may be a need to worry about the u.s. economy. joe: the chemical industry is slowing and that is not a good sign for the future of industrial output. the gauge the chemical industry has -- there is all these tiny economic in the we all must never talk about, like the talking industry has their own measure and the architecture building index we should probably talk about more, but we don't. and the chemical industry has its own chemical activity and it has been rolling over, and it is a sign that perhaps industrial activity is not as good as we hope. alix: it precedes a drop in industrial output and the slowing of pace the last three years. so watch it. obviously, guys, and historic day in the markets. u.s. stocks rallying the most since 2011. joining us to rounded out his bloomberg's mike regan as well as julie hyman. with ai want to start huge, huge move are there, seeing the best day ever for the s&p tech index in the last six years.

joe: i'm joe weisenthal. don't miss this. ;'s jobs report.sts are looking for 25,000 new jobs. we have been getting these 200,000 jobs reports for several months. anything roughly in line with ideawill keep in with this that the fed rate hike is coming. the only thing we don't want to see is a gigantic mitts. if it was something in the -- a gigantic miss. if it was something in the low 100s, people might think they have missed their target. alix: and do not miss energy. over the last 12 months, about 48,000 energy jobs have been lost, 32% of the entire oil and gas workforce here in the u.s., and that makes up about 20% of the total job losses in north america. do not miss these job numbers. it will be a good day. emily: mark pincus gives us a view of where his turnaround investors exist. where the companies that are seeing growth summit. ♪ i'm emily chang and this is "bloomberg west." to court, uber heads over whether its drivers should be classified as full-time employees. we just caught up with the company's lawyer. plus, corn companies wre

joe: and i'm joe weisenthal.x: before the break we asked which ceo told employees to be nice to customers? joe: howard schultz of starbucks. he said, let's be very sensitive to the pressures our customers may be feeling. this speaks to how much this selloff has seeped into the broader public consciousness. people are really paying attention. we talked about how it was trending on twitter. i got one of those signals from a friend i haven't heard from in probably 10 years about what was going on. alix: that is contrarian. joe: you would think so. that is why the market was going to rally today. and it tumbled. alix: bob, it was a bizarre day. this is the biggest reversal since october of 2008. what do you make of it? guest: the first thing i make of it is, 2008 seems to me like a very short timeframe. but i think that the markets are grappling around to find some sense of equilibrium. i think the sense is there is one big disequilibrium out there, the chinese currency exchange rate. we have been arguing the chinese

joe: i'm joe weisenthal. "what'd you miss?"efore the break we asked that mom and pop investors are pulling their money out of mutual funds at shocking rates. alix: the credit swees estimates $1.6 billion in stocks and $8.1 billion was withdrawn from bonds in the first three weeks of august. $6.5 billion left in equity funds in july and 8.5 billion was pulled from bond funds. that is quite a retreat. and the reason why i felt like it was really significant is you tend to want to buy bonds when stocks are selling off and vice versa. this is just a total wipeout panic. joe: yeah. some of the big themes we saw, massive outflows everywhere, massive volatility everywhere. and a breakdown of traditional correlations. those were the big themes over the last five days. and this is just another stat that emphasizes how extraordinary this week was. alix: well said. now to some afternoon top headlines. loomberg news has learned that backsalta is a target of a $30 billion takeover offer. they're said to be looking to boost its oncology busi

joe: i'm joe weisenthal.ore the break we told you about a chart on how corporate debt is affected by the fed. scartlet: after 2013 funds flowed into sovereigns. they eventually turned internet out -- into that outflows. for an money is going into emerging market corporate. you wonder if the trend will reverse. joe: with the dollar strengthening there will be concerns about debt service payments. scarlet: that is why we are seeing such steep stall as. -- stall outs. let's get to the top headlines this afternoon. alibaba planning a stock buyback to prop up its share price. the stock traded lower after sales slowed down and revenues missed targets. the transaction volumes disappointed analysts. alibaba blaming the chinese slowing economy. joe: kraft and heinz announced the elimination of 2500 jobs in north america, 5% of the combined workforce. the merger was driven by berkshire hathaway and 3g capital of brazil. scartlet: another one step forward, one step backward in the greek debt crisis. there is a technical

joe: i'm joe weisenthal. "what'd you miss??ccording to diamond exports in the rapaport group, prices are falling sharply as market sentiment slumps to a level not seen since 2008. the big reason is sluggish demand from china. it always comes back to china. gems, we are putting the spotlight on an investor who knows how to dig up a deep value. david, partg us is of liver -- livermore partners. thank you for joining us, david. david: thank you for having me. alix: looking at the world of energy, what is your criteria? of things.s a number anytime we look for a company, it's really easy to say that companies are cheap, right? one will swing things based metrics. we will look at metrics and then we will try to look deeper. find situations in which we see the metrics make sense and then we try to find the reason behind that. for example, we own a company called bolt. it looksreen it, cheap. let's say that you invest in it. what is the plan? what is the goal? will you wait for the market? or is there a way to proactively push that fo

joe weisenthal said i've never seen a chart that ugly before. deep dive intoa my terminal and look at what was moving markets today, and that was china's pmi. we talked about how bad the manufacturing number was and this is why. you are looking at new orders in the pmi, that's it indication of what the demand will be in the future. here at 47.2 -- that is that a three-year low. we don't hit that level until 2011. and this is the real concern -- future demand. scarlet: and that is what cast a paul over a global market sentiment. here's another way to chart the economic slowdown will stop barclays says look at the property. increasepretty steady up until 2013 and that was the turning point -- a 7.6% drop right afterward. in the firstn 58% half of this year. according to our glaze, commercial real estate makes up 25% of chinese gdp. so watch this space. the slowdown in the real estate sector seems likely over the next several years, but barclays is not looking for a crash will stop -- looking for a crash. alix: i want to bring in our guest, peter f

am alix steele joe: and i am joe weisenthal. that is some serious cheering, this is been the worst decline in almost four years, but the dow up today. "what'd you miss?" the big surge. is: we will ask them a what next. alix: the china factor, what it means for the market. joe: and we look at saudi arabia. alix: first we begin with the markets, it was an historic day on wall street, the dow jumping 637 point, closing off the level, but the s&p 500 has the biggest gain since november

erik: joe weisenthal, your number three item.ct, especially in commodities can we saw the ceo of test the metals slamming market vandalism for the refusal to cut back rushing -- crushing prices in commodities could we saw the commodity ceo last week talking about blaming short-sellers and the copper space. it is one thing to look at stocks in the correction. when you go to that, you see a major wealth aberration a major panic from some of the people in this industry. -- theho do you blame commodity producers or high-yield investors who finance them? chris: i think some of the producers are to blame. i come back to again that we had such massive overcapacity. this is a global credit bubble we have been in. i come back to china, led by china and the a lot of emerging-market countries. what we are seeing impacting commodities and any other credit related instruments as a result of this deflating global credit bubble. while some producers are to thee for the oversupply and decrease in prices we are seeing, it is largely a demand issu

we are joined by joe weisenthal.kingsettled morning, about how investors are reducing their bets so that the fed will in september. we had a lot of good economic data. how does the fed justify holding off in raising rates we have consumer confidence over 100 great you have the cbo is to get or cast -- listing its forecast. joe: the market volatility has to have some factor, because of their greater you around the world that it will be harder the fed to hike rates in the environment but assumption that is off the table, i do not know if that is totally justified. in the markets quiet dynamic continue to get the data through the next few, who knows? september still seems possible. olivia: it does when the fed fun futures rates are about 20%. it raises interesting theoretical questions. read you a quote from 1998. that the changes in the global economy and the justice financial markets me -- and adjustments in u.s. financial markets means that it should we slightly lower going forward. now, soellen plan different leader

we will bring in someone who does work in that job here at joe weisenthal.very day, you can catch them at 4:00. to, with all this turmoil, and the question being what should you do, let's bring in someone who answers that another -- answers that on a regular basis. joe davis, thanks so much for spending some time with us. what do you expect to happen tomorrow? is there more selling that needs to be done? joe: i don't know about more selling. you are seeing a great deal of momentum and negative sentiment in the market. i think that unless you see a mercurial change, either policy response or economic data point that would allay some of the fears around commodity deflation, china weakness, and concerns over a potential sudden stake, i think it's reasonable to expect elevated levels for sometime. i think it's also important to remember, we are coming out of a very flaccid. since the beginning of the year. matt: volatility was off the hook today, right? we saw vicks go back into the 50's and we saw a jump on them the likes of which we have not seen since 2008, 2

joe: and i'm joe weisenthal. alix: turbulence through the markets, investors pile into safe havens. joe: "what'd you miss?" more terminal for emerging markets, how far and fast willie contagion spread? alix: stocks falling further and the dow off at one point from 500 points. ,oe: and all eyes on the fed does this mean a september rate hike is off the table? alix: you are looking at a completely ugly brutal day, a brutal week, the s&p 500 falling 5.5 percent, the worst week in four years. this was a bloodbath. the dow falling into correction territory. joe: i saw that headline. ugly. some of those stocks we were talking about yesterday got androyed again, volatility everywhere you look, gold up. everyone was buying the japanese yen. a wild way to end a wild week. alix: we talk a lot about the momentum names, we can hammer on them, but netflix in particular below average, facebook low average -- below average, so these guys are breaking down technically, what lines up holding up the market? strength.w we saw homebuilders, they were down, but of more than other stocks. small caps, the

joe: and i'm joe weisenthal. ♪ [closing bell] alix: u.s.gher today after three days of losses. the dollar also rose, and treasuries weekend. joe: the question is, what did you miss? a small dafor stocks, amid growing worries. should we worry? our expert thinks otherwise. alix: apple wobbles, we have two charts the company should fear. joe: and opportunities in oil.

lix: i'm alix steele joe: and i'm joe weisenthal. alix: u.s. stocks closing in their lowest level since march. concerns that global growth is slowing. joe: the question is "what'd you miss". more turmoil in emerging markets. when will it end. alix: all eyes on september as cti making the prediction will raise rates. we will look at those odds. joe: southern migration, americans are moving south. we have three charts you won't want to miss. alix: we have to begin with stocks, ugly, brutal day for the arkets and we accelerated, and it was the worst fall for the s&p in nearly two months, the worst of the nasdaq. joe: this is a real selloff. this is a painful -- we saw a lot of pain in the media stocks that were getting hammered after bernestein.from netflix got slammed. some of the tech high-fliers. alix: the media stocks, the netflix and googles of the world , and 106. and you do have the media stocks approaching correction territory. joe: those are the ugly charts. and people are worrying about the business models and saying they are totally doo

coming up, we will talk with joe weisenthal on the volatility. a particularly want to talk to him about what he has been reading since he asked, what did i miss? this is "bloomberg surveillance." stay with us. good morning. ♪ tom: good morning, "bloomberg surveillance." good 1.2%, up 24 points. jeff futures up 185. deal of the day, schlumberger and oil restructuring with cameron resources. a nice 34%, some pop on cameron resources. much more on that in "bloomberg surveillance." two major servicemembers are killed in afghanistan with afghanistanng uniforms. her motive is not known. no claim of response ability. it is the so-called third insider attack. by wearingd security afghan uniforms. dylan thing starting earlier than christmas shopping is hyped over the new "star wars" movie. september 4 is when they will roll out all the toys linked to the film. awakens.""the force the first time, amazon is offering one-hour delivery of wine, beer, liquor in the united states. it is limited to seattle for now. amazon delivers wine and the rest of the countr

i am joe weisenthal. u.s. stocks rise. confirmation of a strengthening u.s. economy.rmation of a strengthening economy. joe: but what did you miss? the opposition party is poised -- and why are places across the world gravitating towards radical leaders and what does it mean for the markets? betty: and more intervention

joe: i am joe weisenthal. what'd you miss?his is the one thing you need to pay attention to -- inventory. inventories rising around 85, that is how many days it takes to raise the stock. it is down quarter by quarter. it is down but elevated. joe: a great read on the agricultural economy. another thing you don't want to miss tomorrow. earlier this week, the manufacturing report. fed -- philly fed. by the end of the week, we will know a lot more about the manufacturing sector. that is all >> hewlett-packard takes>> a hit. what to expect when the business splits later this year. matt: i'm matt miller for emily chang in this is "bloomberg west." salesforce boost its profit forecast and elon musk hyperloop taking two steps closer to becoming a reality. we take you to the world's first solar powered airport. all of that and more on "bloomberg west."

joe: and i'm joe weisenthal.m returns to the equity markets as oil advances for a second day. treasuries suffering the biggest weekly decline in nearly four months. joe: but the question is, what did you -- "what'd you miss?" is this china's hard landing? calm has returned to global markets but will beijing be spared? alix: all eyes on the fed. will the hike be delayed? we're going to report from the jackson hole. joe: and the brazil factor. this country is crucial and we'll take a closer look. alix: but first, we begin with the markets. i did not think i would be saying this on monday, but the dow jones is now up 1% for the week. after being down 1,000 points at one point on monday. unbelievable. joe: absolutely extraordinary week. there's just too -- an overwhelming -- we saw volatility everywhere this week. and today i think a lot of people were hoping for kind of a quiet friday. maybe -- i think -- we got it. we're down a little bit.

i am joe weisenthal. u.s. stocks rise. confirmation of a strengthening u.s. economy.nd confirmation of a strengthening economy. joe: but what did you miss? the opposition party is poised -- and why are places across the world gravitating towards radical leaders and what does it mean for the markets? betty: and more intervention could increase risk. joe: and a ticking time bomb, we are talking intervention in a most storied city. betty: it a lazy friday afternoon. before today, the s&p 500 had closed on friday 10 times, positive only two times, so it might reflect uncertainty as we head into the weekend. joe: today was the most summer friday of summer fridays, very boring. we did get news that they finalized the greek bailout, but that was expected. betty: everyone left for the beach already. this is a continuation of a trend we have already seen. in the s&p 500, groups or higher. joe: let's look at in interesting nugget. the university of michigan released numbers, there was one sub index, this is asking people if now is a good time to buy a home for an investment, bu

joe: and i'm joe weisenthal. alix: turbulence through the markets, investors pile into safe havens."what'd you miss?" more terminal for emerging markets, how far and fast willie contagion spread? alix: stocks falling further and the dow off at one point from 500 points.

. ♪ lix: i'm alix steele joe: and i'm joe weisenthal. alix: u.s.closing in their lowest level since march. concerns that global growth is slowing. joe: the question is "what'd you miss". more turmoil in emerging markets. when will it end. alix: all eyes

joe: and i'm joe weisenthal. alix: u.s. stocks closing lower after the selloff.s in change high dropped the most. joe: the question is, "what'd you miss." oil rebounds from the six-year low, so much uncertainty and turmoil. alix: reading the tea leaves inside the dark art of

joe: and i'm joe weisenthal. [closing bell ringing] alix: u.s.lower after losing momentum from a mid afternoon fallback. the fed minutes reducing speculation of a rate hike in september. joe: but the question is, "what'd you miss?" momentum stocks take a dip for the first time since june. are they about to see their own mortality?

john: i would like to spend some time wondering how it would be to live in joe weisenthal's dreamworldhn: congratulations to bernie sanders and john kasich. those are two candidates who can deez nuts. until tomorrow, sayonara. ♪

. -- i aman wiesenthal joe weisenthal. what you miss?his chart that shows you how in a little over a year energy companies have raised one $3 trillion. alix: unbelievable. time is a loan return coming up, which makes they are going to have to come to the bank and see if there were less than they were a year ago. u.s. housing recovery is in full swing, with sales at eight here highs. but the impending interest rate hike by the federal reserve is asking, is the housing market repaired? joe: we bring in our expert . >> let's get started. alix: what does the wind of telling you, and -- >> when there are no homes to buy, people cannot buy them. it really drives up prices paid that is why we have seen a price exhilaration in the first half of the year. people not able to sell a place and it becomes self-perpetuating. it cannot tell a place, you worry about trying to buy a new place. he will not be able to get it. move,eople say i cannot if he freezes the whole market. joe: why can't people sell? but theyan sell it, cannot find the next one. al

joe: and i am joe weisenthal. alix: that is some serious cheering, this is been the worst decline in almost four years, but the dow up today. "what'd you miss?" the big surge. is: we will ask them a what next. alix: the china factor, what it means for the market. joe: and we look at saudi arabia. alix: first we begin with the markets, it was an historic day on wall street, the dow jumping 637 point, closing off the level, but the s&p 500 has the biggest gain since november 2011. joe: extraordinary. the first half of the day felt like yesterday, then the market were selling off and we had a sick feeling, but extraordinary buying in the afternoon and it took off. huge moves. great economic data this morning. pretty positive day. alix: the dow finished with the third best gain on record and it was very broad-based, all sectors higher, tech was leading the way. joe: as with yesterday, cyclicals leading the way and he cannot forget that the fed basically seems to take september off the table for rate hikes, not 100%, b

i'm joe weisenthal. scarlet: i'm scarlet fu in for alix steel. ♪ scarlet: u.s. stocks rebounding.w wiping out a decline, but not closing in the positive after opening for losses in the second day following china's currency valuation. joe: this is "what'd you miss." chinese chaos -- is china making the right move? scarlet: what

joe: and i'm joe weisenthal. alix: u.s. stocks closing lower after the selloff. shares in change high dropped the most. joe: the question is, "what'd you miss." oil rebounds from the six-year low, so much uncertainty and turmoil. alix: reading the tea leaves inside the dark art of decoding the fed. we are getting hipts of a rate hike. joe: we'll talk to a texas bank chief about oil, housing, banking and how the lone star state does it differently. alix: we begin here with stokes. the dow jones industrial average falling, ending that three-day advance and it was about the commodities, energy, materials, all leading the declines lower. on the upside, those home builders keep killing it. hot, hot rally. up 16% so far this year. joe, we need that in the market, because if you have the bioteches and the media stocks rolling over, you need another sector to lead. joe: another theme that we keep alking about, emerging action, the central bank of turkey held raids. we saw their currency fall. another bad day. like that story every day. alix: emerging markets currency as

i am joe weisenthal. scarlet: and i'm scarlet fu, in for alix steel. ♪ [bell rings] scarlet: u.s.ng the most in almost three weeks. joe: the question is "what'd you miss?". the $37 billion deal. warren buffett pursues berkshire's biggest deal. he transforms his storied company. does his big bet makes sense? scarlet: our neighbor to the north has never meant more when it comes to global mar.

joe: i'm joe weisenthal. ♪ alix: unbelievable day. u.s. stocks erasing gains.nds on the s&p first stretch from yesterday since 2011. joe: the question is, what'd you miss? another wild ride, stocks surge after friday's slaughter. -- monday slaughter, then all vectors. and then worse dive at the end. , when will things cool down?

i'm joe weisenthal. scarlet: and i'm scarlet fu in for alix steel. ♪ scarlet: stocks try to hold onto their gains in the close, but late selling dragging the s&p lower. can investors recover from china's currency devaluation? joe: the question is -- "what'd you miss?" bureau for china receipts. -- fear over china recedes. what's next in the currency drama? scarlet: plus, turkeys currency -- turkey's currency falls to an all-time low. joe: the greek economy grew last quarter, but don't break out the champagne. we've got the charts that show what is really going on. scarlet: we begin with the markets. the dow and s&p 500 little changed, although the dow did swing 140 point today. the dollar bounced off a one-month low, meaning energy and metals prices resuming their decline. joe: oil getting smashed today, really ugly. must call my and -- much calmer end to the week. home depot really doing well, and sort of a flat day, but not really bad. normal august day. scarlet: you have some data on greece you want t

joe: i'm joe weisenthal. alix: that is some serious cheering. u.s.seeing the best gain in days after the worst rout in years. joe: the big search -- stocks soar after global market turmoil. we will ask what is next. alix: plus, the china factor. we take

scarlet: i'm scarlet fu in for joe weisenthal.g bell ringing] alix: all three major indices closing lower this monday with energy down. crude falling below $50 a barrel for the first time since january. scarlet: but the question is "what'd you miss?" the chinese plunge. china's stocks hitting the lowest level in three weeks. but are we missing the bigger story? two killer

i'm joe weisenthal.and i'm scarlet fu in for alix steel. ♪ scarlet: stocks try to hold onto their gains in the close, but late selling dragging the s&p lower. can investors recover from china's currency devaluation? joe: the question is -- "what'd you miss?" bureau for china receipts. -- fear over china recedes.

joe weisenthal is here with three things we need to look at today. the hong kong dollar pay.lot of aggressive betting that takes everywhere are going to break. erik: talking about saudi arabia. >> that was the story yesterday. now people are betting that the hong kong peg will break. still not huge, but people are betting given what has gone on in china will loosen or break it in some way. peg: does the hong kong break? >> i don't think so. only three years ago there were some substantial speculation that the hong kong would break the peg. erik: there was a huge bet on it. was you came from a decade of asian appreciation and versus the hong kong dollar, every thing was expensive. we are talking amounts of 40%. some of the asian currencies have weakened by 10% or 20%. , the breakaway peg is the economicse of realignment in the region. that being said, in the long term if the flexibility of the chinese extreme rat exchange rao materialize, hong kong may need to rethink the value of its peg to the dollar. erik: you would not bet on it? >> now. -- not. the excitement is similar t

i am joe weisenthal. scarlett: and i'm scarlet fu, in for alix steel. [bell rings] u.s.s rising the most in almost three weeks. joe: the question is "what'd you miss?". the $37 billion deal. warren buffett pursues berkshire's biggest deal. does his big bet makes sense? scarlett: our neighbor to the north has never meant more when it comes to global markets. joe: and stocks take a backseat t. we have the charts to prove it. move.tt: we have a steady , almost a broad advance erasing last week's decline.

joe: i am joe weisenthal. alix: u.s. with the s&p 500s slipping below its average price for the last 50 days. joe: question is, what you miss? puerto rico $72 billion conundrum. the territory groans under enormous and misses a key payment. what is ahead? alix: real estate interest rates set to rise. in the housing market ready? joe: disney is about to open up in show its earnings for star wars. you were looking at the s&p relatively flat on the day. but it is closing below its 50 and 100 day moving average. eight of the 10 sectors all below

joe: and i and joe weisenthal. ♪ alix: u.s. stocks closing of the lowest level since march.n emerging markets. joe: but the question is what'd you miss? more turmoil in emerging markets. when will it end? eyes on september. the bold prediction the fed will still raise rates next month. we take a look at those odds. joe: americans are moving south again. we have three charts you don't want to miss. alix: we have to begin with stocks. a brutal day in the streets for the markets. we really acceled