we are watching in zurich as there has been an introduction. live fromming to us zurich.re you see jay powell, chairman of the federal reserve. everyone now waiting to see if he will give us any indication of what they will do at the next meeting. now let's listen in to chairman powell. relationshipur with switzerland, how do you perceive our country? do you like, love it? do you visit it ? do you do sports, hiking, swimming here? the people are curious. that is a lotl: of questions, i could take a full hour. thank you so much, martin, for your remarks, and for everybody's welcome. switzerland is a place where central bankers, on a regular where we meet, with each other internationally, share candid views as equals, person to person, we developed close personal relationships with other central bankers around the world so it's absolutely essential in this globalized world that we have strong multilateral relationships like that, and they really come together importantly here in switzerland. i have been to switzerland many, many times on vacation with my wife, and a long ti

we are going to get jay powell speaking in zurich. this is last time we will hear from him ahead of the fed rate decision. plenty of people tuning into that and we will carry that live on dab digital radio in the london area. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i am guy johnson. this is "the european close" on bloomberg markets. let's check in with the first word news with kailey leinz. kailey: job growth came up short in august and that may clear the way for another rate cut. payrolls climbed up below forecast 130,000, boosted by 25,000 temporary workers hired to prepare the 2020 census. china's central bank is injecting stimulus into economies facing new headwinds. it is cutting the amount of cash banks can hold is reserves. the pboc is lowering the required ratio by .5%. the cuts will release 126 billion dollars of liquidity. hurricane dorian has made landfall in north carolina's outer banks. dorian has been downgraded to a category 1 storm with winds up to 90 miles an hour. the hur

something alexander matis is aiming to change he works at the swiss federal institute of technology in zurich. at the moment the algae are growing too slowly to concentration once we finish cultivating is still too low that means producing and processing the micro algae is too costly for me quite. the scientists are working to accelerate the growth of the algae using short high voltage pulses the single celled organisms have huge potential. because we could use micro algae to produce very interesting new substitutes we are able to convert the algae proteins into a meat like substance that would facilitate a protein rich vegetable based diet and reduce meat consumption at the same time. that many types of algae can be eaten directly without any processing at all french chef perry cleary regularly harvests the wheat in the city of brest west sea wheat has been a source of food for centuries europe's coastlines alone no home to some 500 different types of sea wheat and algae 13 have been approved for human consumption and laree uses 7 or 8 of them in his cooking. this one here is often referred

maria will be bringing you that news from zurich. the banking sector not exact lay one of the best performers during the last quarter. we continue to monitor what is happening in the united states and with the trade narrative as well, probably the biggest factor going into the fourth quarter to determine where markets go. the trump administration is downplaying a revelation about limits on investment coming out of the united states or the possibility of delisting some chinese companies that are currently listed in the united states. we saw a big reaction friday to this story that came out of bloomberg in stocks like alibaba. we are joined by peter dixon, commerzbank global equities economist. in terms of what is going to happen in the fourth, how important are the trade talks going to be in the narrative? we have the story we broke friday. we have trade talks coming next week. how painful is all of this in terms of the market narrative? guest: it is front and center. is aorld economy right now huge amount of uncertainty, whether it b

which he took in europe again we see the close look he takes of people in all walks of life with a in zurich paris a london he's telling the narrative with a visual language. later in life he also made films and videos he's rolling stones tour documentary became a scandal that really what i hate originate here it's not you can't. beat. just a few days ago robert frank died at the age of $94.00 and he started in 1941 and he photographed until last year or maybe the beginning of this year that's like saying i have to croak like almost 70 years in the war of the photographs and films and it's an enormous amount of work that is left over and i deserve a legacy does is an unparalleled his photos and now classics subjective truthful he was a giant in photography and artistic destruction who kept his eye conventional view of the world until the very end. was fabulous fun times so for this edition of arts and culture i leave you with warhol bernie as saying from a conference call a break 1st. i was watching a box on the. school. the school the. old food. supply. the funny thing make open for a god t

buenas tardes buen provecho si e esta preparandose para la cena, qatar, sortoeo en la sede fifa n zuri zurich copa mundial fifa de mundial de clubes asi se jugara monterrey ante el de q a catari y el cmapampeon de ucran tambien el campeon de lbirstrbr copa libertadores enfrentara al gandoador del juegao con monte. >> y ba barcelona por fin recbi la motinoticia, mlio messi est e regreso despues de 40 dias, po l nsa on del muslo. valverde dijo que no sabe cuantos minutos tendra melio mei maÑnana en el arranque de uefa e leagchampions league, >> tambien gbolden boy promotios confiramente evmas evento cansa alvarez triple g, antes tendra q que subir dos categorias para e mem medirse a kovalsergei kovalev v noviembre de este aÑo es todo en noviembre de este aÑo es todo en deportes, (♪música inquietante) ♪ ¡ya! !dejame en paz! todo lo que hago está mal. ¡siempre mal! carlos... [la puerta se azota] ♪ musica n olicial peligre r arrollar a un oficial motocic d motociclamotociclae motocicelta, mas informacion a l las 11, tambien le diremos como termino todo. >> tambien antes de irnos le r recordamos qu

joining us in zurich is maria tadeo.astuch credit of very credibility does the board have, given it looks like they are looking for a scapegoat, rather than finding out what happened? maria: that is the big question and it's about trying to figure out how such a big public relations disaster could take place. to go back to what triggered this, you have to go back to the was seen asyee who a rising star here at credit suisse. he decided he wanted to leave the institution and go to ubs, a big rival. there is speculation as to what prompted the exit. the media here will tell you the relationship between the ceo is very much in focus, and have become incredibly toxic, and decided to leave. it becomes more complicated when that surveillance operation is put in place. threatened,was there was a public altercation here. the bank, however, has a different idea of what happened here, that they were simply trying to protect their business, and that is the obligation of any board, to make sure a business is protected, that he would

something alexander matis is aiming to change he works at the swiss federal institute of technology in zurich. at the moment the algae are growing too slowly to concentration once we finish cultivating is still too low that means producing and processing that micro algae is too costly for me quite. the scientists are working to accelerate the growth of the algae using short high voltage to.

as we record this program, chairman tell is including his remarks in zurich.eally new here. he declined to go beyond the following quote him act as appropriate to sustain the expansion. what are you looking from the federal reserve in the next couple of weeks? subadra: 25 basis points rate cut i think is all the market is pricing in and what we expect. for the most part, i would say that he is probably going to continue to say this is a midcycle adjustment, which is somewhat at odds with what the market is pricing in, which is for cuts between now and the middle of next year. i would be looking to see how they square the circle on market pricing, if or at the beginning of a rate cut cycle, or continuing to characterize this is a midcycle adjustment. jonathan: are we at the end of the cycle? greg: no, but the market continues to push the fed. there's all this rhetoric around from tweeting but really the markets are pushing the fed. that's what a worry about, each meeting is met with more priced in cuts. at some point, it doesn't wash away. i think the second ha

start your design today at customink.com i met eller and direct this morning -- i'm matt miller in zÜrichthis morning. the leaders of the u.s. and the u.k. face chaos in the legislature. european futures are pointing lower and the cash trade starts in 30 minutes. presidential harassment, donald trump cries witchhunt again as he could become the fourth president in history to face impeachment proceedings. fliesaker boris johnson into a political crisis after the supreme court in the u.k. rules his suspension of parliament unlawful. and one-way traffic. china prepares to buy more u.s. pork as president trump uses his u.n. address to slam beijing's trade practices. christine lagarde calls it the biggest threat to global growth. >> it is mediocre growth. ofis at risk because essentially one major threat, which is the trade war that we see. now, of all the things vying for investors' attention, political risk is pushing its way to the front. donald trump is to face a formal impeachment inquiry. speaker pelosi says the u.s. president has violated his oath of office and obligations under the con

we are watching jerome powell speaking in zurich with thomas jordan of the swiss national bank. for more insight on what we have seen, we have a deputy chief ,conomist at cornerstone macro as well as michael mckee. in terms of the broad range of comments here, anything particularly surprising? talking about the neutral rate being lower. he said we would act as appropriately to maintain economic expansion. that could have been interpreted as bullish for the markets, but they didn't budge much. what do you take away from the remarks here? jay powell was disciplined and stuck to his talking points, made the argument that the u.s. economy is in a good place, language that he has used before, said the fed is not forecasting recession, which they would never do, so the fact that he stayed away from that was a good thing. and the act as appropriate line he has used many times. you have to think there is a drinking game on wall street every time he says that. if there was anything newsworthy , to an extent, it was hearing from him directly that politics does not play any role in their d

rio tinto, zurich insurance in their.d a downgrade from one of the brokers to zurich insurance. opening prices on stocks we were covering earlier, ab inbev up .4%. i wg response to the we work delay with a drop of .7%. bute not an incredible day zalando down 8%. one of the big shareholders has been selling a stake. that is a stock specific story will talk about. european markets opening lower with energy gaining and materials lower despite concerns saudi aramco may not be back at full output for months. with more, yousef gamal el-din joins us from the dead -- riyadh. as we wait for more details, for the response from the saudi's. yousef: a sense of shock. the public discourse. how could any into tk close to the heart and soul of the saudi energy system? quite a bitere is of pressure on the saudi government to come up with an answer and be able to defend themselves. they have come out with a statement in the last few hours, a direct quote from the foreign ministry saying they will take all measures to ensure the safety and

i'm flying to zurich tonight for an interview tomorrow. stay tuned for that.itely check back for that. as far as the losers are concerned, you know lover -- andever at the top, anheuser-busch doing poorly, from some of the most the stoxx index, not. and relx down .5%, plc, and a couple, astrazeneca on the downside this morning, zurich insurance on the downside. losers, and the number of losers continues to rise. little moreown, a than 400 stocks gaining. let's talk about what's going on in germany. the economy is in pretty bad shape, and today's ifo survey in particular, the expectations gauge in the ifo survey will be closely monitored. yesterday we saw the release of a terrible set of pmi's, so a poor ifo reading could mean expectations for a downturn get another boost, if you could understand that. expectations for a downturn get a boost. any way you say it, people get more bearish. thel continue to follow german story with daniel schaefer, our bureau chief in frankfurt. we saw yesterday pmi numbers worse than expectations, which were already very bad. i th

in many cities around the world rent prices are going through the roof in europe zurich paris and london are some of the most expensive locations in berlin rentals and purchase prices have doubled over the past 10 years of. living spaces have also become objects for speculators and that can pose a threat to the human rights to adequate housing. now adequate housing may be a human right but cheap housing isn't at least that's one standard argument property developer christoph is of the view that having invested in berlin means he's entitled to reap the rewards and that he then has every right to reinvest the said rewards in building as many luxury apartments in the city as he can but as ordinary berliners are priced out of the property market should grow not be allowed to keep doing that our reporter chris and chris davis had a few questions for. it's too late but christophe groaners just calling it a day on this building site the real estate tycoon is always busy but he's found time for a brief interview groaner is one of the richest men in germany and he didn't inherit his money he made

something alexander mortis is aiming to change he works at the swiss federal institute of technology in zurich. at the moment the algae are growing too slowly to concentration once we finish cultivating is still too low that means producing and processing the micro algae is too costly for me quite. the scientists are working to accelerate the growth of the algae using short high voltage pulses the single celled organisms have huge potential. because we could use micro algae to produce very interesting meat substitutes we are able to convert the algae proteins into a meat like substance that would facilitate a protein rich vegetable based diet and reduce meat consumption at the same time. but many types of algae can be eaten directly without any processing at all french chef perry cleary regularly harvests the wheat in the city of brest west sea wheat has been a source of food for centuries. europe's coastlines alone now home to some 500 different types of seaweed and algae 13 have been approved for human consumption and reuse is 7 or 8 of them and his cooking. this one here is often referred t

over 20 years, kristen stewart is headed to switzerland show received the golden eye award at the zurich film festival which begins september 26. >>stewart stars in sebring about french new wave icon jean sieberg. >>which plays at the festival gary sinise gave some military widows and literally his foundation flu 23 surviving spouses of fallen service members to hollywood recently as part of its relief and resiliency program. they shared stories of their lost loved ones visited the senate and see isn star mark harmon and spend a day at universal studios. they were even treated to a spa day all to help reassure them that the service of their loved ones will not be forgotten. hollywood. i'm david daniel. >>palate fun, a little pick-up by checking in on conditions around the bay area little bit of a backup at the bay bridge toll plaza but a great tree into san francisco, we'll be back with a complete check. >>welcome back to the kron 4 morning news, the time is for 3rd pretty good morning to you and thank you for waking up with us today is like a transition day. i believe john said earlier

which he took in europe again we see the close look he takes of people in all walks of life with a in zurich paris a london he's telling the narrative with a visual language. later in life he also made films and videos he's rolling stones tour documentary became a scandal that the where they were originally not you can. be. just a few days ago robert frank died at the age of $94.00 so he started in 1941 and he photographed until last year or maybe to be good of this year that's like so i have to croak like almost 7 years in the war of all the photographs and films and it's an enormous amount of work that is left over and i deserve a legacy does is an unparalleled his photos and now classics subjectives truthful he was a giant in chicago st and artistic destruction who kept his unconventional view of the world until the very end. 5 going to sponsors so for this edition of arts and culture i leave you with warhol boni a singing from accomplished concerts a break of the finest in. ice watching a. little of the. school the school the old. city. school who all. i was thinking when i arrived here

this led to an altercation in downtown zurich.a attention has followed and credit suisse was forced to launch its own internal investigation. they get to decide at a board meeting who ordered the operation and whether any policies were violated. we will hear from the bank as soon as tomorrow. how are the bank shareholders reacting to all of this and do you think anyone is likely going to take responsibility? candace: it is not clear what the final decision will be. we understand that the board is leading towards sparing the job of ceo. the top shareholders expressed support for the senior executive. the biggest investor has urged the lender to let the crisis blow over. it could be damaging to credit suisse and its stakeholders to lose any member of the senior management over this issue. another shareholder said we hope that media reports are not overly influencing the board of directors. having said this, credit suisse investigators have been honing in on the role of the chief operating officer. was involved in authorizing the sur

we are watching jerome powell speaking in zurich with thomas jordan of the swiss national bank. for more insight on what we have seen, we have a deputy chief ,conomist at cornerstone macro as well as michael mckee. in terms of the broad range of comments here, anything particularly surprising? talking about the neutral rate being lower. he said we would act as appropriately to maintain economic expansion. that could have been interpreted as bullish for the markets, but they didn't budge much. what do you take away from the remarks here? jay powell was disciplined and stuck to his talking points,

marxist and this mass of green here which even shows snow in the house we've got 14 is a maximum zurich even north misty is cooling down to some degree is still hanging on to 30 in madrid but southern spain you're notice the green appears not share was and despite this southerly breeze warsaw maintains only 20 so that the water is really being squished out of europe it's in the bottom only the bottom southeast or southwest and with the movement doing this sort of thing we're bringing more cold in and shoving northward so germany poland austria and down to the balkans terms of the big there are 20 about how to get to monday pretty universal by the time of disappointment i think an early to support and now it's not going to temperature drop in africa because the winds coming up from the south but that cloud in the sky just of course change things to some degree 25 or a bat but the green represents yet more thunderstorms in the atlas mountains or lower ground in not just. and quite possibly tunisia. it was sponsored by. talk to al-jazeera we wasn't going to use it will be given to the peop

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of this area temps wise look at this we're talking 20 degrees here in london 22 degrees in paris zurich at 18 as we go towards saturday though this high pressure continues to dominate and it can again pushes over here toward central and starts to push into the eastern areas still quite nice for paris at 28 degrees but we are going to be watching a funnel body out towards the atlantic and that is going to bring some showers and by the time we get towards sunday for london though this is going to be a forecast as we go through monday nice day on saturday we do expect to see some even showers as we go towards sunday evening the showers continue on monday but the overnight lows go down into the mid teens well for the know the part of africa we are going to see plenty of clouds across morocco as well as algeria over the next few days in terms of the temperature though we're going to see algiers with attempt a few of 26 and clouds in the forecast for a lot with a temperature of 20 to. achieve chinese scientists in donegan ring. searching for a result and the one who won a preview. china's und

that is going to come under being presented right now because a researcher at zurich marcelo has proposed a sort of international recognize right specific to our thoughts and our brains in response to this new technology in fact chiller has 2 bills that would make brain data protection a human right but they cannot go in and mess with your thoughts take your thoughts mess with your mind business or governments and i ask you is that i will we should be talking about should that be in the halls of congress do we need to clarify a set of rights for our our thoughts and our minds or does our existing laws already protect them do or does our bill of rights already have that protection and would just be overkill. bill of rights no but you're on to something how do i take a generation and because let's face it the older generation were gone for in the back 9 nobody cared about us but do you but but the newer folks ok and i speak only for myself here but if i could somehow take the interest that we had overnight in ringback paid. her straws recently it was something i'd say are you seeing this pe

number of very, very advanced research glacier research units, here in bern at the university of zurichs over many many years. now we know glaciers are supposed to retreat and then advance, that's normal. what we're seeing right now is a really fast, unexpected, not normal retreat. and i've talked to numerous glaciologists in switzerland involved in this work, and they are actually united in their conviction that this is to do with global warming and will have consequences for the glaciers supplying fresh water to europe. they hold the permafrost in the alps together. that means cable car stanchions, that means stopping rolling rock and mudslides down into the alpine valleys. it's notjust alpine scenery. we're talking about here we're talking about an increasingly fragile environment. now it's time for a look at the weather with phil avery. our weather is on the change, and some of you will have already noticed that we don't have a big area of high pressure with warm weather, we have atlantic fronts bringing belts of cloud and rain or showers ever further towards the north and east thro

speakinghairman powell to week and a half ago in zÜrich still sees a strong labor market, the consumerlid, holding up. the problem is this is sentiment was negative in the second quarter, trade war uncertainty. we saw the purchasing index below 50, contraction for the first time since 2016. this is pointing to the fed during the 25 basis point cut. the global risks are mounting. i think the dots will be interesting. i want to show you our dots chart. it is the lower level of dots, that group expecting one or two rate cuts by the end of the year. the change in the summary of economic projections, more rate hikes are not? what does jay powell say at the presser? .his will be interesting people want to know what is next. yvonne: mark, tell us about positioning right now. how far will stocks rally if the fed does make that 25 basis point cut? -- is largely priced in it largely priced in? >> it is, especially if you look at the treasury curve. one of the interesting things we have noticed about the s&p 500 is that each of the last three times when it went through or created a new recor

. >> i read that there was an early draft of darkness that would discovered in a zÜrich library. wonder, have you read it? is supposed to identify actual historical contemporary figures, more than what we have which was i think his english mistresses translation of his writing. back the publication of his book was kind of a mess because he was running from the vichy police and he left them and escaped lying on on the best way they took everything else that left that at one stage. all that he was left with was dorothy hardy's ankle is asian of his work and what they found i think was the german original writing. it would be fascinating to see what changes there. >> i don't know if researchers are allowed to look at it yet but i know they are publishing in a dated edition which would be fascinating. the french edition of that look with sitesmack and its impact treated sold-out in every store around the block and it really challenged a lot of people into how they were thinking about the soviet union. all of that was based on this kind of british version that was written in these cha

about 16 degrees here in london paris really not looking too bad at 20 but still quite chilly in zurich at 17 degrees down across the med in italy we're going to see a system really start to develop here along the front about and those will bring some winds as well as well as the potential for some active showers for that area as a boy down here across the northern part of africa things are looking too bad we're going to see some clouds for parts of tunis attempt a few at $31.00 degrees tripoli a $28.00 with winds coming out of the north and gaza here on thursday at about 30 degrees they are not seeing too much of a change as we go towards friday may have some clouds across morocco before but it is going to be a nice day at 26 and for algiers sunny conditions at 27 degrees. for the congolese the journey to work all aboard means unimaginable hardship i prefer to lie down because they might get the captain to chance in life and live on a dangerous journey through the jungle. have gone on to the rails and nearly died. our children go to school and live because of the train. risking it all

after we did that, there was a new report that came out of zurich, switzerland. this study looked at everyone who is receiving some type of medication for their disorder. the vast majority were receiving methadone. some were receiving slow release morphine. only 12% were receiving heroin assistant treatment. if you offer this, it's not like everyone wants to get involved. we seen this in other places. it could be different in a world with fentanyl, right? so, the evidence is very solid on this. whether or not we see this same results in the united states is a different question. in those places where lies are stabilized, it makes them easier to take advantage of various resources. most of these places have universal health care. in parts of the united states, we don't have that safety net, nor as strong. it's not entirely clear whether you see those benefits. on the other hand, fentanyl wasn't an issue. we should be trying to do these trials in at least a few places to assess cost and benefits and see if this makes sense. this isn't a silver bullet. this isn't a

well time which is of course low as you might expect but to the south of there it's very nice 23 in zurich a warm 29 in madrid and pretty good into vienna at 24 celsius and then the best sunshine is really through the eastern end of the by the trainees the 20 celsius in athens still cool in moscow 11 degrees and that rain is on its way it is fine and dry across northern africa temperatures typically in the mid to high twenty's a warm 34 in cairo on saturday and then by sunday will see a very warm tunis at 31 degrees. growing go up in the marsh an unforgiving circumstances children learn to play dangerous games they say if i throw stones then destroy the house and take me worn down by frustration and broken promises young men living under the constant threat of imprisonment big took me to the jeep and blindfolded me the time for them to regain control of their lives is when the boys returned to my side and now at this time on al-jazeera. planet is feeling the heat of the climate an ecological emergency the world's leading scientists are warning of an existential crisis in the face of it rev

the south was i think you go through the alps as well so eventually see temperatures dropping in zurich or 625 today and compare it with what's coming up for tomorrow but science so that says a little more on the low pressure developing in the west and maybe the few showers in it but i don't think you see the cold science especially in portugal hang on to it same is true throughout most of the balkans in italy with nearly 30 marker you will notice but further the office of progression of colder weather so in the next 12 hours or so i suspect that cloud that's over morocco will do have a few showers not just display but also for the atlas mountains in both iraq and out geria and the whole thing a grossly east was towards to new zealand not dropping the temperatures very much on that is we're still developing showers along way north throughout the sahara moving anywhere really from ethiopia westwards to the atlantic. sponsored. by of all everyone has a. start with our community because of course this is a debate and it's a he did want to. join the conversation with people i think if only

they had a downtown brawl in zurich because detectives were following the wealth manager leaving forid suisse's own boar they are looking at the situation. romaine: they had a brawl in public? sonali: this is one of the top wealth managers in the world, trying to teach -- trying to take the phone away from the detectives following him. romaine: world leaders and diplomats gathering in new york city. there will be plenty of headlines to watch. the showdown between the u.s. and iran likely to overshadow the meeting. addressesdent trump the meeting, iran's delegation will be in the second row. the relationship obviously between the u.s. and iran right now is fractured, to put it mildly. what do we expect trump to say in his address? >> two weeks ago, heading into this meeting, it would have looked like things were on track rouhani tond hassan have a sit down meeting on the sidelines. since then, we had an attack on the saudi aramco facilities, iran's foreign minister has warned about conflict leading to all-out war. the u.n. meeting, these kind of meetings can still take place. we do kn

going to see here as we go towards sunday as well down towards the south though over here toward zurich it is going to be a little cooler at 15 degrees there well across the northern part of africa we could be seeing some clouds pushing through and with that through morocco algeria as well we could be seeing plenty of rain across the area now we don't expect it to be too heavy but it could lead to some localized flooding here so up here towards morocco robot just to the east of you some rain here on saturday then as we go towards sunday that area of rain starts to push towards algiers so in the mountains we could see a problem there with some localized flooding but we do expect to see attempts to there of $26.00 degrees but for tunis it is going to be quite a nice day with attempt a few of about 30 degrees there. with a sponsor it's only. weeks stores generate sound scenes of headlines it seems that much the media is still struggling with how to deal with it with different angles from different perspectives and you know hold to account separate the spin from the facts. the misinformatio

. ♪ david: fed chair pebble speaking in zurich friday, saying -- fed chair powell speaking in zurich keep the economic expansion going. chair powell: trade uncertainty will be weighing on business decisions and that sort of thing. as we go forward, we will continue to monitor all of these factors and the geopolitical situations and continue to act as appropriate to sustain this expansion. david: joining us now is bloomberg's michael mckee. still with us is lori calvasina of rbc capital markets. did we learn anything new from chair powell? from the fed, no. they staked out the same positions they left us with after they cut rates last time, or they think they do. the question is what is this going to accomplish? we don't seem to have a problem with the cost of credit in the united states, concern over the trade war, and the fed's actions aren't going to accomplish anything on that regard. we have the ecb this week, widely expected to do some significant qe or lower rates or both. the will then widen interest rate disparity between the two countries, affect the dollar, maybe push the d

's zurich suisse banking drama spells out after an employee moves to a rival firm. us is sonali basak. let's start with wework. the headline on bloomberg was neumann, new woman? what happened? sonali: it's been a tumultuous couple of weeks. but i can't wrap my head around is how fast all of this came about. softbank is one of the major drivers, and they want to keep the company private for longer so they don't have to take a right down -- take a write -down. they now want to potential he ousted neumann. if they get rid of neumann, who is going to take over the company? will people believe that new person can move it into the public market at some point in the next year or so? alix: does it matter as long as softbank likes them? sonali: i think it does. if you ask new investors to come in, they also have to like the ceo. how much is wework adam neumann? are they very intertwined entities? they have been. not to mention, he has most of the voting power here. how hard will it be to get him out of that seat? it is very unlikely to believe he would just walk back easily.

how does this set us up for jay powell speaking later on this morning in zurich? michael: unless there is a really strange number in this report, don't expect jay powell to make much news. he's going to want to say the fed will act as appropriate to keep expansion going, but doesn't want to give any clues away as to how far they will go. the market is building on 25 basis points. he would like to walk away basically unchanged, looking for that 25 basis point cut. we will see where they go after that. alix: thank you very much. coming up, we are going to have more on your morning trade and analysis in the markets in today's first take. this is bloomberg. ♪ david: time now for our bloomberg first take. this morning we are focusing on the u.s. august jobs report, out at 8:30 this morning eastern time, fed powell -- fed chair , andl's speech in zurich more. with us now are carl riccadonna and constance hunter, kpmg chief economist. carl, let's start with you. carl: there's a risk that the big spike in workers for the census could lead to a misleading sense of what is

but actually what apt we did that there's a report that came out of zurich switzerland.a fetish for quite some time and the study look at everyone was receiving some type of medication for the heroin used disorder. the vast majority receiving methadone. some also receiving slow-release morphine. only 12% of them received hair witnesses permitted if you offer this is not as if everyone sit. we've seen this all rights in other places. that said it could be very different in a world with fentanyl. the evidence is very solid but whether not we would see the same results here in the trinity, it's a different question. in those places where their lives are stabilized and makes it easier for them to take offense of theirs resources. most of these places have universal healthcare. in parts of the trend we don't have that safety net. there's not as tongues is not entirely clear to me whether you see the same benefits. on the other fentanyl wasn't an issue so i think given the evidence we should be trying to do some of his randomized controlled trials in at least a few places so w