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tv   Bloomberg Markets  Bloomberg  August 31, 2015 1:00pm-2:01pm EDT

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statement from opec. quite a new poll shows bernie sanders is now within seven percentage point of hillary clinton and i will appear we will look at what it could mean in the rate -- in the race to the white house. the island passes governor gives advisors another week to come up with a restructuring plan. ♪ betty: good afternoon play -- afternoon. mark: let's look at the markets at this moment. stocks on the move after the worst month in more than three years. the s&p's teary that some of its losses today. nearly .4%,own trading on $1981. the dow jones industrial average is also rebounding from its lows. the dow is down 1 -- one third of 1%.
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on nasdaq composite index this last monday of august, it is down about .25%. let's move on to the close of gold and oil. oil fell below $40 per barrel this month, lowest since february of 2009. atex route is up nearly 6% 4788. to 64. 5% at 60 gold futures are falling, down nearly .1%. gold is not a safe haven it once was. treasuries are still a safe haven. we are see that again seeing buying on the long and particularly for the 30 yield. staying with the whole safe haven theme, let's look at the and in particular
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watching how the euro and the japanese yen have traded. the euro and the end, the correlation, and eight year high, the highest since back in early 2007 one we have that global stock route and essentially a recession all the way around the world. euro is a safehe haven currency because they have been so focused on what is going on in some countries like greece. it is getting that status restored in the latest on declines here. mark: you pick an interesting week to be off last week. is,ther interesting thing day ofthis is the last august, september 1. it is a proto-month for global equities. there is no way around it. betty: many people were away so the volumes are quite and. the top stories we are watching
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this afternoon, prosecutors are expanding currency manipulation by some of the world passes largest banks. bloomberg news has learned the justice department is using a deal is reached with banks and may to get more for mission on market rigging. they reportedly attracted the attention of prosecutors. among those -- you may have to wait longer. he advised has funds like stephen:'s 72. we asked where u.s. stocks are headed. >> we need time. 'sat happened last week reflexes. it just takes time. if the market should decline faster than weeks that, you will probably make a bottom quicker. we're in that year where the market is acceptable to the
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decline in october. betty: chinese stocks have not bottomed out yet. settingstin and hungry up the search for migrants attending border crossings. 15 mile traffic jam on the hungarian side of the border. 71 migrants were found last week in an abandoned truck near vienna. five suspects are under arrest. with -- unit is teaming on new ways to treat diabetes to the companies plan to develop ways to store and analyze glucose levels in real-time. diabetes will affect an estimated 600 million people by 2035. it costs the united states about $245 billion per year in health care expenses and lost productivity. betty: president obama is starting a trip to alaska today. he will be the first to visit the region. he is affected to call for action against climate change. he is changing the name of anna
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debt of mount mckinley to a native alaskan name that means "the great one. cohen the president will take a walk on the wild side during his alaskan trip this week. he will trek through the wilderness with survivor expert bear grills for a special edition. mr. obama will be the first u.s. president to receive a crash course in survival. this is a president willing to take some risks. mark: you would think given what is going on in washington, you would need survival techniques to take the office area that is another story. those are the top stories we are following at this hour. and they willhell not take it anymore p or islands are turning away from andblishment candidates those pitching themselves as political outsiders. mark: bernie sanders is in striking distance of hillary
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clinton and iowa's presidential race. for the republicans, dr. ben carson is edging closer to the front runner, donald trump here joining us now to break down all a president who conducted the latest island poles, and blumer passes national correspondent phil mattingly p thank you both. let me start with you. talk to us about what the polls tell us. where the surges for the democrats and the republicans coming from? >> on the democratic side, it is hard to talk about it so much as a bernie sanders search. he has doubled his support since may. lost 30% ofton has her support. this the first time i will showing her with less than 40% of the vote. the era of inevitability people used to talk about, i do not think in still say that exists.
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on the republican side, you see a slow and steady ben carson who has been in the state since last year, coming up gradually. we also see a definite surge from donald trump. i think he got 4% of the vote. he now leads the field at 23%. betty: what explains that? what is being said about the poll. why is scott walker and marco rubio and jeb bush at all of the scenes we're talking about six month ago, as the likely front runners, what happened and how do they fall behind so quickly? >> every name you just mentioned .lay a role they were thrilled by that fact. you have people with real records and real experience at the state level and the national level. out fromr really stuck surveys and polling. that was, of republican survey,
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91% were either deeply atatisfied or "mad as hell" e elected officials. movementanti-incumbent . a lot of times, people are not happy with what is happening in washington. this is deep. if you look at what donald trump represents or you look at what ben carson represents, it is the exact opposite of what the deep bench of public and candidates are bringing to the table. that is resonating. mark: is this so much about donald trump's message resonating, or is it because we in the media keep talking about him and he is dominating the news cycle? part is the latter. it is hard for the rest of the candidate to make much noise that gets noticed. time walker led the last we pulled and that lead was cut in half. he is not going very well. this favorability is still high.
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favorability for jeb bush is getting worse. for those people holding their own in terms of people liking them here in iowa, there are people here declining because donald trump and ben carson are heating up the vote for first place. it is an embarrassment of riches on the republican side that ended up putting them in a situation where voters who want that experience have -- no place to call ask, not one candidate to say this is our best twice? >> exposure to the candidates is likely going to change people's about these candidates on the gop side and also the democratic side. was something bernie sanders alluded to when he was on cnn yesterday. let's just play part of the upcoming debate. mr. sanders: i think at a time when somebody people have given up on the political process, when 80% of young people did not
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vote in the last election, 63% of all americans did not vote, i think debates are a good thing. betty: who has the most at stake? >> would bernie sanders is referring to is something that has caught steam on the democratic side, the limit to the number of debates. the democratic committee set up sixth of and said they would not do more. mark o'malley has spoken out, at thed the dnc convention last week about the issue. bernie sanders has gotten on board as well. if you are behind, you want that debate. you want opportunities to take shots at the front runner. hillary clinton, her campaign said they would not advocate for anymore. what you are hearing from bernie sanders and martin o'malley another democratic candidates is the republicans will have double-digit debates. we should have that as well.
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limited opportunity to really, hillary clinton aside from just being on the ground in iowa or new hampshire or south carolina. mark: we would be remiss if we did not mention vice president biden. is there a biotin factor -- a iden factor? a b >> we include them in the horserace question and he got 14%, which, i have to say, is that her than he has done the two other times he has run in iowa. that is good news for the vice president. his favorability's are very high. they're up there even beyond hillary clinton. there is a storehouse of goodwill. what we know is he is not hurting hillary clinton more than he is hurting bernie sanders in the race. ok,locate his votes and say he draws about evenly from both units. it is a tepid and warm welcome.
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mark: i like that. betty: thank you so much. also thanks to our national political correspondent phil mattingly are thank you. still ahead, stocks are bouncing off their low for the day. in decline.ll mark: we will take a look at stocks in the markets and why shares of apple are getting the boost on this monday, august 31, 2015 come the last day of the month. we will be right back. ♪
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betty: welcome back. we will go to matt miller with a look at the market are
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what are we looking like now? matt: we have seen a real come back, mainly because of the price of oil. you will see the dow is now only about 50 points. 60,000, five 92. 1981 the s&p, still a drop. saw a close on friday, 1980 eight, but we were down substantially more before as pretty much everything wait on the indexes. you have now got a situation where tech stocks are gaining. you see oil stocks gaining. speaking of tech stocks, look at our hope that have gains for apple today, because you have a number of news items coming out. first and most importantly of which is citi analyst jim suva is adding apple to its focus list. he still has a $140 price target on the $114 stock that he said because of the fall that he took recently, he is putting it back on the focus list.
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i was pulling up analyst recommendations. let me go ahead and close out. you can see there are 42 by ratings on apple. holds and two-- cells. -- sells. i think the dive apple took, taking another look at it. today, aof tech stocks big story on netflix dropping its contacts with fx. when netflix got together with epic, it was a real coup. epic has content that netflix uses that is important. it has got the hunger games, which all the kids love. world war z, which i love. i am not sure how many other people actually loved it. the brad pitt zombie movie. it woulds down because rather make its own content. netflix has done very well with its own content.
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in 2016,s worldwide maybe a lot of other people will want to watch world war z and will no longer be able to. netflix is out with that news. and then tech stocks in general will be holding. i want to talk about twitter, another tech stock doing well today. this after sunburst came out and said, it likes the stock, it wants to put a $38 price tag on at 3825 righting now. because of a management will see aion, we full-time ceo coming. because it expects monthly average users to be up 22%, they expect engagement to be up as well, they think the 50% drop twitter had is a little too much, and it recommends you get back into the stocks. at 28.15. up
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mark: thank you, matt. betty: a look at the top stories at this hour. walmart is spending a billion dollars to add wages and provide trading. -- training. exxon and pepco say they're going ahead with plans to create the largest utility in the u.s. last week, the public service commission rejected the proposed 6.8 billion dollar takeover. regulators and several other states have approved the deal. the dz commission gave exxon and pepco 30 days. warren buffet is betting americans are still thirsty and hungry for gasoline. hathaway is making its most significant energy investment in two ears. stake, 66.ion the s&p energy indexes down 8% this year. a look at the top
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stories at this hour. coming up, samsung is struggling to compete with apple and other smart phone makers. betty: why the latest devices are falling far short of a hit. more on that is next. ♪
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mark: welcome back. betty: a rough ride for samsung over the past several months. the newest galaxy smartphone has caused a fit quarterly decline in profit and has lost $43 billion in market value since april. 8%k: shares are down with an this month. corey johnson joins us here in the studio with more. what are we to make of these numbers? cory: so much of the companies bet on that. fundamentally, they have a structural problem, a structural
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disadvantage. it is hard to have a truly different product. also, your users are more likely to move on to a similar device made by someone else with the same operating system on it. a samsung user might just as well jump to an lg phone or something like it. they have seen that. betty cohen is the $44 billion lost? can we contribute that largely to the end of the popularity of phones? cory: in china, they have taken that away using android-based phones largely differentiated from what the samsung offerings are out there. it was not the success they expected it to be when they talked well over a year in the marketplace. i think it is also worth looking at how different the profit
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margins -- they just are not anywhere near as big. look at the margins for apple and the last quarter. they were so much better than samsung. close.ot even is the samsung meeting demand? cory: perhaps. they have also got a low-end feature cost are increasingly in the emerging markets now moving into smartphones, the cost advantage and volume advantage samsung had by selling these phones into the markets is lost when there are cheaper versions of smartphones out there that could be entered into the markets at samsung not only a couple years ago but dominated by future phones. make it better phones. ready: do they have anything in the pocket? cory: we will have a new launch next week so the safe to getting
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higher and with apple leaving the technology out there. mark: cory johnson joining us here in studio from san francisco here thank you. let's look at some of the top stories crossing the bloomberg terminal at this hour. the obama administration is drafting nations into omniscient china and other countries for hacking computer networks are the measures have not and finalized. there is concern sanctions could lead to more online attacks. to itsnomy plunged lowest level since 2001. they fell more than 26%, blamed on a widening corruption crackdown by the chinese government. puerto rico recovers from a tropical storm. heavy rain and high wind on friday. advisors were scheduled to give the governor a restructuring plan yesterday. he is now giving them until
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continue witho the postal. $72 billion. now to politics, a new poll shows bernie sanders has narrowed a gap with hillary clinton in iowa. bernie sanders trails clinton 37 to 30% now among likely cost go -- likely goers. bernie sanders spoke about his growing momentum on cnn. mr. sanders: we are generating enormous enthusiasm or people do not understand why the middle-class of the country is collapsing at the same time as almost all the wealth is going to the top 1%. donald trump, filed by ben carson, ted cruz, and scott walker. jeff merkley is the latest to say he will support the
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agreement. the president needs three more votes to sustain a likely veto further republican-led legislation aimed at killing the deal. a man has died, wes craven, who created nightmare downstream. he died yesterday in l.a.. he was 76 years old. some of the scariest movies i have seen. all i'm out. i'm signing off on that note. mark: we will get thoughts on growth in india. the u.s. federal reserve. stay with us. bloomberg market day continues in a moment. ♪
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mark: michael mckee met with some of the world passes sharpest economic minds at the annual kansas city fed gathering in jackson hole, wyoming. they sat down with the reserve bank indian governor -- governor on friday to discuss the limits of central-bank power. >> i would say we're in a time of growth. say central banks have pre-much done what they could do. it is not a view universally held by central bankers. i think in general across the world, central banks have done pretty much what they're capable of and now others have to step up, whether it is through structural reforms, in some cases, fiscal policy. sources of be the fragility, that we tried doing too much and as a result, in
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certain marks test markets, prices are not correct. now whether that happens smoothly or that happens in a more volatile fashion, i think that is anybody's guess. >> you believe the secular stagnation argument? class of believe there is a validity to the fact we are going far more slowly than previous recoveries. is this because of debt overhang? i do not think so. i am not sure if this is a more long-term factor, given all of the innovation that is happening. you would hope we would find some way of monetizing all the good stuff that is happening. we are growing strongly. >> one of the concert isis of innovation is that if you have a surplus of labor, you cannot use
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it to grow in the way that china has in the past. has india missed a chance to develop? >> we have to do a lot more work now than we would have had to if we have followed the same path years ago. we certainly need to skill our workforce much more. think the benefits going be bringing them together to do tasks rather than technology replacing the human being. that, there will still be a lot of value added by people. you know, so my hope is we figure out how to do those things. classes,example, these if youver the internet, just transmit over the internet,
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people start and then drop out quickly. if you have a tutor holding your hand and figuring out exactly what you do not understand to help you along the way, those classes can become effective. you have a top-notch teacher giving you a lecture and a good assistant helping you understand the things you do not understand and prodding you to continue. marriage of it out of than a human being might be the most successes way. -- >> my sense is it should allow for all of the abilities. i do not want to prejudge which way is right. i think we should create an environment where be -- we orome a manufacturing giant, that we emphasize services as we go along. i would think we would up our level in manufacturing. we are exporting more manufacturing than we are now. education could pick up strongly
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we play our -- if cards right. >> lot are concerned about emerging markets. many did not take advantage of tell wins in the emerging economy to do the reforms necessary. india continue to reform the way of doing business while you have the opportunity? >> i think there was a strong wake-up call in terms of may 2013 that added impetus to the efforts on the way. inflation is down less than half of what it was then. the current deficit is down almost from nothing. it is 1% and trading lower. fiscal deficits going down. the government is working hard. we have got political stability with elections behind us. the government has some big
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plans, including a unified market through goods and services. a lot of plants. we have to see how we deliver on them going forward. there is a motive optimism in india. mark: the governor of the reserve bank of india city down last week with michael mckee. let's get a check on the european market close. mark barton reports from london. mark: 900 billion euros disappeared from european stuff in the month of august, putting that into percentage terms, 8%. the stoxx 600 fell by that amount in the month of august. the biggest monthly drop since august of 2011. every single industry group on the stoxx 600 fell in august led miningcompanies, companies, chemical companies. 16 billion euros valued disappeared from the chemicals industry.
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the oil and gas industry lost almost $60 billion as well. an astonishing and to the month. stocks are finishing lower. when will the fed raise rates? that is a big question right now. here are some big moving equities on this monday session today. french mobile telecom company reported weaker than expected first-half profit. it said domestic competition. cutsans to widen its cost in its transportation unit according to tito's people familiar a shareholder estimates a lower dividend for the year. and the italian oil company said it discovered a super giant natural gas field offshore. europe, as i said. 900 billion euros are valued and have disappeared. what is the best-performing stock in europe and august? the betting company up by 20%. players to merge.
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those are the details. back to you. mark: mark barton in london. stephen engle is in hong kong. stephen: before a big world war ii victory military parade in beijing later this week. securities regulator asked brokers to contribute more than $15 billion to a revived market rescue fund. this is after stocks fell the most in 20 years. people according a journalist, a regulating official comment four executives in china passes his brokerage, have been arrested for various crimes, including insider trading. mark: still ahead, roger goodell and tom brady met in federal court in manhattan today.
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the subject is deflategate we will tie you what happened when we return. ♪
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mark: my colleague matt miller is standing by. last monday in august, it has in a bad month here at how are you doing so far? matt: the month looks horrendous. we're talking about losses on the dow jones industrial average of about 6%. the worst month for them in about three years, worse for the dow than in the s&p. the day is looking a little better than this morning. we were down almost 200 points this morning.
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about 100 on the dow. the s&p 500 was down more than 1% this morning. back throughout the day, want to take you and show you why. this is the imac function on the bloomberg terminal. it is interesting. it shows you where stocks are by the green and where they are doing worse by the rent. you can click into it there and i will click into the energy sector, for example. you can see where the best gains in the energy sector are in equipment and services. the companies that help you get the oil out of the ground, and the emp companies. i will put it in terms of total returns to the best farmers are new field, chesapeake, half. -- hess. these are pulling it back throughout the day. those are the big gainers as far as energy is concerned. that is what is helping us
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throughout the day. health care is hurting us today. we are falling on health care and that is as we find new drugs that will help you lower your cholesterol better and cheaper than the old ones. health care maker, the others that are not a part of the new drugs, medical companies one of them, they are falling. as ag a hit today, as well few others except for cigna, which is actually doing quite well. that is a look at the markets. i will hand it back to you. mark: thank you so much. apple is at odds with silicon valley nape -- neighbors over technology. new apple operating system will make it easier to block advertisements on iphones and ipads. it could hurt publishers and of -- others like google who want to generate more ad revenue for the audience. who has reached an extensive multiyear deal with a cable channel and it will bring movie
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releases too low for the first time. earlier, netflix announced that it dropped epics. -- epix. it has not been a good year for endowments at public universities. reporting fiscal 2015 returns that fall short of the industry standard. the second wealthiest public school in the united states, the university of texas, had a 3.3% return. the ohio state university, indiana and the university of florida, they were all below 5%. the u.s. open begins today in but this term it will be missing a former champion. they list your the event due to a lay industry -- injury. that is a look at some of the top stories at this hour. the so-called deflategate dispute goes on. and nfl commissioner roger goodell, we are back in court in new york today.
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they failed to reach a settlement agreement. federal judge urged both sides to make a deal. brady is fighting a four-game suspension. a union representative says they tried. best to reach a settlement but for us, it reinforces the desire and need for an independent arbitrator. and matters of personal conduct. mark: the judge could announce a decision as soon as tomorrow but no later than friday. scarlet fu is joining me here. we have been following this from the very beginning. a lot of passion on the both sides. some say it is about the integrity of the game. any idea when the ruling will come? >> the judge wants it out by tomorrow and wednesday. sometime before friday. tom brady wants this done it soonest possible. he wants to get ready and hopefully for his part and
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patriots fans, they want to see them on the field. this is interesting not just to rehash history, it goes game against the indianapolis colts. there were allegations the patriots deflated some of the balls because they are easier to throw in very cold weather conditions. the patriots say that nothing like that took place but tom brady has taken great offense to the fact that the commissioner according to brady's people is basically tarnishing his good name and his good reputation. >> the dispute now centers on whether roger goodell acted properly or if he overstepped his authority. something in the collective bargaining agreement allows for goodell the commissioner to have final say to be in the appeals process, to decide on that. it is an issue the nfl players union has taken up when they brought it to the judge can what i found interesting in all of this is the public portion of the hearing today lasted all of four minutes.
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home cutyone got sent the judge said it was clear they would not reach any kind of agreement today. questions brings into roger goodell's authority. some people believed he overstepped his authority. the commissioner and his people are convinced under the collective bargaining agreement, he as the commissioner of the nfl has the authority to determine what is and what is not affecting the integrity of the game. a new will smith trailer. i have to ask you what this is about. >> i wanted to bring this up. the other big issue when it comes to football is concussion spirits football players and/or injuries when they get hit repeatedly. will smith plays a person who discovered the neurodegenerative found in twothey former nfl players. he will be on screen with alec, who you see right there at alec all the when is a doctor helping
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him to bring his research to light. they faced a lot of pushback from the nfl in all of this. it comes 10 days before the season starts. it is the kind of thing people talk about as the season begins. you are basically having car accidents over and over. that will be a fascinating film. let's stay with sports. the u.s. opening is starting today. an interesting story coming out of the tournament is that of the rise of teenage tennis prodigy francis, who can thank bill accu -- bill ackerman for his rise. said inisten to what he the cost of playing tennis. he has done so well in life. the fact that he wants to give back to young athletes like me, it is unbelievable.
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he has done so much for me. gave me a plant -- a chance to play around the world. not worry at all, i cannot thank him enough. a tennis superstar in the making, a fantastic story about his connection with the pershing square ceo. what is coming up? leslie will stick with tennis. endsmer number one when tennis player. .veryone gets ready mark: she is a pioneer regarding social issues as well. i will see you in a few minutes. thank you so much. still ahead, puerto rico's governor gives advisors more time to come up with a debt restructuring plan. we will tell you what the delay could mean.
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mark: welcome back. a new to this in the saga of the puerto rican debt crisis. the governor's advisers were supposed to present a restructuring plan this weekend. that date has been pushed back a week. laura joins me on studio. what do we know about the plan and more portly, what a -- what do we know about the delay?
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>> it was for the weather purposes. tropical storm erika, a problem here in puerto rico. because of that, they were not apple -- actually able to make the deadline. what we know is it will come, september 8 is what we have. weeks toe been a few show sent to -- essentially what we have known before. they will seek to cut, pay for government officials, and also for labor in general. mark: bondholders who may be affected by this, do they take this as a sign that, here we go again? this will drag on in ad nausea him? >> i think there is a little bit of that. the possibility of this dragging on forever without solution. at least having the start point here with september 8 would be a good thing. if you start getting into a
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month where we have sawn -- we saw bondholders waiting for months, you will have the bonds keep collapsing. it is a confidence game. the bond price keeps dropping and then you will have bondholders get really upset. mark: is there anything that gave them a sense of optimism in what the governor said? >> yes. in puerto rico, you have a problem where different parties came around and say, this is happening. a little bit of political gain midship there. when you have everyone saying come we will have it, people started to say ok, i guess it will happen. a little bit of a confidence withdrawal. mark: as far as you can tell, has there been any improvement in the debt situation over the past four weeks? >> not really. they had the bond deal and
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that's it not work out. there has not been an improvement in the debt scenario at this point. we have talked about how this is impacting the lives of ordinary resident in puerto rico. what are they to make of all of this? i sit must be horrific to have headline after headline. -- you see headlines have earlier, 16 lane dollars in two years. mark: you mentioned possible political gain midship. -- gamesminship. it causing more problems than need be? >> you do not have one specific party talking. you have the representative in the u.s. congress, and they have different parties. they have a bit of a different
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view. hard for a u.s. congressman to understand what things really are when you have two different officials who have in some ways very different opinions on some things. talk ofs there been any trying to help puerto rico out of the situation or are we at the point where, whenever you hear the word bailout, that lawmakers do not have the stomach to get involved anymore? >> i think the term bailout is not really the proper term people do not like that term politically. it is more of a treasury person going in and saying, we have a control board and we will help cost ofructure the things, not necessarily the debt. the bailout is more, we will give money to puerto rico pair that is not really what happened. you have that. that is something that would be a public education mechanism that you have to have your official actually discussed. mark: i think we discussed it briefly in the past, but it sounds like the 1980's municipal assistance corporation, books in
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order. >> they wouldn't have to worry about whether it is unions or teachers coming in and saying, we do not like that. have the autonomy to say, this isn't done. mark: you have somebody from the outside coming in. >> he was like, i am going to put this on the fast track. i do not care about your politics to we are pushing this forward. mark: thank you so much. stay with us. we continue in just a moment. ♪
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mark: it is 11 a.m. in san francisco, 2 p.m. in hong kong. scarlet: this is the bloomberg
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market day. mark: stocks are at their worst month since 2012. scarlet: and competing for her second major title. ♪ mark: good day from bloomberg world headquarters here in new york. i'm mark crumpton here with scarlet fu. scarlet: we are united -- reunited. mark: yes, reunited. scarlet: we are looking at declined, but modest income bears and with what we thought the start of last week. the s&p losing 6/10 of 1%. if you look at the sector breakdown, nine factors are down

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