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tv   Bloomberg Markets  Bloomberg  November 3, 2015 2:00pm-3:01pm EST

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from bloomberg world headquarters in new york, good morning. i'm david durant. -- david gura. -- emissionsions scandal is not over. the company had another 800,000 cars that showed in regularities. each be a one delivery and a new generation of tv viewers, and while climbing to a two-week high. is this a good time to buy? if it is, and warning what could happen if you actually buy a barrel of oil. first, let's head to the markets desk where julie hyman has the latest. here, thecks rally s&p 500 is less than 1% away from its record now. not huge gains across the board, but enough to inch closer to
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that record level. you take a look here, the dow is the best performer. i want you to take a look at why that is. the best-performing stocks individually within the dow include visa, which is bouncing back after declines yesterday on the announcement was going to buy lisa europe. it's up by 4%. exxon mobil rising along with oil prices. if you look at the s&p 500 energy index, it's up for the fifth straight day. rallying along with oil prices. oil seeing him again today that more than 4%, bouncing back when it comes to recent declines. there's a galatian the regally -- weekly income data that comes that would be favorable soil. also supply disruptions in libya and result, adding to those gains in oil today. david: black gold, what about actual gold? seen risk appetite come back, that tends to disfavor gold as it were. we've seen declines accelerate even as oil advance and accelerate.
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right now, it's now four straight down days for gold. the decline we've seen in that time has been the steepest in about a years time. people also factoring in the fed outlook into their goal -- gold traded. janet yellen testifies before congress and we hear from a couple of other fed speakers and other venues. stanley fischer and bill dudley. investors will be looking for more hints as to whether we are getting an increase in december. the fed opening the door to that. let's take a look at currencies as well, based on that fed speculation. jobs report on friday, we should mention that the euro is falling today. it had been on a winning streak. there are some questions about mario draghi in his recent comments to italian media outlets that it's not certain we are going to see more quantitative easing. the euro has been falling. let's take a look at the 10 year. we've seen yields there at the highest in six weeks. 2.2%.
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they keep working higher as the day goes on. this is sort of part of that , people buyingo stocks and selling bonds today, pushing up those prices. david: julie hyman at the markets desk. let's get a check of the bloomberg first world knows -- news. ramy inocencio has the latest. ramy: the latest on the fatal russian plane crash from saturday. egypt says a joint investigation committee will start examining data from the black boxes found sinaiash site on the peninsula. the committee includes egyptian and russian experts as well as representatives from ireland where the plane was registered, all 224 people on board were killed. most of them russians who were returning from a vacation. the ntsb says there was a problem with the main fuel supply line in an airplane that caught fire as a taxing for take off from fort lauderdale international airport. passengers were forced to evacuate by sliding down chutes.
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of the 90 on board, one was seriously injured. 21 people suffered minor injuries. one year from now, americans will see the next president. but today, marijuana is the major issue on an off year election day. ohio voters must decide to colorado'sters, and voters must decide what to do a tax income from recreational marijuana. the white house looks of the high price of drug prescriptions later this month. the cost of specialty medications represents 1% of all prescriptions. comprises more than 32% of all drug spending in the last year. drug companies, insurers, consumers and the like are all expected to attend the forum on november 22. listen up james bond film fanatics. to newest film is excited have the biggest u.s. opening in the 52 year history of the series. thisens with late showings thursday. ochs office.com estimates it
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will pull and $90 million around this one weekend. albert time for producer broccoli and mgm. they own the rights to the james bond stories, and their deal with sony to coproduce the famous film series expires with specter. that's a look at the first world news now. you can find the latest news on bloomberg.com. david: ramy inocencio at the news desk. volkswagen says an internal probe of his diesel scandal indicates an additional 800,000 cars showed irregularities. volkswagen said the economic risk stemming from the finding is about $2.2 million. this has been following story. this company has already set aside so much money to cover these costs, and of the $2.2 billion, that has to hurt. jamie: trying to expand their factory in chattanooga to make these midsized suvs that they so
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desperately needed to compete in the u.s. markets. an investment like that, you were talking about $1 billion or $1 billion on the factory and $1 billion on the vehicle. you take $2 billion out, that's a huge setback. it's like one fourth of what for thisset aside unfolding scandal. david: this was first picked up by an eba test after some sort of internal investigation. weirdest things stand now, and is there a chance they could be another shoe to drop? thee: when you say this, whole diesel cheating scandal unfolded from epa and the california researchers board during investigations. this announcement today -- we really don't know. it's a hundred thousand vehicles, it could be from among the 11 million they originally identified with small diesel engines. relate to the larger v-6 diesel engines that the epa flagged yesterday. bw yesterday denied -- blanket
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denial. or could be separate. the only thing they told us is that they involve co2, carbon dioxide emissions. that more often tends to relate to gas burning cars rather than diesel, where the issue is causes nitrous oxide or smog as opposed to co2, which causes global warming. they could be from the original 11, we don't really know. what they said was they started their own investigation after .he epa got in trouble that's how they found these 800,000 vehicles with $2 billion with of liability. david: you have to expect bw wanted to focus on auto sales, which were surprisingly better. people would not expect that. i want to ask you about the new ceo of the company, who came from the porsche side of things. he said some of this might have affected portion, that may not be good for the things. jamie: it's bad news for bw to
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even have porsche questioner implicated. they are defending it saying is not a problem in time will tell. but it is one of those were even raising the question can hurt. matthias mueller came from , seen as given the company a clean start and management team to come in and try to straight things out. even just last week he said he wanted employees to quit feeling bad about what was going on and start having fun again. this kind of news makes it really hard to get back on the fun track. david: the opposite of fun. remind us of the timetable. volkswagen trying to get out in front of this. isind us of when the company going to begin to rectify these problems? jamie: they have a deadline with california for the number 20th. they need to explain to california how they are going to from emitting so much extra nitrous oxide. in california, smog is such a big deal. they made so much progress in clearing the air, something like
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one in six or one and seven children in california have asthma. a very strong regulator out there. we have a newly aggressive regulator in washington, both at the epa and the national highway traffic safety administration, which is investigating bw on something entirely unrelated. they face a lot of deadlines, and then it is still's were of a question of how fast can they act? if they need to install new filters -- it is just changing software, you think they could do that quickly. ofthey need adequate much the vehicles or rework them, we're hearing talk of 80 to work on the engine and the tailpipe, could be very time-consuming. david: something crossing the terminal from the nhtsa about -- takata paying a penalty. jamie: we are seeing $70 million fines, chrysler and honda have paid $70 million fines, so this
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is a big step up. you think about 34 million cars, that shouldn't be a huge surprise. it's a real problem. they haven't been able to figure out a root cause. withare clearly problems the design. problems with the manufacturing. when thetracking accidents occur, when people are getting hurt or killed. fromeaths a really grizzly a piece of equipment, and auto part that ought to be making it safer. generally, airbags do. they save lives. but when you're airbags that supposed to making you safer kill somebody, that's very problematic. it's very distressing. surprise thate would be a record. it's sort of a surprise that is a smallish company paying such a big fine. david: jamie butters, thank you. in the next 20 minutes of the "bloomberg markets," bill gross and shares his advice on where the fed should advise the
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economy. one world trade center has been open for business one full year. we take inventory of america's tallest building. and pipeline politics. the very latest on transcanada keystone saga. ♪
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david: welcome back to "bloomberg markets," i'm david gura. standard charters is paying the price for bad bits of india and china. the bank cuts 15,000 jobs, about 17% of its workforce. standard chartered becomes the third european bank in less than two weeks to announce sweeping job cuts. bring the total planned reduction to more than 30,000, or one in seven positions. management cash
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division will manage $87 billion in assets for bank of america clients. it involved merging bank of america money funds in separate accounts into blackrock's offerings. it brings the cash management business to three under $72 billion in assets. the deal is especially close in the first half of next year were not disclosed. you can always get more business news that bloomberg.com. julie hyman is a check on some of the energy movers. julie: we talked about how energy is the best performance. there's company news that is pushing some of the individual energy stocks higher. there's a provider of shale , reporting third-quarter losses smaller than analysts estimated. also raising a full your production growth forecast 11% from 10% because of the strength of one of its texas assets. yesterday it was up on its earning report, and also expanded in business with
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petrobras, the stock is being updated today. evenpeake energy is rising after the stock was downgraded over bernstein. it does report earnings tomorrow, it's one of the worst-performing stocks in the s&p 500 this year. a couple of other commodity related stocks we're watching include mosaic, maker of fertilizer. that stock is up to .2% -- 6.2%. the company brought down the upper end of the capital expenditure view for the full year. archer daniels midland is one of the worst performing stocks, it's the worst performing corn processor and sells a pinch from shrieking ethanol margins are in the quarter. the shares are down 7%, also the exporter of corn and was hurt by the stronger dollar. effectare we seeing any from transcanada saying they want to put the keystone xl decision on pause? beie: it doesn't appear to
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having a big effect. there been so many delays already in the pipeline, wraps helps people to taking it in stride. david: julie hyman at the markets desk. it's been a tough year for bill gross and janice global unconstrained bond fund, down 2% since last october, worse than 63% of similar funds. that not keeping bond king from advice to others. he says the central banks and switch not twist to revive the economy. what exactly does that mean? joining me john dawson who covers growth for bloomberg. let me quote one more thing from that investment outlook which features a boy sitting on a stool with a dunce cap on. inwrites just as attorney breaks down and einsteinian theories prevails with the speed of light, so too might easy money, which invariably led to stronger economic recoveries. now failed to stimulate growth close to the zero bound.
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he's talking about operation andch, what is that contrast it with operation twist? john: operation twist involved buying long-term bonds like 10 year bonds. the fed did that, helped reduce interest rates. the idea was low rates will stimulate borrowing. he will make your mortgage cheaper. now he's saying what they need ondo is make yields higher longer-term debt. so that people will have more long-term investment, so they will be encouraged to save. right now these low-interest rates are punishing seniors and banks. they are punishing anyone who wants to save money, which is at the same time encouraging people -- in search of higher yield outside of bonds. he says it's creating all of this froth without really
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growing the economy. he says if you raise interest yields, especially on longer-term debt, the economy will grow more normally. it will be stronger. david: bill gross urging the fence or raise rates. he's been doing this for some time. hisknowledge is -- he got the odds are people aren't going to listen. john: he says they are not stupid, but he does say they are stubborn. he is using this physics argument that he started out with to say basically the laws of money change as you get towards this fine point of zero. so obviously, a lot of people are interested in what he says, even if his bats don't always pay now. he does have a long track record. maybe some of the reason his bats don't pan out is because it's a lot more difficult to put
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your money to work and get those kind of results that it is to stand back and opine about what's going on with the economy. david: john, thank you. he covers bill gross and janice for us. tomorrow we hear from janet yellen and the fed vice chair stanley fischer. a big day for fed watchers tomorrow. still ahead, today marks the one-year anniversary of one world trade center. weird joined by the buildings leasing mastermind, coming up next. ♪
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david: welcome back to "bloomberg market day." one world trade center open one year ago today. the the tallest building in western hemisphere, 64% occupancy rate is on the rise. leaves the losing team from one world trade center and joins us now -- leads the leasing team from one world trade center.
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the deal to report today. >> we do. the port authority of new york and new jersey announced today that one of our newest tenants who only moved in less than two weeks ago and occupy the 60th floor have just grown and it taken an entirely new floor on 61. they're incredibly massively growing advertising technology firm, and one world train is ideally suited for tenants like that. we can provide quick expansion space that many of these tenants need. david: we know condit asked -- condé nast is one of the tenants. who leases in one world trade center? tara: text tenants have finally discovered the advantages the new construction can provide. we provide expansion space for these tenants, we provide wide-open expanse of floors that allow these tech tenants to death of either spaces, to do so with their employees. but in such a way that the
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floor-to-ceiling glass provides incredible light and air, and counterbalances less space, but with greater light, therefore greater productivity and innovation in the work that they do. tenants have finally discovered the quality of new construction. movies took 75,000 feet this past year or the we are currently sitting in. we have investment banks and mutual funds, we have other advertising agencies, and as you know, condé nast. it's no longer the fathers of wall street, it's a highly diversified community of different types of tennessee's and a growing hotel population. david: restaurants and well -- as well. incredible shopping. wet seal announced 125 retail tenants will move in. and witheet to start, brookfield, we will be over one million feet, the largest amount of retail that the city has in any one concentrated area. david: when you meet with
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someone looking for space, what is the pitch you make? the building is iconic and new. what is so great about this building? tara: the durst and port authority constructed new york's newest icon to date. it's a recognizable and highly desired address throughout the globe. , in 10 companies -- in 10 countries and -- and they are and 50 counties -- countries around the world. you are automatically reaching a much greater global audience on the global stage. one world trade at financially -- we like to say it's the exponential power of one world trade center. all of our tenants within the building, it's interesting as we watch, they are beginning to work with each other and the business is now fluent between companies that never knew each other before.
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it's a community in and of itself. i've been to the observatory. there's a lot of security to get to the top. it'sity may be a concern, a building that has a lot of traffic. how big a concern is that? tara: the observatory is completely separate. we have three main entrances to one world trade center and the security access to one world trade center to go to any other class a office building in manhattan. you come in like i did hear a bloomberg, i show my past. if i'm in this issue -- if i'm in this system, i'm issued a pass. it's the same one world trade center. beenlion square feet has rented today. most office buildings in manhattan range from $800,000 -- 800,000 to one million square feet. we've already rented to large office buildings in manhattan, the building has been validated by 23 tenants today. stacom, thank you.
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we look at the keystones of strange new strategy, next. ♪
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>> from bloomberg world headquarters in new york, this is bloomberg market.
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ramy has more from the news desk. with the latest development in the crash of a russian passenger plane, killing 243 people on board. 200 people say american satellite systems detected infrared activity or heat around a russ and -- russian passenger plane. officials say that could mean many things including that a plane exploded because of malfunction or a bomb blast. examining the data from those boxes soon. the u.s. is extending its fast-track entry program for $165. frequent travelers to the u.s. claiming a lebanese syrian -- citizen missing in september is actually an american spy in custody.
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the man is based in washington and holds permanent resident status in the u.s.. first official word since his disappearance. a new study found a long acting shot worked as well, the accommodation of three daily pills. johnson and johnson said the shot could be every month. a milestone in hiv treatment. blackstone smith also part of the study. a u.n. expert says severe weather link to the climate change threatens access to food. has a safety expert negative -- says a negative impact on agriculture could subject to 600 million people to malnutrition. it also recommends a shift to agro ecology that supports a local food movement, as well as the environment. that is a look at our news right now. you can find the latest news on bloomberg.com. commodity markets are
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closing in new york. let's look at prices. raw sugar on global shortfalls and whether caused by owning you will curb yields in some areas. still in its longest slump in , showing the product to drop on speculation showing the reserve would raise interest rates. crude popped above $48 per barrel for the first time in a couple of weeks after the u.s. refineries boosted operations. in other news, chance canada is asking a u.s. review of keystone pipeline be put on hold. the company has been under review for several years but asking the state department to put things off longer to wait separate review and nebraska. why would they push for a pause on its own pipeline project? walk us through what transcanada is thinking might be here? why are they thinking this? like they seem to be saying that
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what they are doing now is nebraskao focus on the side of things. they're asking the federal government in the united states, who they had applied to for this review, to just pause the review until they get the nebraska situation. it is aell know, contentious issue between canada and the united states. keystone pipeline is still being debated. what they asked for the federal government in the united states to step aside, that is finished. what that realistically means on a timeline situation is probably by the time the nebraska decision is made, there may well be someone new in the white house. transcanada says that is not all the reason and they will not really budge on that or the fact that there is a new government which has as a priority a better relationship states, united
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president obama of course but generally with the united states. there are a lot of political pieces right now. canada saying they just want the federal government and the u.s. to step aside. david: he was asked about this and he said the current goal was noted it seems unusual that the keystone process would be cost. you mentioned a new government in canada and what can you tell us about the stance on a keystone pipeline? is he as adamant as his predecessor? >> he is in support of it. tomorrow is swearing in of justin to be the primary person in canada. all kinds of things will get into motion tomorrow. his election campaign leading up in support of the keystone xl, the pipeline going through, he has different views on other pipelines in canada. slamdunk that the
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prime minister will be in favor of various pipelines. is a pipeline that is supposed to go to the pacific coast. he is not in favor of that. there is a pipeline going east to the atlantic side of things. could not just said a prayer ministries completely in favor of pipelines that keystone xl has gotten a checkmark from him. as i mentioned before, the priority of his new time as head of the country is a better relationship with the united states. keystoneoke down over between the previous premise or and president obama. david: we were talking about the price of oil. a lot has changed in the process is still unfolding. has that started to change as well? >> yes is the answer from the
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company. the company released earnings today. a couple of areas where revenue is not as high. do with more the utility business and a few other issues with outages. ,n terms of the bottom line keystone is not involved in that. say the demand is set to peak in 2020. trans canada has only said one figure get the go-ahead, they and spend the remaining, 2.5 years to get that up and running. all of that roughly fitting into the peak in 2020 and the company says the demand picture is still there. one might wonder with the price of oil. -- david: the daily
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brief will print -- debut on the 16th. my next guest wrote about the challenges of buying and physically owning crude oil saying if gold is the equivalent of a pet rock, oil is the equivalent of playing host and tracy l.a. joins me now. walk me through the genesis of this. >> the story was born many years ago when we had something in the oil market. the price of oil for immediate spot delivery was far less than .he part of -- price of oil you could make quite a good profit by doing that. we thought hey, let's keep it make its wayk and
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dollar profit. the ality is far more complicated. as evidenced by the fact it is now 2015. it took a few years. , a lot ofask you people give you advice not to and said it was risky. >> that is right. i spoke with a lot of traders and they basically pointed out that storing oil is tricky and dangerous. there is a thing called hydrogen for a ride and it will float into the air and suffocate you to death. essentially we learned there is a reason there is not a huge retail ownership. very good reason, safety and procurement costs. was about i made seven cents. had i factored in insurance costs, it would be rapidly gone. the trade is all about scale. david: so you have some oil and
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you've named the containment, not a huge barrel of it. what do you intend to do now? >> currently in my bathroom. i thought if it would explode, it is best to do it there. i need to keep it until march at which point the buyer of the futures contract on my tiny amount of oil would take delivery. good news is i can walk it over to the buyer and i do not have to send it to oklahoma. you very much, tracy alloway, executive editor of bloomberg markets to coming up in the next 20 minutes, donald trump going after fed chair janet yellen today. why he thinks a lot of bad things will happen when feds raise rates. watching a new tv channel with disney's $200ut million stake is what is catching investors.
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those stories and much more on bloomberg television. ♪
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david: welcome back. time for a look at some of the theest business stories in news right now. finding that the cottage ministration $7 million for lapses in the way it handled airbag recall. would be able to add up to 130 million in penalties if it
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does not have a return of a five-year agreement. spewing travel at drivers and passengers. about 23 million drivers and passenger have been recall. and she to cut about 1/5 of its senior level workforce. worry the company would cut its jobs came as the company posted a third-quarter loss. a 2% stake and urging ig -- ing -- aig. and saidismissed this it would reduce the value of some tax assets. bill ackerman, square holdings fell bring the annual losses to 19%. the platform's specialty products tumbled. this was after the company was accused of generating fake sales. they own 5% of the company.
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get more business is at bloomberg.com. stocks are hovering right around the highs of the day. the biggest lag of 2015 with energy leading the way to julie hyman is standing by with today's spider sector report. julie: the etf attracts energy is having his best day in a rallying,e see energy up about 3% at the moment here. it is being spurred on by oil prices. tomorrow, we get there weekly inventories report and it has other measures in the reduction -- the refineries demand. the last item the traders are speculating that see an increase once again. from refineries which reflects demand from consumers. also oneeing crude oil the rise gaining as well, up more than 3.5% in the gains have been mostly accelerated.
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that means the biggest in the alsoction companies are gaining today. chevron, exxon mobil, we told you about earnings related movers. these are the biggest energy doing well today. energy is the worst performing group this year. if you look at my bloomberg terminal, and measured it from the stock bottom. since then, energy is actually the best performing group, of by 22%. seenof the gains we have since then, the recovery, it has been empowered by energy, as we have seen a recovery in oil prices and commodities generally. bouncing off of those lows. >> really the thread through all of this today. we appreciate it. whatd trump is doing donald trump does. his target is fed chair janet yellen. mr. trump: in my opinion, janet
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anden is highly political not raising rates for a specific reason. obama told her not to because he wants to be out playing golf in the year from now and doing other things and he does not want to see a big bubble burst during his administration. janet yellen should have raised the rates and she is not doing it because the obama administration and the president does not want her to. david: john joins me now. saying again what he said before. he has made this accusation before. hypocriticaleems of donald trump. yes, donald trump is not a big fan of janet yellen. it is interesting. he questions the political motives of the fed chair. whethert clear to me the rational or policy driven
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underpinnings those rp or it is he actually and inflation hawk? that no other economist or forecaster can see? there is a debate about race and when we can start to tighten. because of the way it comes out, we never get to come out and drill down. to what his theory of the case is with the obama economy and why exactly he thinks janet yellen should have raised rates earlier other than that she is protecting obama politically. david: is he find himself in positions more more commonly where he is able to make these grand pronouncements and not be challenged? >> he is certainly being challenged more frequently. having donejust several interviews with him, is that he is quite good at the filibuster which will serve him and maybe he could be nice states senator. he's very good at making sweeping pronouncements and
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continuing to make the same pronouncement over and over and deflecting away from details. some draw negative conclusions about that saying he doesn't know much about it. it is hard to get someone to answer a question they do not want to answer. many politicians fall into the trap of journalists. if you follow up, the eventually they capitulate and try to give you the details you are for. trump will continue to bluster and in the interview you say, i just did to him it's on that same topic and i have got to move onto something else. david: ben carson taking time off the campaign a few weeks back. what are we learning from these? >> nothing whatsoever. , ire is always a question don't know but i am betting at fairmont of money that mr. trump did not cap that book out on his laptop on his own. thin.oks tend to be very
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they are campaign documents. they are the equivalent of what you would probably find on the website in most cases. jeb bush is a little different. he had his e-mail traffic from when he was governor. trump's case, it was basically the manifesto, similar to what he says on the campaign trail. americans on decline unless america -- unless donald trump becomes president and we make america great again. david: we have 48% in new hampshire for clinton. sanders is losing some ground. what gives? >> hillary clinton by any standard had a very good month if you about things that have with theto her beginning with kevin mccarthy making the statement undermining the benghazi hearing. her doing very well at the benghazi hearing. she has gotten a lot of positive media attention through all of that. and i went new hampshire, she is on the rise.
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sanders not necessarily losing so much ground as hillary gaining ground. plates were sanders is strongest neighboring from a neighboring state in vermont, that is his kind of place where he is most likely to be able to win one. if you were able to get a lead uphim, the race could end being very short if she were to win both of the first two states. thanks so much. tonight, an interview with republican presidential candidate ted cruz starts tonight at 5:00 eastern time. coming up, the media just announced hbo and vice try to lower in a generation of tv viewers. ♪
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david: welcome back to making room for another cable network. air shows about
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gay culture, marijuana, and music. our media reporter, jerry smith. what will the network look like? >> some details are not out yet but vice is known for reaching a much younger audience. they have edgier programming than a lot of the traditional news networks do. if you are and the, you are in having vice because they are reaching a younger audience than traditional tv networks are and if you are vice coming want to be on television because though they have a sizable online audience, it may not compare to the huge audience that still watches tv and the ad revenue you can still get from that audience. >> remind us how we get to today. there was a lot of speculation about who mice debt advice might partner, that this was inevitable. >> right. there has been interest from a lot of traditional media
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companies from vise. what is interesting is you are seeing a broader trend going on where the traditional media companies are investing more and more in these digital startups. it is not just vice, but buzz feed and vox media, large investments from nbc universal. the traditional media cup is a really hungry for it. today disney was investing $200 million in the company. >> the big three, buzz feed, vice, and vox media. they're the ones getting the highest valuations. there is also business insider, which got bought by a german publisher. these digital publishers are maturing and getting more and more investment money from the big media companies. it will be interesting to see where they go from here. >> we heard john stuart was signing up with a four-year --
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four-year deal with hbo appeared a lot of people were wondering what he would do. it started with an a sanctuary for animals for a little bit to buy this time. >> hbo has a streaming service i introduced earlier this year where you could sign up for hbo for the first time without a cable service. hbo wants to reach a broader audience to attract more subscribers for the service. hbo recently did a deal with sesame street, targeting the younger audience. john stuart is the voice of a generation of millennial spirit ar hbo, it seems like no-brainer to sign a month. >> what does it say about the future of television? that we know what tv will look like when year or five years out? >> is hard to say. you are seeing a traditional
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media and new media companies are holding hands more and more, meeting in the middle. the new media companies want to television. there are still a hundred million tv companies out there. the old companies lobby younger audience that vice and buzz feed have cultivated. coming up in the next hour of bloomberg markets, a sweet deal in the gaming industry. change the deal gaming industry coming up next. ♪
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>> welcome to bloomberg market. ♪
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petty: good afternoon. here is what we are watching at this hour. stocks are extending their raptly as the s&p hits the highest level since china's surprise evaluation of the one -- the yen back in august. the economy is improving as consumers drive purchases, is it a sign the fed will drive rates higher? from streaming to digital to sports, it is a challenging time for traditional broadcast companies. an hour away from the closing bell this tuesday. i want to head to the markets. julie hyman has the latest and it is kind of a field good -- feel good right now. >> most definitely, we are seeing a rally

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