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tv   Early Start With John Berman and Christine Romans  CNN  August 25, 2015 2:00am-3:01am PDT

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it is tuesday, august 25th. 5:00 a.m. in the east. let's start with markets. yesterday was horrific. a plunge for the dow jones industrial average. down more than 1,000 points in the first ten minutes. the largest-point loss ever in a trading day. at one point, the dow was down 102 points. stocks were actually higher. by the close, down almost 600 points. investors selling risky assets like stocks and commodities and moving into government bonds. trading was the heaviest in four years. trading some of america's widely held stocks. bank of america, apple, ge and microsoft. stocks look ready for a comeback. european stocks are higher. but where the selloff started in asia, another ugly performance. shanghai's benchmark index down 8% for the second day in a row. it has fallen 40% since june.
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fears about weakness in china's economy sending investors around the world out of commodity prices and out of oil and into the safety of government bonds. i want to bring in andrew stevens in hong kong. andrew, the selloff continues unabated in asia. >> reporter: good morning, christine. unabated in china. shanghai down more than it was yesterday. 7.6% versus 7.5% yesterday. these are massive falls in anyone's language. this is panic selling in china. they are mainly small investors and want to get out of the market. a lot of them borrowed money to do it. now they want to get out. their concern is no sign of visible government support trying to ease the pain. a lot of angry and disgruntled investors in china.
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it is important to note here, christine, the shanghai meltdown should be seen in isolation. the market does tend to operate in its own world. it doesn't reflect what is happening in the real economy. market went up into a huge territory while the market was going down. the other good news here, if you can call it that, if you look at markets like hong kong, they finished higher. they finished higher today. japan on the other hand did finish a lot weaker which suggests there are fears of the slowdown in the global economy. >> i guess the good news here, andrew, sometimes you can see this thing feeds on itself. if you have u.s. down and europe wakes up and europe is down and it all feeds on itself. it looks like the negative
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feedback is broken. >> reporter: absolutely. contagion and fear. you throw logic out the window. that cycle appears to be broken. not so much in china. interestingly, christine, a lot of research coming out in this part of the world say steady on. it is not the end of the world for chinese economy. they are not about to hit the dreaded hard landing we hear about. yes, there is weakness. yes, there is weakness in manufacturing. they are trying to transition into a consumer-oriented operations. interesting interestingly, if you look at the consumer index, that is an 11-month high. that explains why we should not panic about the state of the chinese economy. >> on this side of the world, they are talking about remember, the u.s. economy is growing. the u.s. economy and housing
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market and job situation improving pretty much every day. andrew stevens, thank you for that. >> reporter: thanks, christine. china's financial markets and slowing economy is a huge cause of market panic. another contributor of oil prices making moves. they are bouncing back, but below $40 a barrel for the first time since 2009 in the middle of the global meltdown. supply is booming and slowing growth hits demand. i want to bring in john deflatriots. i want to ask you where oil prices are headed at this point. >> reporter: alison, i'm watching that index carefully. they leading indications for demand. china takes in 10 million barrels a day of oil. china leads the asia pacific
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region with japan nearly 5 million barrels. it is slight change today. around a six-year low today. we have been spoiled by chinese demand for 25 years. 9% to 10% a year. it is unlikely that will slow down to 6%. this will put pressure on demand for oil, but at the same time, we see a fight for global market share led by saudi arabia here in the middle east against russia which is producing 10 million barrels a day and the u.s. shale producing 10 million barrels a day. we have record supply in the market. a 17-year high. oversupply of 3 million barrels a day. that is why we will see the downward pressure on the energy. citigroup suggesting we could see close to $33 a barrel before the end of the year. we are hovering at $39 for west
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texas. >> it is amazing to hear some of the prices. consumers, john, reaping the rewards of the oil prices via the gas pump. john, thank you. with the fall of the dow comes an avalanche of political finger pointing. the republican candidates blaming plunging markets from the federal reserve annud wall street elites. listen to donald trump sounding a warning we heard from him before. >> i have been telling everybody for a long time china's taking our jobs and taking our money. be careful. they will bring us down. you have to know what you're doing. we have nobody that has a clue. >> former hp ceo carly fiorina blames the market slide on the federal reserve for the easy money policies. new jersey governor chris christie insists it is the obama
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administration's fault for spending too much. and scott walker wants a strong message sent to china. >> i called on the president of the united states to cancel the state visit he is providing for the head of china. not because of what they have done to devalue the currency, but they are not upholding what they are doing. why give the state visit to the country that doesn't share our values. i call on the president of the united states to say we will not have the state visit. >> on the democratic side, this tweet from bernie sanders. he says we need banks that invest in the job creating economy. we don't need more speculation with the american economy hanging in the balance. and so far no comment on the market jitters from jeb bush or hillary clinton. will he or won't he? the intrigue is building on capitol hill as biden ponders a run for the presidency.
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another sign he is serious about mounting a challenge to hillary clinton. let's get more this morning from cnn's washington correspondent joe johns. >> reporter: after the white house lunch with president obama on monday, the buzz about the vice president's exploration of the campaign options picked up after secretary josh earnest went out of his way to praise biden. >> the president has indicated his view that the decision that he made, i guess, seven years ago now, to add joe biden to the ticket as his running mate was the smartest decision he made in polit politics. that should give you the view of vice president's aptitude for the top job. >> reporter: the vice president making a series of moves behind the scenes, including scheduling more meetings with supporsuppor
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and donors. the official message from the vice president's office is that he has not made a decision about running for president in any speculation to the contrary is false. a democratic source telling cnn the vice president is leaning toward running and not running. one option discussed is to have him announce his intentions the first week of october and the run-up to the first democratic debate. biden has been making a few subtle moves that add to speculation. he brought on kate beddingfield who worked at the white house and motion picture association of america as well as in john edwards' campaign in 2008. biden met over the weekend with elizabeth warren. a favorite of progressives. joe johns, thanks for that.
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jeb bush traveling to the texas/mexico border and taking on donald trump. bush defending the use of the term anchor babies saying he was actually referring to birth tourism which he says applies more to asians than hispanics. >> when i was talking about was the specific case of fraud being committed where there's organized efforts and frankly it is more related to asian people coming into our country and having children in that organized effort taking advantage of a noble concept with birthright citizenship. i support the 14th amendment. nothing about what i said should be viewed as derogatory. >> and bush also took direct aim at donald trump. cnn's polo sandoval has more. >> reporter: jeb bush is back on the campaign trail after a stop
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in texas, which is the heart of the immigration debate which continues to intensify. yesterday, we noticed a different jeb bush. he was feistier and working to redefine himself and a higher level of energy. he used that tone to take direct jabs at one of his opponents here. donald trump. take a listen. >> what i say is mr. trump's plans are not grounded in conservative principles. it would cost hundreds of billions of dollars. >> reporter: bush abogoing on t say before he can grant legal citizenship to the estimated 11 million undocumented people in the country, the thing is to secure the boundary between texas and california. that is a measure and proposal that may not be taken very well by some of the gop base. >> polo, thank you.
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donald trump unleashing his fury are fox anchor megyn kelly again. saying, i liked "the kelly file" much better without megyn kelly. perhaps she should take another 11-day vacation. she must have had a terrible vacation. no clue on immigration. the gop contender last blasted tell i aft kelly after the debate. new information about the man accused of an attempted attack on a paris train taken down by hero passengers. what we are now learning about the suspect. coming up after the break. unce boost water gel. cl o?neutrogo with hyaluronic acid it plumps skin cells with intense hydration and locks it in. for supple, hydrated skin. hydro boost. from neutrogena
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this just in. a potential snag in the iran nuclear deal. turns out the cost of implementing it was under estimated.
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the iaea, the agency monitoring, needs $10 million a year more than originally calculated from the member nations involved in order to continue monitoring, implementing compliance. the iaea says the current funds are already running out. anti-terrorist police have until tonight to question ayoub el khazzani. the suspected gunman suspected of pulling off the terror on the paris train. he could have easily entered the u.s. by air. raising concerns about train safety here on american soil and across europe. i want to go to paris and bring in correspondent jim bittermann. there has to be some soul searching among security officials to prevent this from happening and still have active and robust train travel.
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>> reporter: exactly, christine. both air and train travel. the fact is that's what french authorities are talking about a lot today, except how they can step up surveillance of thousands of train stations. one minister said she would favor having security you have at airports at cross country europe trains. that doesn't do anything to help the local trains. train travel in europe is very common. millions of people take the trains every day. another proposal is one that came from police unions. saying what about letting our police officers carry their weapons 24/7. at the end of the duty, they turn in their guns and don't take them home. this clearly has been kind of a black mark for the security forces. this is happened repeatedly with the terrorist incidents.
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once gaagain, somebody on the radar, somebody with a notice or supposed to be under special surveillance. that was noted in spain where he was frequently with associated with mosques. the spanish authorities got this out. it came to the french and he came here and he got fired from the job in france because he was not truthful about the working papers. it was assume he went back because of the group where you can travel without immigration checks or anything like that. he was able to go back to spain and disappear for about a year before being picked up on video of him going tur keturkey.
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>> he was not on the radar of authorities. he could have gotten on a plane and come to the united states and planned attack. >> reporter: that is not all that likely. because of this, anytime he was traveling outside of the group, the notice would have gone out that the authorities would have received word that he was boarding a flight and that is what happened in the case of turkey. when he left from berlin to turkey in may of this year. there was notice that went out that said he was on board a germanwings flight to istanbul. anytime he would have left the area, it would have been noticed. within the group, he was able to travel freely. he was brought to spain by his
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father who got working papers in spain in 2007 and brought the family over. he was 18 at the time. i grew up in the town in southern spain. as i mentioned, came to france for work. was later expelled from france. >> interesting story to watch. the twists and turns that got him to the point. thank you, jim. a stunning admission from an nfl quarterback. the incredible challenge facing peyton manning heading into the 2015 season. andy scholes has the details in the bleacher report next. no sixth grader's ever sat with the eighth grade girls. but your jansport backpack is permission to park it wherever you please. hey. that's that new gear feeling. this week, these folders just one cent. office depot officemax. gear up for school. gear up for great. moms knowafter brushing, mouths often need a helping hand. listerine® total care helps prevent cavities, strengthens teeth
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racing fans are mourning the death of driver justin wilson. >> andy scholes, you have more now with the bleacher report. >> good morning, guys. wilson died last night as a result of the injuries he suffered in sunday's race. a piece of debris struck him in the head during an accident at pocono raceway. the 37-year-old was air lifted to the hospital and had been in a coma. the family released a statement saying he was a devoted father and husband and respected driver. wilson is survived by his wife and two daughters. all right. turning to baseball. last night's mets and phillies game. looked more like a home run
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derby. new york set a franchise record with eight home runs. phillies also had two players go deep. making it the first time in major league history that ten different players homered in a game. david wright hit one out of the park since coming back from the disabled list. florida state running back devon cook found not guilty of misdemeanor battery. it to ok the seven-member jury less and an hour to come to a decision. and jameis winston on monday night football. he looked sharp from the get-go. he went 3 for 3 and rushed for a 1 yard line touchdown on tampa bay's opening drive. he would leave the game after tweaking his ankle in the second
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quarter. winston is expected to be fine. a shocking revelation from broncos quarterback peyton manning. he told peter king that he still doesn't have feeling in the finger tips of his throwing hand four years after neck surgery. in that time, he set single season passing records and led the broncos to a super bowl. the doctors say any morning he could wake up and the feeling could be back in his finger tips. he wakes up every day and looks at them and says no. >> he should not want the feeling to come back. >> he is doing just fine without it. >> keep doing what you're doing. >> imagine if he had it though. >> that's true. thank you, andy. china stocks plunging. devastating markets around the world. how in the world can this happen
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markets around the world rattled this morning. china stocks plunging overnight following the dow's epic performance down 1,000 points in ten minutes. will the markets find stable ground? live team coverage begins now. >> welcome back to "early start." i'm alison kosik. >> i'm christine romans. so nice to see you.
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all eyes on the stock market. the dow sinking morning 1,000 points in the first ten minutes. look at the comeback. the dow climbs 800 points. then closes down almost 600. investors are selling risky assets moving into safe havens like government bonds. trading the heaviest in four years. some of the most held stocks in america were frenzied. bank of america and apple and general electric and microsoft. u.s. stock futures are up significantly right now. really important to note here that the u.s. is bouncing back. so are europe stocks. that's not the case where the selloff started in asia. i want to look at shanghai's benchmark index down 8% almost for the second day in a row. the index has crumbled 40% since
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june wiping out trillions in value. now fears in chinese's economy have sent stocks plunging. i want to bring in andrew stevens in hong kong. andrew, it looks as though selling frenzy has stopped in europe. u.s. indications are the dow will rise, but china still feeling a lot of pain. >> reporter: absolutely all of the pain. another 7.5% on top of the 8.5% yesterday. it is panic selling in china. people are getting out however they can. what is interesting, christine, there's been no apparent evidence of the government getting in to try to stem the losses. at least slow down the rate of descent. 42% down in the space of ten weeks or so. early on in this, the chinese government enacted a bit of unorthodox measures to stem the
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losses and show shareholders that it was leading by example. it could manage things. apparently it hasn't. there's a lot of angry shareholders in china. with their anger directed at beijing. beijing needs to be seen as the ultimate voice of authority to show weakness is obviously a big problem for them. i need to adhere, christine, what goes on in the stock market does not necessarily reflect what is going on in the real economy. there has been a lot of research notes and banks out of hong kong and asia this morning saying that this disconnect and saying the actual economic conditions in china are not as bad. they don't warrant this massive global selloff. it looks like investors are getting that message everywhere
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but china. >> the wall street journal has an interesting piece for china. for all of the left and clout, on the global stage, its economy is a black box. very little transparent. there's just the mistrust of how well the chinese are orchestr e orchestrating the actions in the stock market. china's a different model than some of the other capitalist based markets. what do you make of that criticism that china is peering in there and not transparent? >> reporter: absolutely spot on. very little transparency. china is trying to introduce transparency into its economic accounting, if you like. it doesn't happen. year after year after year, china says we will hit this target for gdp. low and behold, it hits that target and exceeds it. it sets these targets.
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it set the target for 7% for this year. the last economic growth report at 6.8%. no one believes that anymore. at least economists. people who look more closely at china. they look at electricity consumption and rail traffic. they are coming up with different numbers. economic growth, 4%, 5%. that is a big, big gap. it is a given now that china puts out the information that shows it in a flattering light. it needs to be dissected and taken with a bucket of salt. you come up with a different scenario. the trend is in the same direction. >> a bucket of salt. thank you, andrew. and china, what is happening there, a catalyst for the market panic we have seen. another contributor is oil
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prices. they are bouncing back this morning, but below $40 a barrel for the first time since 2009. that is because supply is booming while growth continues to slow in asia and elsewhere. i want to bring in cnn's john defterios. where do you think oil prices are headed? >> reporter: good morning, alison. you don't see the massive serve in the stock markets. this is reflected in the oil market. it is a nasty two months for oil. as you can see here from over $100 a barrel to below $40 in the last year. the pressure is likely to continue. we got spoiled by the fact that china was growing 9% a year for the better part of a quarter century. andrew suggested it will be a struggle to hold on to 6%. demand is falling in china. demand is falling in japan.
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this will feed through to the u.s. economy. it is good news for consumers at the pump, but dislocation for oil producers for dakotas and oklahoma and texas and the giants like exxon mobile and chevron. they will struggle with this. it is almost a perfect storm. demand is falling from china and japan and the production is rising. u.s. shale producers, that count is going down, but production is not. saudi arabia is fighting for market share in the middle east along with russia. three giant producers and nobody is cutting production. at the same time demand is falling. expect prices to go lower here in the second half of 2015. citigroup is suggesting we could get to $33 a barrel before the end of 2015. >> amazing to hear that price. let me ask you this, a wild card in this is opec. what are the chances that opec could cut production and throw a wrench in the oil prices? >> reporter: good question. i spoke to a number of associ e
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associates here in the arabian peninsula. they said below $40 a barrel for u.s. benchmark. iran in the last 48 hours asked for an emergency meeting to shore up production. there is a lot of production. algeria and nigeria. they are suffering because 90% of the revenue comes from oil. saudi arabia and kuwait and qatar has $2 trillion in the bank and population less than 50 million. this is the global fight for market share. alison, we see commodities across the board going down. we have to keep an eye on this. it has parallels to the 2008-2009 and asia crisis. it is that parallel right now.
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>> john defterios, thank you. the republicans are blaming wall street elites and the obama administration. we have donald trump sounding the warning we heard before. >> i have been telling everyone for a long time that china is taking our jobs and money. be careful. they will take us down. we have nobody that has a clue. >> former ceo carly fiorina blames the market slide on the easy money policies of the federal reserves. and governor chris christie says it is the obama administration's fault for borrowing too much. scott walker wants to send a strong message to china. >> i called on the president of the united states to cancel the state visit he is providing for the head of china.
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why? not because of what they have recently done to devalue the currency. why give that state visit to a country that doesn't share our values and our allegiance. i call on others to ask for the president of the united states to say we are not going to have that state visit. >> on the democratic side, the tweet from bernie sanders. quote, we need banks that invest in the job creating economy. we don't need more speculation with the american economy hanging in the balance. so far no comments from jeb bush or hillary clinton. new information on the suspect in the paris train attack brought down by hero passengers. the question is the latest on train safety. that's coming up next. try ec® for powerful allergy relief. and zyrtec® is different than claritin®. because it starts working faster on the first day you take it. zyrtec®. muddle no more™ .
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anti terror police have until tonight to finish questioning ayoub el khazzani. the suspected gunman on the train to paris. let's go live to paris and bring in correspondent jim bittermann. at the forefront of people's minds is how safe are we on trains worldwide? >> reporter: there are all sorts of plans out there and conversations about what can be done.
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one suggestion this morning was in fact you establish the same security you see at airports with magnetic detectors and that sort of thing. that is not practical given the train stations in france and the volume that take the train every day. another suggestion is the police carry the firearms 24/7. they have to hand them in at the end of their shifts. and el khazzani has been questioned for the last 46 hours. we will hear some time in the next few hours what charges will be leveled against him. alison. jim, thanks for that. >> let's look at what is coming up on "new day." chris cuomo joins us now. we had an eventful day. are you there? >> i like you delayed the shot. i was getting my makeup done. >> i'm eating. >> oatmeal and getting my hair
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done. >> it takes a village. >> it's like a nascar crew over here. we need just as many commands to get the chinese economy going again. that's a good segue. why is this so quick and why are so many experts saying it will be short lived. we have donald trump, the candidate for president, saying this is all about them devaluing currency. we have smart people on the show today who will explain why it is not simple and this is going on and what will end it. we have christopher norman. he is one of the people who helped the three americans stopped the bad guy on the train. why did he do? what did he think? and remember the gun range instructor accidentally killed by the girl with the uzi?
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the effort to keep guns out of kids hands. we will talk to the family about that. ladies. >> you look terrific. a little bit of -- right there. >> look how many hands are working on him. >> these are mine. >> thanks, chris. north and south korea reaching a deal. will the peace last? we are live after the break. bill's got a very tough 13lie here......
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north and south korea agreeing to ease tensions. the north declaring the willingness to express regret for the provocations. the south will turn off the loud speakers mocking kim jong-un. let's go to kathy novak live in seoul. who is to say how long this will last? >> reporter: that's right, alison. a couple days ago, we were in a situation with a threat and deadline from pyongyang. we had south korean military on high alert and u.s. military reviewing how it would defend in the event of a north korean attack. now it seems after the days and marathon of talks that both sides agreed to step back from the brink of war. we just saw in the last hour the head negotiator for the north
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korean side. the man in the inner circle of kim jong-un's group, saying on kctc, that north korea was expressing regret for the explosions that badly injured two south korean soldiers. south korea is interpreting that as an apology although north korea is not using that term. in return, the south koreans are stopping the broadcasts that the north koreans hate. what was said after the expression of regret, this man making the statement on north korean television said to his people, and this is all the propaganda played into north korean homes that south korea must have been taught a lesson by the episode and it must not provoke north korea or make up stories. it seems to be implying it is still not taking responsibility for the land mine attacks while expressing regret. alison. >> kathy live from seoul.
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thanks for that. sweeping changing coming to ferguson, missouri. how the city is restoring trust to the people it serves and the judicial system coming up next. hey, you forgot the milk! that's lactaid. right. 100% real milk, just without the lactose. so you can drink all you want... ...with no discomfort? exactly. here, try some... mmm, it is real milk. see? delicious. hoof bump! oh. right here girl, boom. lactaid®. 100% real milk. no discomfort. and for a creamy and delicious treat, try lactaid® ice cream.
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sweeping changing in store for the municipal court system in ferguson, missouri. among the most significant a judge ordering all arrest warrants issued before january 1st, 2015 voided. the reforms are part of the effort to rebuild trust in police and court system in ferguson after the justice department found discrimination against africa americans. current and former students tells owen labrie told them he had sex with a teenage girl now accusing him of rape. labrie's former roommate, claimed labrie took the girl's virginity. a fraternity at virginia's
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old dominion university suspended for displaying suggestive messages on banners welcoming freshman females to the campus. it read "freshman daughter drop off" and "go ahead and drop off your mom, too." the fraternity will stay under suspension until the investigation is complete. firefighters having a hard time gaining ground on the largest wildfire on the state of washington. the wildfire scorching over 250,000 acres so far. the blaze only 10% contained. people in eight communities now ordered to evacuate. china's markets plunging overnight. world marketing rattled with the biggest one-day dow drop in history. will the markets recover? "new day" has it now. >> fear and panic taken hold. >> all eyes on the stock market. >> we have not seen the end of
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it yet. >> will joe biden run for the white house? >> he really does want to be president. >> president obama weighing in giving joe the green light. >> this is a panic move for the democrats. >> excuse me. i'll used the word anchor baby. >> taking advantage of the birth citizenship. >> they are just trump without the pizzaz or the hair. chilling words of the alleged killer captured on a squad car's dash cam. >> you hear him breathing in there. telling him you are lucky. >> announcer: this is "new day" with chris cuomo and we know what's happening in the markets. do we? why is it happening? u.s. markets in distress and now talking about a bounce back. we have answers on who is the
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blame and what comes next after the thousand points got stripped out. >> if over seas trading is any indication, fasten the seat belts. shanghai with the second straight day as it's down eight percent. what can we expect now? the chief coverage and what do you say? >> well, i see stability in the u.s. market. i want to show where we have futures now. we have futures higher and s&p up and then we have a dow here if we saw a three percent gain, you would see a bounce there. it looks like there's a selling, that huge vicious selling from yesterday is over in the u.s. let's talk about yesterday. i have never seen anything like it. a thousand points lower in ten minutes. simply unheard of. a frenzy of selling, and then it bounced off the lows. you guys at one point it had bounced 800 points off the lows,


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