through companies more than china, which more comes through i think state funding of infrastructure projects. india we like. , like the asian countries malaysia, thailand, indonesia, singapore as well although it is not an emerging market technically. i have always liked turkey as well and it is a shame there is this political risk there at the moment. certainly we are seeing brazil, the currency recovering strongly year to date. people have made a lot of money in emerging markets. francine: doesn't it feel year he that we have not talked about china? and yet wen china are worried about the outflows but the situation is still there, and yet markets are very placid. probably already in the price that we have seen the slowdown in the economy, and nobody really knows what it is growing at it probably 4% to 6%. i was just over there last week. they are very conscious of steady growth rather than trying to grow at 9%. , the sort ofly unheralded success in emerging markets, they are they are still growing seven percent to 9%. when people talk about china and they ignore india, which is pr

, yes, towards the end of his term, that's part of it, but it's broader than that. china always makes it hard on the united states to get what it wants, especially in china's backyard and that sparring is only getting more challenging. we saw it. obama leaving out of the bottom of his plane and sort of you could only take one journalist with you to a meeting and all of these things that make the americans look weaker on the international stage than they have historically. the g-20 itself, of course, was not very much, but the direct bilateral meetings, the russians and the turks on the one hand having their bilaterals looking close, the americans also trying to work, curry turkey's favor, even if it throws the kurds under the bus, obama and putin with a 90-minute bilateral meeting. they were staring at each other like they were going to get into a cage match and afterwards, neither side particularly got what they wanted. this is not a united states that is showing up at the g-20 and setting down the rules and setting up the agenda and get what it wants. charlie: is it simply the

that is china, what they're doing in the south china sea? is that the overarching big risk? saw donald trump being elected president, which is possible, the likes of china and russia will see that as an opportunity. what you see with china is interesting. with the philippines, they are deliberately trying to lure the president away from the office of the united states. the question will be -- and you are going to see china, regardless of who is president, expanding its reach more and more to the eastern south china sea. the question is -- who will actually stand up to them? by the time they have built these artificial islands, it might be too late. francine: this goes back to the trump presidency. is it now 50/50 in your eyes? marketsems to be -- the largely are ignoring the implications of a trump presidency because they do not think it will happen. guy: i think the markets are seeing the other two outcomes. if it goes to the leadership, and two, if trump does get in, a, frustrated by the power in the u.s., and secondly that his bark is worse than his bike and actually he has b

cease-fire in syria. of china and japan also met today as tensions rise in the east china sea. she sinking engines oh oblique jingping and shinzo abe had a meeting. the drivers are frustrated the refugees tried to opt their vehicles so they could cross the english channel. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm nejra cehic. this is bloomberg. tens of billions of fromrs in new deals emerging-market debt funds received a record $80.7 billion in july. our next guest says it's time for investors to consider joining this great migration. joining us now is sergio paz, head of emerging markets. migration makes you think of many things. paint the picture of where this great migration is taking us. in february, you had a turnaround of monetary policy dynamics in the developed world. but a metals in emerging markets bottoming with oil and commodities. -- fundamentals in emerging markets. you get a 10% rally and investors are asking if we're too late. this is where we invited them to join the great migration. they were un

small american company successfully faced down stiff competition from china. david: all that ahead on "bloomberg businessweek." ♪ with an editor and you have a great story about the controversy involving mylan epipen's pricing. they doubled the price of it. there was a lot of attention brought to it. they reduced the price and brought out a generic. it has made everybody take a look at the industry of pricing -- drug pricing. they do a good job of explaining just how crazy drug pricing has become and how hard it is to fix the problem. , it is widely used with people with terrible allergies, including myself. it is necessary. it is especially necessary for kids who have a lot of allergies. it used to be that you could get to fb pens -- epipens for $100 apiece. it is especially necessary for $600 is a lot. what peter shows in the story is how hard it would be to fix this. this is the excuse that the ceo of mylan made. what she was saying, the ceo was saying, you cannot, they did not expect regular people to be paying $600. it was sort of the price that they were charging insurers a

china. bitcoin has a way of getting money out of it. if there is a connection, it is how i would survive. scarlet: and is a popular way of making china. joe: this chart comes from dan hurley of apex capital. it is called solar city spread. it is the gap between where solar city is trading now and where it would be trading now if investors assumed the merger were a done deal. it is growing ready wide. gap between where solar city is and a nominal takeout. there was a lot of skepticism. people get nervous, everything is kind of like, you run hot and cold because people -- matt: if you buy the merger story, you can buy solar city. or you could get steamrolled. the s&p 500 index, global equities and emerging market assets all tumbled at least 2% in the biggest route since britain seceded from the european union. more about this selloff. ♪ scarlet: let's get a recap. a lot of red on the screen. the nasdaq a racing to weeks of gains. you can see almost 401 lost. all 30 points for lower. the s&p 500 members have declined. glance, we close that session lows. we are wondering if this se

. he has promised to slap punitive sanctions or tariffs on trade with china and mexico. he is talked about aggregating existing free trade agreements such as nafta and the u.s.-korea free trade agreement, and he has also talked about pulling out of the wto. trump's policies take a bad race line and then take them to an extreme level. scarlet: something i found intriguing is how little we take everything trump is saying. she wrote that the press takes him literally, but not seriously. his supporters take him seriously but not literally. as we go through all the different numbers -- a 45% aariff on chinese imports -- lot of people say these are just starting points, the numbers could be anything that at the end with the day because he sees everything as negotiable. matt: absolutely. also, he finds all of these trade deals to be bad. previously, you would have thought that democrats were enacting more protectionist policies and democrats were more for free trade. her platform much more free trade oriented or is she also in protectionist mode? >> let me address that and go back to the is

from brexit to china, to the referendum in italy and other things could be a risk but generally speaking it sounds like they feel comfortable about the economy. scarlet: one last question on the bank of japan. of course, they are shifting focus from the monetary basis to the yield curve. does this increase the chances of the boj reaching the inflation target? they said they are willing to go past the target, but does that shift do it? >> there are chances it could happen. the most interesting thing, there are a number of papers from 10 years ago, were they listed out the different options you have in the situation and one option on the list, targeting long-term interest rates. nobody else has done that. and now the bank of japan has opened that door. you do not want the ages rates to go up too much -- interest rates to go up too much, or down too much. so there are a number of issues that go into it. we have opened a new chapter in monetary policy, mainly the point in terms of what of the options for the central banks that want to try different things. will it work? it remains t

kong surged a seven-month high. speculation that china's central bank is intervening to discard -- discourage a harris effect. post-brexit's rate climbed to 5.54 percent. japan's economy showing signs of life. in the second% quarter, more than the governments reading of 0.2%. this gives the boj something to think about. at the meeting, policymakers will release their review of potential strategy and decide whether to increase stimulus. the u.k. housing market in august after the shocking confidence from the brexit book. gaugeuse price gaze -- rose as opposed to july as more agents reported depreciated prices. negative,ned maintaining them. john malone's t media has agreed to take control over motor racing. four $.4 billion for an 18.7% stake in the parent company and will take full ownership later. the british entrepreneur how -- you found formula one will remained ceo. news 24 hours a day, powered by more than 26 journalists in more than 120 countries, this is bloomberg. printing? francine: thank you. mario draghi and his governing council today. survey by bloomberg expects som

heavy rains now headed toward china. the winds hit up to 117 miles an and hundreds of flights were canceled and at least nine people were injured. global news powered by more than twice as hundred journalists and analysts in more than 120 countries. this is bloomberg. vonnie: thanks. data continues to come in stronger than estimated. two week low after the market remains resilient. investors are bracing for policy decisions on the bank of japan next week. voices are going -- growing stronger for the fed to get out of the way. saying the market is not pricing in the possibility of a hike enough. why not go in september? i have a lot of sympathy for them to just get it out of the way. in the grand scheme of things, this is not a big deal really and i think it would clear the air and risky assets are doing well really. the fed lowered, saying we're done for the year. i think risky assets are doing fine on that. >> some currencies have been suffering. >> i think emerging-market currencies will do fine on that. pretty much wherever you look in assets, i think those would do well. >> the

view china as the adversary. >> i think you have to talk fully and frankly about human rights. erik: >> it is all straight ahead on "bloomberg best." ♪ erik: hello and welcome. r.i.m erik schatzker. i am erik schatzker. this is "bloomberg best." your weekly review of the most important business news analysis and interviews from bloomberg television around the world. the week began with positive data from great britain. in a report that challenges the expectation that brexit will be disastrous for the u.k. economy. ♪ >> the u.k. services pmi numbers have just been released. a blockbuster number. we went from 47.4 to the 52.9. composite is 53.6. checking the manufacturing pmi , which was the biggest rise ever paid you have this gauge of u.k. services rising the most on record as well. >> i just don't know if i have learned anything at all. , the size of the fall we saw starting in june, nita lowey -- immediately after the referendum vote, followed by a bigger balance now, where does that leave me? that tells me the effects of leaving the referendum will come through after a long t

how often we get to set those narratives and here we have china doing it. carol: so much is censored in terms of what comes out of china so we do get a glimpse of chinese society. bret: as much as this is a a sci-fi book, it is amazing what the sensors let him get away with. he weaves that narrative into a larger one like stories with brains in jars. david: the reviewer writes that it is confusing but it is also something that will grab a reader. bret: the reviewer loves this. carol: he has read the whole series. bret: he is very passionate about it. it is a harbinger of more chinese sci-fi we are going to see in this country. it is hard to generalize all of that but we will see more of it because we like to think about the world through different lenses. this is a new one for us. carol: the new vintage tv guide. david: it is ready to stream. sam: i was watching the hbo series "the night of." at the end of every episode, there would be a little promo for a documentary that hbo aired a year ago. it was very good. it got me thinking that -- carol: that is what they wanted you to do. sa

china with the new partnership, joining with union pay as it searches for a better position in cross-border commerce. they will be able to accept payments through paypal's braintree platform. appeal tocrease its european merchants trying to reach chinese consumers. they expect chinese consumers to spend 120 billion dollars on cross-border transactions this year. rishaad: thank you for that. in shipping under pressure again. is faced with chaos and uncertainty at the docks. what is going on here? >> to put it simply, it is not working out for hanjin. cargo owners and companies that vessels arein complaining that they are making it difficult at the docks. there is a lack of information and protocol to unload ships. isy also say that hanjin asking to be paid in cash for the release of goods or even to be paid twice. one cargo was dropped at a port that had not been agreed upon, and to retrieve it would cost more than the goods themselves. a lot of problems, headaches, uncertainty as the christmas shopping season is fast approaching. were talk about billions of dollars of merchandise sto

the ceo's countries, it was very telling that the g-20 in china, japan drafted 15 pages which they handed to the u.k. government, saying this is what we need to make sure that our investments in the u.k. stay there. that japan0 jobs contributes in this country, and it is the billions of pounds it is of manufacturing that japan has in the u.k. there is uneasiness. i know it is just the start of september and we need a plan b. but the data says everything is fine and the u.k. the pressure from japan to the u.k. is significant. prime minister may took a beating with the g 20. but in terms of who has the leverage, in terms of economic data right now, the data in the u.k. is ok. that is the story, isn't that? francine: the data is pretty good. if you look at the data from goldman sachs, credit suisse, morgan stanley, today they scrapped the idea of a recession. it just depends on what your forecast is. the pound falling makes it more attractive, which means house prices in london could fall but not by too much. then you have people that i imagine where against brexit to start with but a

down. we will catch up on the ongoing war for the cloud. and $.10 is now officially china's most valuable company. we will take a look at the bigger forces in play. apple is breaking its own habit. typically, even number of years differentmatically iphone model. but the new iphone will not he a major departure from recent models. from a major departure recent models. for apple fans looking for a well product, our columnist says they will have to wait another year. product, our columnist says they will have to wait another year. >> it has been an awful year for apple, at least by the company's high standards, and i have an uninspiring message for fans and investors. wait until next year. apple revenue has declined for the last two quarters, and probably will continue to fall for the next six months. the last time apple sales straightor 12 months was 2000 one. mark zuckerberg was still in high school. the company's wizards are keeping busy, but the next year won't be a blockbuster. the newly updated iphone will be shown at an event on wednesday. no matter what they are called, they

china and move on. policy,: on monetary how naive is it to start going off the markets? what i mean is, how naive is it to start talking about replacing the red chair, knowing the possible implications in financial markets when you do that? do you think that is a mistake? i do not think it is a mistake. i think it is a tactic. across the board, a delicate balance between trade and that, and the currency fluctuations. when you look at the peso as a proxy -- it is a message. the message is time out. we are going to have a stronger discussion on a lot of these issues. america can survive without international trade if it had to. it is a startling consequence to our global partners. i think what trump is saying -- we are going to have a startling consequence unless we bring this to the table. bringing them to the table is an impossible task. 129look at trade, we have commissions. every congressman and senator is their own negotiator for their local constituency manufacturing the glass or the top or the computer. and you have wto. you have thousands and thousands of people. having one st

russia, in the past, and china, in the past, have been known to be actors in such state-sponsored attacks. that is a possibility. russia and china have cyber warfare capabilities. they could be involved. one thing that i want to add is when you are operating on the scale of yahoo!, you have such an immense service area, that even yahoo! is not necessarily aware of every server or application that they support or have up. which is a problem. you need to track down where they came in, where they went, and where they left. also, where they might still be. if you do not know where all your applications and servers are, that makes it doubly hard. emily: you mentioned this could be some sort of excuse. do you believe there may have been some negligence involved? could this happen to any company, especially a company as big as yahoo!? >> i think it could happen to any company. there is a certain amount of truth that you cannot defend yourself from someone like russia or china. in 2010, google succumbed to operation aurora. that was the chinese sponsored attack. i wouldn't go so far as to

emerging middle class in china and india will create demand. demographics show a majority of those people are younger consumers. on the consumption side, i think that is going to drive demand on commodities, and in more particular, diets are changing. as they get more disposable income, they change toward a protein and sweeter diet. india is the number one importer of sugar. we think that is going to drive the demand side. also -- david: go ahead. mr. gaffney: central banks have started a policy of trying to -- zero interest rate policies, which will support precious metals, of course, non-interest-bearing, and at the same time governments are starting to read old infrastructure, and that will increase demand for industrial commodities. david: you bring up china in your thesis about agricultural commodities, and let me ask you about steel -- the overcapacity we see that. to g20 talking about how curb production. what is your forecast for steel going forward, and how is that affecting -- affecting iron ore? mr. gaffney: it will range trade, with his posting -- cutting of capacity. i

commerce and casinos. should china be concerned? mark: have a look at where european equities are trading right now, under 30 minutes to the go -- to the close. macro movers were lower on the stoxx 600, no help by the isi manufacturing number which showed a contraction in the industry growth in the united states. earlier we reached the highest basis on the stoxx 600 since may. we went away all of our post-brexit losses. get sterling after the isn manufacturing number, up 1.2% against the dollar. sovereign bond yields are rising and commodities as well. costs, going to cut roughly 400 million euros .hrough his -- 2020 they are trying to battle is two big brands that have been suffering but as the cfo told us, absolut is turning around. up by three quarters of 1%. remy cointreau announced talks withrm a joint venture their dutch competitor over the fruit liquor. shares were up that slowly drifted lower throughout the day . the u.k. manufacturing data was not the only piece of data out of the european area because we had eurozone manufacturing data showing the pmi number came down to

sincere and serious contribution to china. so, the weird stigma has been taken away. so, that is a good thing, i think. charlie: what is interesting -- you and i talked about this right before we turned the cameras on, you won the competition. five other people lost. they invested as much time as you did. they cared deeply. they thought about it. they listened. they pushed and shoved and imagined and reimagined. rem: some of them were my friends, or are my friends. some of the projects were incredibly amazing and exciting. charlie: my dream is to put together and have an exhibition from the best architects in the world, all the projects that did not get selected. it is not a perfect process. that wins or loses. it has to do with a range of human emotions and experience and education and politics, all of that. wouldn't it be great to see all of the buildings we never saw? the only person who ever saw was the architect. issue, is an ambiguous it is interesting to compete, per se. there is a compelling argument that actually by competing, you get the best. but it is also significant t

for the debate. coming up, a rally in commodities. is it the dollar, china? we have charts with the answer. this is bloomberg. ♪ scarlet: matt miller is joining us and it is time for our chart chat. we want to take a look at a illustrateharts that the market trends. i want to start with a call from the cory on medals. they are saying medals are on the mend. because of better-than-expected demand particularly out of china. chinese construction activity is cited in the recovery in global industrial output. the blue line tracks the base metals index. it fell to a three-year slump. since january, it has been edging higher but still bumping along the bottom for the most part. tracks industrial production and you can see the correlation pretty steady. what mcquarrie is looking for is a mini renaissance. be interesting to see. there is a bit of a bounce in the prices so maybe we will see if industrial prices pickup. speaking of commodities, i want to look at a great inverse correlation and that is between the bloomberg commodity index in the bloomberg dollar spot index. you can see they

china, where official attempts to cool down the red-hot property market does not seem to have an effect. >> august proved to be a bumper month for china. property sales, despite local governments is bringing the market down. the value of homes jumped 33% last month. if you look at it and you lies, -- and analyze, 62.4% shanghai house prices on the way up. that is more than a bubble. >> it is pretty staggering. and if you look across the board, the statistics board in beijing looks at, of those, 74 -- 64 saw price rises. that compares to 51 in july. if you break it down, some of the best performers, some of these cities where you have seen policymakers put in place policies to help try to cool the property figures. for example, making it harder. you have to put down more of a deposit. on the other side, the conundrum china faces. the third and fourth tier cities where there is a surplus of apartments, and policymakers there are under pressure to offload those. prices remained flat, if not falling, so this conundrum continues. we heard from a chief economist from the pboc, who said

more stimulus while things are looking up and china, and the u.s. jobs report could be critical for the fed. >> i do think there is enough here to keep them on a path to raise rates by the end of the year. nejra: central banks are a topic with prominent guests who pull no punches -- central banks are a topic of conversation with prominent banks that pull no punches. >> the work is never done, and i do not think you can say one and done and that is it. >> raising by 25 basis points in september, and then doing it again in december. nejra: plus, a one-on-one with russian president vladimir putin. pres. putin: we will work with -- if someone says they want to work with russia, we will welcome it. nejra: it is all straight ahead on "bloomberg best." ♪ hello and welcome. i am nejra cehic. this is "bloomberg best," your weekly review of the most important business news, interviews, analysis from bloomberg television around the world. the week began with the markets still buzzing from friday when remarks from federal reserve chair janet yellen signaled that the case for higher rates is s

international trading rules. that is why we are supporting ttp. david: you have got a hub in china, which is pursuing his own trade deal. you have a good vantage point to watch all of that play out. how integral is the fact that china is work in on the other side on a deal of its own? >> that is true that they are negotiating at this point. is a good it opportunity for american businesses and american workers. u.s. is involved in setting the trade rules for that part of the region, we just believe that things that are important to us like labor coverages, like environmental issues and they would -- intellectual property, those are things we think the world is just suited if the u.s. takes leadership in the ttp. you are lobbying at capitol hill. what percentages on the ttp and how do you think they might vote on this? >> i could not tell you what percent of our lobbying it is, i could tell you we see a varied amount of interest. a lot of people in washington understand the value of trade. they just need to be convinced that this trade deal is the best deal we could place in front of

. up 5%, rebar in china up 3% as well. you had an upgrade in coal now. it is at the highest time for this time of year. at yahoo!, itlook will report a massive data theft. they call it widespread and serious. yahoo! stockstill up on that risk rally. it is the same russian hacker as the linkedin theft. we are still looking mofr -- more into that story. david: coming up, the fed and noteave the u.s. 30 year noting its biggest rally. the central bank double-header limit downside risk in treasuries? the head of global rich chatterjee joins us next with her outlook. this is bloomberg. ♪ alix: this is bloomberg, let's get update on what is making headlines out of the business world. emma: the governor of north a state ofs defend emergency in charlotte after the second night of violence. protesters protesting the shooting of a black man which led to police firing tear gas at protesters. city officials say they were not responsible. in the shooting the man they say refused to drop his gun of the resident say he was unarmed. shows hillary clinton so leading donald trump. the survey by at ms

reach into the month anend. >> on china to understand this concept you addressed earlier on and what will happen next. we're going to see technology overtake its usefulness and we are going to see therefore the developed markets and the emerging markets shift away from hydrocarbons. what is the most rational way of pursuing policy if you are an opec member like saudi arabia? is it to pump as much oil as you possibly can? right nowhe problem for saudi arabia is that they are caught between these two conundrums. on the one hand, if they come to any kind of agreement with the urge other members to come to an agreement. they essentially are on additional demand. that also results in a reduction in their market share. over the longer term, every single time the price goes a little bit higher, they have to ensure that they are not leading into the long-term demand for their commodity. on the other hand, if prices lowo, they face the prospect that they could reduce the amount of fiscal reserves and they threaten the overall economic strength of their country. it's a bit of a trade-off

number of complaints made against police when using the devices. in southeastern china, dozens missing and hundreds were evacuated following landslides triggered by a typhoon. elise five people were killed from the storm in taiwan. rejectingcity council a bid from the 2020 one, leaving los angeles, paris, and budapest in the running. ♪ ♪ emily: this is "bloomberg west." does qualcomm want a piece of the self driving revolution? what could turn the chipmaker into a car industry contender. plus, will salesforce stop a deal from happening? and questions lingering about an upgrade to american voting technology, whether ballot box technology is already out of date. first, qualcomm said to be in nxp. to acquire reports following the busy year industry. the chip we crunched the numbers and you can see that record high activity. here to break it down is ian king. first of all, how likely does it sound that this type could happen? reporter: as you mentioned, this is something that is being speculated about for some time. although targets have been speculated upon as well, what is driving th

monitor the vote. and china's holdings of u.s. debt have fallen to more than a three-year low as beijing tries to shore up the yuan. china is still the biggest u.s. foreign creditor, but it's treasury holdings --its treasury holdings fell to just $1.2 t rillion in july. japan held on to the second spot, and saudi arabia came in third, despite its treasury holdings falling for six straight months. s&p downgraded nigeria further into junk territory amid low oil prices and severe shortages of foreign exchange. that downgrade comes just as africa's most populous nation prepares to issue its first eurobond since 2013. at nigeria five levels below investment grade, in line with kurdistan and angola. the outlook was changed rum negative to stable -- changed f rom negative to stable. global news, 24 hours a day, 2600 journalists and analysts in more than 120 countries. yousef: 25 people have been injured after an explosion in the new york city neighborhood of chelsea. a bloomberg news reporter joins us now on the phone from new york. what have police said about the incident? >> hi, youse

positive for the first time since february. anna: the leaders of china and japan refused to meet today on the sidelines of the g-20 summit. on theset to meet today sidelines of the g-20 summit. they will sit down to try to decrease tensions over territories in the east china sea. sherry has been there for the whole weekend covering this event. this is the first time we will see she's in pain and -- c xi jinping and shinzo abe. a lot of suggested interpretation. we are hearing that we are expecting a very tense meeting right now. of course, president xi and were notister abe expected to have a formal sit down, but now we're hearing that we might see that this evening. more measuresken in the east china sea, taking more vessels to the uninhabited islands controlled by japan. complicatesrther relations when both countries faced economic challenges. course, those very awkward moments between president xi and president obama as well over the weekend. tensions are running high. president obama not greeted when he deplane air force one. of course, that has been catching a lot of eyes he

the first time in eight years. deutsche bank's china challenge. the lender is set to face a hurtful moving money from the leaveshile mario draghi blame on industry behavior. the paris motor show, speaking with industry leaders after the scandal rocked peoples motors. >> welcome, this is countdown. >> they did it, the iranians and saudi's got together and got on the same page. this is what has been agreed. a new corridor or for production. #, the bandwidth. 33 million barrels a day. if we take it to the extreme, they agreed for november. 700 50,000 barrels of production per day taken out of the market. the question is how does it get allocated. it ran looks as if it may have an exemption -- iran looks as if it may have an exemption. the detail is one question. who is going to produce what exactly. how will the russians respond? and what will the shale producers say? that was the fear from the saudi side that if the deal was agreed, would that encourage more u.s. production. we are on you where various acids including oil prices. saw increases in oriole yesterday. this is where we are

the u.s., we've already seen signs of collaboration between the u.s. and china on things like climate change and ratifying the paris of court. -- paris accord. what we would like to see come out of this is better corporation and fewer accusations. and if you were accusations. -- and fewer accusations. in regard to the region, it is notable that the crown prince of saudi has been a lot of the last -- spent a lot of the last few months traveling japan, china, and the u.s. in order to encourage foreign direct investment into saudi arabia. what is highlights really is that these endeavors mean the fate of the region in saudi is inextricably linked to the global economy and only with a stable global economy will we see regional prosperity. yousef: crude has been trading about $45 a barrel but with a significant amount of volatility on the last 24 hours on the back of these talks between russia and saudi arabia. let's get some more perspective with the managing director for the middle east. , talk us through what you read into this joint presser which is very rare historically, and arguing

, ahead of the annual g-20 summit in china. highlights include his outlook on the ruble, later this hour. one hour from the close of trading in the u.s. session. let's go to the markets desk, where abigail doolittle has more. vonnie ando everybody out there, happy friday. modestly off the highs. we did see a spike in the nonfarm payroll boards, but these split the major averages good split the major average -- split the major averages. dow transports, this index is up 1.5%. this point.% at 17 of the stocks within the next are higher. from the macro standpoint, we go 3295.loomberg and look at aqua, we have the dow. white, we have the transports. the transports are in a correction from the all-time high all the way back to november. the question is which of these 2 equity indexes is the tell on what could be next for u.s. stocks? as for the week it was a data-ridch week. will the fed the raising, once, twice? when we look at the asset classes on the week, the dollar is hybrid that probably supports the idea that they will be racing. oil is lower on the dollar strength, probably suppor

ought after the blow she has suffered this last sunday evening when she sat in china and watched her own party going down the drain. the new populist party and movement in germany gaining more ground. however, this was a state that --resents than the northeastern part of germany. only 25,000 refugees in that state. it is not appear reflection of how the whole german country will kick in for the election. having said that, she will have the most difficult way to reelection, but there is no one contends -- contesting her. what does it say to you about her personality or as a president how she is stuck to if i would use a noun or verb, i would say she has been more stubborn than a little child. however, she always led germany in a way that she stuck to her convictions. i think she has somehow misinterpreted the way germans would react to that. currently the population is not only confused, many are fearful for what will happen. at the moment for many she is more of a stepmother. the german economy is beginning to stumble just a little bit. 10 year yields are in negative territory. thisr

beating from china. how is that story playing out in the united kingdom and how is it shaping out the debate around the brexit and when will they pull the trigger on article 15? >> they are coming under pressure both to stop flushing out details of what she means when she says brexit means brexit. she's under domestic pressure as well from opposition lawmakers too. we saw a bit of a clash yesterday between her office and that of david davis, the brexit negotiator in just how aggressive the brexit will be of a single market. so clarity is what is sought and we've heard various bank groups this morning, a lot of bankers are visiting with the chancellor to make the case that there needs to be claire touchdown what the u.k. is seek on these negotiations and sued. we have the shock of the referendum. we have the summer off. and now it's back to school and answers have been sought from juries made about strategy. jonathan: back to school for governor carnie as well. simon kennedy from london. later on this program, full coverage of governor carnie's testimony before the u.k. treasury se

and china closed her but here's how they were trading in the morning session. a little bit of a selloff in the region. this is the picture in singapore, tokyo, and mumbai. the quarter ending on a sour note. i'll be back in half an hour. time now for "best of bloomberg markets: middle east." ♪ yousef: welcome to "best of bloomberg markets: middle east." hillary clinton and donald trump face off in the first presidential debate ahead of november's elections. about thed barbs state of the u.s. economy. trade and racial tension, but in the middle east, the polls played a prominent role. saudi stocks got crushed after unprecedented measures -- measures to shore up finances. asefits previously seen sacred. we look at how far saudi routers are willing to go to implement their austerity plan. but the big story dominating the entire week was the opec meeting in algiers, the surprise agreement to cut back on production. we will get you all the details. at the end of the day, opec came out with an agreement to cut , 250,000 barrels a day on the low end and it might go up to 750,000 barre

approaches. schools and government offices will also be closed. airlines across southern china have canceled or rerouted flights. it is expect it to make landfall on tuesday. ania's foreign minister said internationally brokered cease-fire is hopeful. more than 200 civilians have been killed after a week of intensive airstrikes. john kerry says the syrian and russian government both seem intent in taking aleppo and destroying it in the process. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. i'm mark crumpton. joe, back to you. joe: we have breaking news. perry capital is closing its flagship fund after nearly three decades. one of the biggest name in hedge funds calling it quicks. richard parry, we will talk about that more. for a quick rap of the market basically selling off across the board ahead of tonight's debate, down 166 on the dow. .9% on the nasdaq. scarlet: today was a risk off day on the face of the uncertainty from the debate. we have a lot of analysts talking about the outcome of the debate, what it means for markets. a lot o

the brexit vote. we are seeing crackdowns in many countries -- in china, in turkey, in russia. we are seeing these nationalist authoritarian leaders. the pushback against it is powerful. tom: richard haass is with us, from the council on foreign relations. the president will speak this morning, the u.n. general simply. we will do that on television and radio. worldwide, of course, this is bloomberg. ♪ tom: "bloomberg surveillance" in new york. how about a morning must-listen? by 146,000eats nixon votes. the same thing happen in peru this year. the presidency. i spoke with the president of peru yesterday. his advice to the next u.s. president? listen, guys, the whole world asia. just europe and think about latin america. we are next door, 3000 miles away, but we are still kind of next door. , despite what donald trump says, have helped the u.s. because all of this immigration of lowered the average age the u.s. population, has created a lot of use, and that -- a lot and that has helped social security state financed. tom: a wonderful interview. what struck me was the pkfference i

global outlook. china, commodities and central-banks. no comments about the three p's, policy -- >> we've had disappointing pace of growth in the u.s. economy and productivity growth and output per worker is exceptionally slow, .5% per year for the last five years, maybe twice that over the last decade. low in historical terms. that is critical to living standards and investments of all sorts. vonnie: joining us now for an .xclusive is joachim fels pimco just released its outlook. do you see one of three quarters for developed markets in general -- how do we get to a stable growth rate of that nature? joachim: the main reason is that bad stuff that happened over the past year has stopped happening. what we've seen over the last six months since the volatility we had in january, we've seen markets much calmer. the central banks have sedated the markets. financial conditions have improved. they have eased. we get some tailwinds for the economy in the u.s., the inventory correction is behind us. we can probably see something like to come and maybe even 3% over the next two quarte

of excitement ahead of this ipo for china postal savings bank, possibly the biggest of the year. korean stocks up .1%, and shanghai holding steady. we did get property data that suggested that the property market in major cities in china continues to do well. a quick check of dollar-yen. yen, a little bit of strength that that 102 handle there. anna: thank you very much. as we have been saying, a big week for central banks. they are in the spotlight. the boj will kick off its tuesday policy meeting tomorrow. marginally in favor of the central bank to not increase stimulus. the u.s. federal reserve's decision also comes on wednesday. future's are currently pricing in a 20% chance of a hike, while the december meeting is at 55%. so what more can central banks do? we asked justice stiglitz. -- joseph stiglitz. >> there is only so much they can do. andrtunately, fiscal policy other policies have not been there, so they have been the only game in town. what we are now seeing, particularly in japan, is not enough. they will have to do something else. , great toing us now see you. this

economy has the biggest in the world. since 2008, americans have been saying china. it's been wrong since 2008, but it speaks volumes about where america sees our place in the world. to interrupt,want but unfortunately, i have to. this is very sad because i could go on forever about my favorite topic, politics, but we have run out of time. thank you. don: welcome to "with all due respect." let's get straight to the news dominating today. after days of protests in the streets of charlotte in north carolina, police have not released a video of the shooting of keith scott. received video from scott's family. the video was taken by scott's wife. it shows her telling police her husband has a traumatic brain injury. she pleads with her husband to

consecutive session. take a look at futures in the chinese market. futures unchanged in china. not a lot of movement up, .5%. h-shares losing ground a little bit. i will be back in half an hour with the chinese market open. you have the dollar undoing all the good work of the boj yesterday. rba governor is taking his first public engagement this morning, speaking to the parliamentary economic committee. paul allen has been watching these proceedings. what did he have to say? inflation has been a major focus of this testimony. it is weak inflation that was the result of the two cuts to the cash right so far this year, taking it to that record low 1.5%. targetg to the inflation between 2% and 3%, currently inflation is well below that. ailip lowe said he is proponent of flexible targeting, not keeping it in that tight, narrow range. here is what he had to say. >> we have not been inflation nutters. we have had a balanced perspective, recognizing some variability is inevitable and appropriate. the rba is not a bunch of inflation nutters. that is reassuring. they had some other things to say, p

fiscal spending. america is clearly going that way, china, japan. if you are watching for reason to be bullish, i think it comes through infrastructure and a bit more fiscal stimulus that has been lacking. draghi will be seeing that on the front foot, but i don't think -- guy: in many ways -- this is a tragedy of the commons argument. he can sit there and go, the u.s. will do it, the u.k., japan -- why on earth do i want to do it? >> well, it's a very german not to do it. their economy is doing reasonably well. if savings rate is one that, you could find a way to get german consumers to spend, that may be enough, and it may be more important than any fiscal stimulus, although it's a difficult egg to crack. caroline: give us your sense of where bond markets go, in particular, and the asset classes within europe. you would expect more stimulus to come, continuous negative rates? >> i think negative rates will stay for a while. i don't think they will get more negative. it will be an extension of quantitative easing. he has always said it is open-ended. in december you will get to the poi

bill wells on the debate stage this fall." >> we need to join arms with china to deal with north korea. >> what would you do if elected about aleppo? >> and what is aleppo? >> you are kidding. >> no. >> claim just wondering how you-- >> no no. i am frustrated with myself. i feel horrible. >> what do you think will happen. ? >> that is just part of the process. >> in terms of the president of the united states -- if you don't know what aleppo is, you can't be president. >> gary johnson appears surprised by the question, what is aleppo. >> well, you can look on map and find aleppo. >> did you have a brain freeze moment? >> no excuse. i was thinking in terms of acronym, aleppo. mark: when governor johnson you and i were pretty bullish on the moment of this campaign. the worst moment and the most attention after the day has passed. where do you think he stands? john: as we saw with him wells has a much firmer grasp on foreign policy lannett gary johnson does. this is a key moment for him. this will gain a lot of attention at the wrong time. i don't know if it strictly speaking is dis

disclosure over ceo bonuses. china's most popular social media service and entertainment company is now the country's most valuable corporation. their 4% gain today pushed ahead for china mobile for the number one spot in the country and top 10 globally. nearly $257 billion putting it in the ranks of at apple and alphabet. that is the latest bloomberg business flash. japanese shares rising to a three-month high today. index gaining in afternoon trading. currency rebounding after comments by the governor. boj says the central bank has all the tools they can use and will use them as necessary. >> even within the current framework there is ample room for further monetary easing in either of three dimensions. quantity, quality and the interest rate. other new ideas should not be off the table. what we should bear in mind when conducting monetary policy is not its limit, but a comparison between its benefits and costs. as is the case with any public policy. there is no free lunch for any policy. mark: that is the market movers this week. tomorrow the was released its nonmanufacturing pmi for

developed in markets like the u.s., western china, canada and even which i no longer really consider an emerging market in the sense we normally think of it. it is also a very important market for apple. in thatchina will be first round and then we will probably see a couple of weeks later, two weeks after or three after the 16th, we will see availability in a broader set of markets. in your research come you talk about next year being the 10th anniversary for the apple iphone and a super cycle for the iphone and maybe that's when we get something that might be more dramatically different. the big enhancement for me, to get that hardware truly competitive with what we see from samsung, for example, is apple needs to get an oled screen. it translates to better resolution and better aesthetics to the device itself. i think they are saving that for next year. they are saving wireless charging for next year. if we don't see waterproofing this year, we will certainly see it next year and we may see more variants come next year. there was an original rumor going back about six weeks that a

we live in now. the u.s. tendering a complaint recently with the wto about how china has incentivize farming. how big a can turn of that is for you? >> china is our number one agricultural customer so we have to risk that bad but they could be doing a lot more and we could be doing a lot more if they hadn't been subsidizing their commodities as much. then -- they made a commitment and promise that they would follow the rules and they would be allowed a certain level. they have exceeded that by about $100 billion. that's costly to our producers and i think it's appropriate. we filed 20 of these cases. 14 have been against china, several in the agricultural space. i think it's a strong signal to farmers and ranchers and producers and the country that we will focus on enforcement and make sure these trade agreements are lived up to and this is a reassuring step we had taken from american agriculture. >> exports are way up. from half of the rhetoric on the campaign trail, is in what looking, talking about trade we haven't been talking about. how concerning is that to you? how difficult c

changes in the challenges as it looks for autonomy from china. bankuropean central keeping its stint program unchanged at least for now. policy makers are leaving the main financing rate at 0%. mario draghi says the eurozone has so far been resilient terrorists from britain's decision to leave the european union. mr. draghi: the assessment was that come up for the time being, the changes are not substantial as to warrant a decision to act. mark: fiat chrysler under a criminal investigation. sources tell bloomberg investigators want to know whether fear chrysler -- fiat chrysler fraudulently hiked its monthly sales figures. neither the company nor big lend our commenting. meg whitman is stepping up her efforts to make the company smaller. some non-core off micro focus international. the deal is valued at nearly $9 billion. hp shareholders all get control of the newly merged company. super mario is finally coming to the iphone. nintendo will start selling the apple's appogame in store in december. it will be the first time super mario has been available on smartphones. vonnie: time now