tv Bloomberg Markets Middle East Bloomberg October 13, 2016 12:00am-1:01am EDT
february as it tries to recover from the note 7 debacle. across theclock a.m. emirates, 7:00 a.m. in istanbul. >> welcome to bloomberg markets: middle east. start, it really was all about the fed, but we have moved on to china after exports and imports figures came the market,plined then we saw brett across the screen. this conversation we are having globally is about the fed. how did it impact what you are seeing? angie, it is about the fed minutes. when he what happened, because it pushed the bloomberg dollar index to a seven-month high. i have prepared a chart to show you how the change in sentiment has been reflected in u.s. 10 year treasuries. you are looking at that fall in
september now back to the highest level in four months, from below we saw earlier of 1.54%. those minutes showing that there are few signs of emerging inflationary pressure. also showing there is concern on continuing delay and it might cause a further divergence from the policy benchmarks that were the credibility of the central banks. angie: thanks, use of area let's do a quick check in the state of play -- thanks yousef. dubai has been trading for 20 minutes. it is showing losses this hour. the msci a asia-pacific showing lower on that that speculation, but china exports and imports really weighing in. wellt turning around as into negative territory, despite a u.s. dollar helping to weaken the yen. that was not enough today.
in the middle east, just under two hours away from the opening of the arab markets. 10:00 a.m. local time. this is where we last left it in dubai, abu dhabi, and qatar. it was and continues to be the oil story here, and there are some interesting moves as well on some general place in the equity markets. yousef. yousef: it is oil and banks. inc. shares driving the gains in this hour. there are concerns about how they are going to fare in this lower-priced environment. will be a process, of course. now let's check in on the first word headlines. reporter: wells fargo shares jumping in after hours after news that the ceo stepped down. he and the bank have been under pressure after revelations that they created hundreds of thousands of accounts without customer approval. last month, he was heavily criticized on capitol hill, with
lawmakers calling for legal action. korea says it has taken samsung through its seventh debacle into account. governor lee said he needed more time to accurately gauge the effect, but he admitted there would be some impact separately. samsung will launch a new smartphone in february, a month earlier than planned. caps on shares on the rebound today after word of a three-day in 20 12. -- cafe pacific shares falling to their lowest in seven years after a critical review of it is this. cathay also said that second half results are not expected to be better than the first half. in august, cathay reported an 82% slump in net income. is calling for a third day
on speculation that the opec agreement to cut output will not succeed in reducing the global cut. saudi remains positively optimistic that a deal will happen soon. russia has signaled it will follow opec's lead, with the secretary-general saying talks with moscow have been very constructive. u.n. president vladimir putin have a very firm commitment to the highest level of government. you have been with us, working hand by hand, side-by-side, shoulder to shoulder. we are confident. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. minuteshe latest fed
show the death of the argument about a rate hike and why three dissenters were calling for action. got kathleen hays in new york with more. what have we learned? kathleen: we have learned that this is a federal reserve that is still too excited to make that move towards a rate hike. certainly we were expecting it by the end of 2016, but we won't -- we did not get it in september, and here's why. they looked at the labor market. there is a lot of slack, they said. when there is a lot of slack, even higher wages will not rapidly push up inflation. there is no agency to move. maybe it is more prudent to wait. brisk avoiding too long, the risk that inflation will start rising, and once you start raising rates, you have to raise them so fast, you will is the economy into a recession. let's jump into the bloomberg
and look at world interest-rate projections. what you have been seeing for a 100% on that,3 of the rate hike comes in december. mohammed al arian, bloomberg view columnist, said the market is getting it right. >> i think the market is right about a december hike somewhere between 2/3 and 3/4. why is it not higher? because it is a long time until december, and there is a lot of fluidity on the political front, but also internationally. fluidity on the domestic front, the presidential election. no matter who makes it to the white house, what decisions will they make, particularly on international decisions like trade? that takes us to the international picture, brexit for one, and in the last few
hours, china with weak exports. china's stock market was falling. we will see how far this goes. but there is one more thing. between can happen now and december, and international of forces -- international forces can also affect the fed. yousef: what side of the fence as janet yellen been on? kathleen: i see myself in a pastor. we have hawks in one side and doves on the other. janet yellen is definitely with the doves. what the doves said in a september minutes is something janet yellen talks about a lot, slack in the labor market. the labors slack in market, you don't have to worry about inflation. let's jump back into the bloomberg and look at a fund chart. it shows four measures of unemployment in the united states, and the bottom line is the percentage of people who are
unemployed and looking for work as a percentage of the labor force. it is at 5%. if you look at this chart, there are two thing things to notice. one, the unemployment decline has flattened out in all those measures since the great recession. it is still relatively low, but add in the blinds. the very top line includes workers who are discouraged, so they are not well working. workers who are working part-time because they cannot find full-time jobs. a point of slack. there are a lot of workers who can come into the labor force so you don't have to worry of unemployment falls and jobs grow about it asian. -- about inflation. that is the point of the argument. a lot of people are looking at the dynamics now, the fact that some doves have become hawks and say janet yellen may not have the same control that she did. the forces are changing just a bit. yousef: thanks, kathleen. let's pick up on the china data.
china exports fell the most since february last month as global demands remain tepid. look at the numbers on the bloomberg. it is pressure on the yuan, now and its six-year low. you are looking at imports that came in below expectations in september. our china correspondent has the numbers. give us more details. : the headline numbers are this. the trade surplus for september came in at $42 billion, $11 billion below expectations. , importsere down 10% down almost 2%. bloombergl is telling about the numbers are consistent with a global slowdown in trade volume, saying that china is running out of options. other analysts saying that export audience may pick up as early as october, possibly as christmas orders come through. tom, weren't exporters
meant to benefit from the weaker yuan? again, analysts showing that data shows the diminishing impact of the yuan on exports. we have seen the yuan depreciation against that trade weighted basket. year to date.n 7% it seems like consumers primarily in the u.s. rt and not chinese products in big numbers as they were before. it looks like a concerning picture for the overall economic picture here. gdp expected to come through at around 6.7%. that might be revised down. look tomorrow for inflation data . later this week, we will get money supply data as well to add context. angie: let's see how much pboc spent to control the currency. our china correspondent tom
mackenzie. let's get the latest from the markets, because we definitely saw that swing to the downside after china. here's david ingles. david: that one really just catching markets off guard. there is a possibility it was much more disappointing than we thought -- there was a possibility it was disappointing. it was much more disappointing than we thought. look at this. this is the highest since march. when the data came out, everything went south. we are pulling back on the dollar index. yields were on the way up. in fact, we came within tenths of 1.8% on the u.s. 10 year. look at where we are now, 1.74%. a lot of this beats the expectations of the that may move, perhaps getting dialed down right now because of the china data. this is a charge of what happened today, the u.s. 10 year yield, 1.74%. we started our closer to 1.8%. how is that playing out in the equity markets? it was not the best situation to
begin with. moment -- i at the think the main difference is when you look at what is happening with the nikkei 225, which was up 8/10 or 9/10 of 1% before. the data came out, the yen strengthened. nikkei is down for tenths of 1%. at what is, look happening in thailand, 9/10 of 1%. seeing pressure on the bond markets as well, and credit basis points 18 into this morning. something to watch, thailand. the market has lost 14 billion -- 40 billion u.s. dollars in market cap in the last cointreau days, about 78% of the entire index. thanks, david. still to come, we will take a closer look at what is happening in thailand. the governor is asking its citizens to avoid social media. angie: also, still showing
angie: welcome back. i'm angie lau in hong kong. yousef: and i'm yousef gamal el-din in istanbul. oil is falling for a third day on concerns that the ongoing talks with opec and non-opec are not going to yield any tangible agreements. with the energy minister of the united arab emirates just after the meetings ended here in istanbul, and asked him what the road ahead would look like. >> looking at the market itself, we are seeing a positive , whicht in price indicates that the market was not responsive to the fact that our side to doon
something. opec.not going to be only it will be more than opec. we are encouraged as we see a response from different major , and we are expecting more and more recoveries to join us in the end that. -- indiana. -- in vienna. alsoearly there were absentees this time around and iran. is that something you are worried about? >> this was a formal meeting, first of all. this is a meeting where whoever is here can come. it was more meant for the secretary-general and the chairman to talk to opec and try to update them on what happened in nigeria. i think we agreed that we need and contact more
countries and invite them to come to that unofficial opec non-opec meeting. earlier, it was said that opec is not targeting a specific price. they are trying to reduce the overall supply in the market, inventory specifically. you said that $40 a barrel is enough for the industry. what price is a healthier range? you people sometimes take part of what i say. what i said is, if it goes to $50, comes back to $40, then goes back to $50 and comes back to $40, this will not encourage investors to put more money in what we need for the exploration and development of new projects, and that means that market stability is very important, more important than the price. need to encourage investors
to put more money into this business. they will not be encouraged if the price jumps from $50 to $40 to lower. this is what we are trying to do as opec, and i think it takes more than opec to stabilize the market. opec is a responsible organization. the uae is a responsible member of opec. but there are bigger players who need to do their jobs as well. how much would you be willing to cut, or can you cut? >> again, let's wait until the committee meets. they will study different scenarios, and then we can decide what will be the best scenario for everyone. coming up, calling for action. we will take a look at why some are pushing the fed top--- to hike rates sooner rather than later.
angie: we have been discussing the latest fed minutes. it is believes the decision will largely be data dependent. >> the data is pretty good, and even with the kind of pick up in terms of manufacturing activity. all these features are giving indication that society is clearly willing to hike in december. but on the other side, market expectation has been extremely , so that was necessary to give indication. angie: tom murphy is the managing partner of --
he says politics way this time around. >> became to the conclusion that the fed had all that it needed to hike in september and will wait until after the election. that has happened. we know that. movealmost certainly will in december now, and i think janet yellen will be on the side of that move, in contrast to her position last month. other analysts say the fed has a lot to consider. >> the fed does not seem to be looking at just the inflation rates themselves. looking at only unemployment, participation, but also wage increases. i think those will all be contributing factors. most likely, it is not going to happen in november, at least from what the fed futures look like. it looks like it will be a december vote for them. angie: cap was the word on the fed. more now on the latest fed minutes -- yousef: angie? angie: go ahead.
yousef: let's stick with the fed minutes. clearly a close call. direct quote from the minute. not just that, but they are concerned that if they wait too long, they will cause more damage. one of those sharing that concern has been the former fed governor randy closer. have a listen. there are aes, number of people who want them to be moving sooner rather than later, and what is very interesting is someone like eric rosengren who has been very disposed to keeping rates low for such a long time is now dissenting and saying that we need to move. are some of the labor market issues you discussed are the pressure points, but there are other points eric has raised that i have concerns about. >> we don't see a lot of inflation, and we have not seen inflation rear its ugly head in
so long that i think a lot of people, not necessarily as sophisticated as federal reserve economists, but a lot of market participants find it hard to believe that we could see the economy over huge, even if rates were kept lower for longer. >> for sure. right now, we are seeing inflation below the fed's 2% target. it has been there for a while. expectations have come down. the best type of central-bank policy is one that is looking through the front window of the car rather than looking to the rearview window of what has happened in e past. they want to be ready, but i some of is not only these inflation pressures, but also some of the financial stability considerations, thinking about the consequences of having interest rates low for so long. when i was there in 2008, the beginning of 2009, we brought down rates to effectively 0%. meany got that is going to
2015, 2016, 2017. we talk about looking out the front window instead of we are focusede, a lot on what is going to happen in december, but when we look at the past, what do we know right now? this mean for the past going forward for rates? >> i think it is still going to be a gentle path, and that they have come out with the statement of the dots where each member says rates are going to go. morehas become more and gentle over time, and i think it is still going to be gentle. one should not mix up the extensive dissent with the deep -- the extensive decent with the extensive asset of the rates.
i do think people want to get started sooner rather than later. how important is it -- we know there are five governors and the president of the bank of new york that vote, and then four others that rotate through the regional fed presidents who do not vote, but how important are their views when they speak at these meetings? >> i think janet yellen as well to build aanke try broader consensus. it was not a focus just on who is voting and who is not voting. it is really, what are people saying, what kind of analysis are people giving, and where is the broad consensus of the committee? i think it is a little too narrow to focus on the voting members. formally that is where the decision is made. a broader, it is kennedy kind of decision that is made. and it is the substance of the argument.
>> checking in on headlines from around the world. china's exports fell since february of last month as global demand remained tepid. the trade surplus coming in at $42 billion. data may increase pressure on the yuan, which touched six euros earlier this week. , extending the klein after u.s. industry data shows stock piles brewing as differences emerge in opec about sharing cuts and output. russia says it is willing to work with the cartel ahead of next month's meeting in vienna, withdrawal -- which will try to
settle how much venezuela and iraq should help. 4% falls after the nikkei reported the delay of a planned merger. the two delayed -- the two mergers will hold a conference tuesday after both delayed a deal from april. japan has been pushing refiners to consolidate. the minutes of last month's fed meeting shows that policymakers' decision to halt raids was a close call. the fed has preferred rate increases at every meeting this year, but together again -- this year. they will meet again on the first. global news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. i'm haidi lun. this is bloomberg. it is 7:30 a.m.
istanbul. i use of open again. el-din.ousef gamal reporter: let's talk about the latest on the brexit story. all inn yesterday was the currency market. in the houses of parliament, we undereresa may speaking, pressure to allow parliament more of a say on brexit. it looks like it will get more of an opportunity to have their say on it, but specifically she would not promise lawmakers that they would get to vote on the matter. there were the a lot of debate, not necessarily a vote. today, tension moves from athens to parliament him up to a london court which will decide whether it is up to theresa may and her team to decide on the timing of the brexit conversation. failure by her side -- theresa may's side to defend themselves in this case would force the
issue into the house of commons and house of lords, and you have to remove or she has a very small majority in the house of commons and nothing like a majority in the house of torts, so she would be up for a tough struggle against those lawmakers if it has to go in any formal way to those bodies. that's where we are on this political and legal backdrop. in terms of other news, look out for scotland today, because we snp launching their annual conference, and nicola sturgeon will be talking about limiting the damage to the scottish economy as a result of exit. scott's want it to remain in eu. so far, she is resisting calls for another independent referendum for scotland. locks to talk about on brexit debate. yousef: we are in full swing when it comes to earning season. what are you watching out for today? anna: we could see the brexit conversation, the pound having
an impact. we get key numbers from unilever . they make things like lipton tea, hellmann's mayonnaise. they will be reporting numbers. estimatehe increase that we see from 18 analysts surveyed by bloomberg. theuld be much slower than second quarter, when they saw 4.7%. a slowdown in emerging markets accounts for almost two thirds of the companies sales, something the company has been dealing with. they have been acquiring businesses in male grooming and home care to take care of that. more than 90% of their sales come from outside of the duke a. what will they say -- of the u.k. what will they say on the currency? also, sky, the broadcasting business, operates across the they will have to translate all those non-pound earnings back into pounds, and that will boost your business. they will -- they have been
adding products for this company, providing combined tv, internet, and phone services. they have also been dealing with rightses in costs for tv -- in costs, as the competitive environment for tv rights is increasingly competitive. they have tohat say. angie. angie: anna, thanks. more pictures have emerged of what is claimed to be a samsung smartphone overheating. this was shot in central south korea. it is said to show smoke coming from a note 7. most of the affected phones were sold in korea and the u.s. samsung says it is sending flame resistant packages to american customers. despite that, samsung seeing healthy gains today. you can see it smoking hot. what's going on?
bloomberg managing editor for asian technology joining us from tokyo. samsung has been given a first indication of dropping the note 7. how much are they talking here? >> that's right, angie. yesterday after the market closed, they came out and said they would cut their operating profit prediction for the third $2.3 billion, which is the first indication we have gotten about what the costs are going to be for this debacle with their phone. have baked in some of the cost of taking back the phones they have on the market right now, and also getting rid of the phones. that will cost them something. also, they are forgoing some sales. this is an issue not just for the electronics company itself, but also for the component makers that feed into the foam unit. -- phone unit.
yousef: peter, how does this affect the rest of samsung? >> the reason it will not have an effect for samsung is because the phone business buys components from many different units within samsung, the display business, the chips business. other parts of samsung feed into the phone business, and that has been their marquee product over the past few years. it has helped drive their share price to a record high so far. now they need to dig into what exactly went wrong. they are trying to investigate what happened with this battery, especially because they recalled the phones run -- recall the phones once come up with the again, and continued to have problems. reaction are we seeing from investors? shares are up-to-date. investors are hoping this is the beginning of the end for this crisis, that now the company has put an estimated cost on it.
this is just for the third quarter, though. they put out a elementary estimate just a week ago, and they came out and that they would cut it i have dramatic amount. investors are hoping this is the beginning of the end and that the cost will come down a bit. manus: peter ahlstrom -- yousef: peter ahlstrom joining us. thank you. let's check in what's happening pacific at the moment. those shares tumbling to a seven-year low. this is after it abandoned its profit forecast and said it no longer expects second-half results to be better than the first six months of the year. let's get more perspective. rosalind chin has been across the story. what is driving the sentiment? it is a difficult time for cathay. in the first half, cathay said hopefully the second half will be better, but now they are saying the second half probably
will not get better. it indicates how tough things really are. it did say the business outlook is deteriorating and it is facing strong pressure from, yields,and pressure on and revenues are coming in lower than forecast. i mention yields because that is .he key metric of profitability the number of passengers carried by cathay and dragon air, one of its units, increased in the first half, but yields slumped 10%. things are not going well for cathay, and it is part of the increased competition. engaged insay we are a critical review of our business. review will include all options for efficiency and relativity. this morning, at least two wreckers cut their ratings after the outlook. the bloomberg, zero buys, seven holds, 11 cells. >> if you take a look at how the
stock has performed, it is slumping 5.6% during today's session, but check out the bloomberg terminal, just kind of showing you why they are so concerned. this is one of the worst-performing stocks on the hang seng as well. >> it is the third worst-performing this year. you can see it is dropping. essentially, yes. we have been seeing issues. oil has been an issue for cathay in the last few years. if you look at this chart, it shows how they are doing this year. this circle area shows a steep drop in cathay's share price. in august, you can see it was one of the biggest two-day losses in seven years for the headline. -- for the airline. the hang seng is the blue line. profits for the
half fell by 82%, which was a shock for investors. analysts are not too convinced it will get much better for cathay. yieldstimated passenger pressures sees losses continuing into 2017. it is said they will have to lower prices to maintain traffic. it is said they have been hurt by the triple whammy of the strongollar, cuts in the financial sector, and higher charges. thank you so much. saudi arabia is said to be granting more license to foreign banks and easing restrictions on their operations. the move is part of the king's plan to boost growth through the private sector. how significant, matthew, with change the for foreign banks invested -- interested in getting into saudi? matthew: good morning. this is going to be a very significant move for the banking
sector in saudi arabia if the central bank approves these proposed measures. hitting a license to operate in saudi arabia has been like gold dust. been around 13, 14 international banks which have licenses to operate on the ground and actually take deposits and do. read and retail banking on the ground. full corporate and retail banking on the ground. while losses have dropped recently, it has still been very difficult for the international banks who want that presence on the ground and want to build international client relationships. and we have talked a lot in the show before the saudi arabia's planning and opening up of the private sector. this will potentially be a very big move for the banking sector and economy. yousef: matthew, these licenses are a very scarce commodity. given that the question becomes more food is not interested
rather than who is interested, write? matthew: exactly. i think this will be interesting. if you look at who is on the ground, we've got the likes of deutsche bank on the jpmorgan. those licenses have come through quick program arrangements -- quid pro quo arrangements. you've got one french bank, one british bank, one u.s. bank. if the door opens a little more, you've got the likes of citigroup interested in selling to the country. it will be of great interest to them to expand their footprint there. the banks in china and saudi arabia look to boost the trade and financial ties with china and asia. i think we could see a lot more banks are not part of the world expressing a great deal of interest in getting a presence on the ground. would be the latest
in a series of reforms to try to open up saudi arabia to foreign investors, but it also comes at a time when saudi arabia is struggling to cover its budget deficit. what is causing this change in terms of policy now? matthew: as you say, the government is under intense physical pressure now and economic pressure from the slump in the oil price. it is trying to embark on a strategy where the government will step back from being the main driver of the economy to try to get the private sector to step up. obviously, a key part of that will be enabling the financial sector to be larger and more liquid thanand more it is right now. i think that is what is driving these measures. the government is looking to boost not only the private sector from around 40% of the economy to around 2/3, but it well.to boost fbi as
they want foreign investors to come in and start investing. it is a big part of the economic push going on. yousef: matthew, thanks a lot for joining us. isna's week economic data causing concerns about future growth. we will talk through more of the implications. we have that coming up. stay tuned. ♪
$290 million. amounted to $290 million. the slumping lire has eroded dividends received in the local currency. egypt moved a step closer to securing a $12 billion loan to the international monetary fund after receiving a $2 billion deposit from saudi arabia. cairo is seeking as much as $6 billion from bilateral world creditors. the central bank declined to say when the cash arrived on saudi. aramco is still evaluating whether to lift shares in new york following the passage of a u.s. law allowing the kingdom to be sued over 9/11. the chief executive officer told turkish television that aramco is discussing parallel listings london,ork, hong kong, as well as at home. the ipo is expected to be the biggest in history. the sale of 5% could value the
company at trillions of dollars. angie: china's export fell every last month. news chiefloomberg asia correspondent joining us. what does this tell us really? >> i think these numbers were quite a surprise. it underscores just how weak that global trade is right now. it shows how fragile the outlook is for the chinese manufacturing sector. imports are down as well, which does not bode well for futures, because china imports a lot of components from the manufacturing sector. when they are not importing as many components, it suggests they have a big order down the line. all told, a sloppy trade number. angie: what happened to the weaker yuan presumably helping out exporters? theyu would think so, but
are not getting much bang for their buck. japan -- a weak currency does not necessarily translate into improved demand for goods. it comes down to demand in corresponding countries rather than the exchange rate. not as muchrency is as you might think. yousef: what does the data signal for the future you on from gary ackerman --future yuan from here? he wasr: like and saying, you would think the temptation for chinese authorities would be to weaken the yuan going forward. we saw the fed minutes last night talking about the potential for a fed rate hike area that would put -- fed rate hike. that would put pressure on the yuan. time, just because they are weakening the yuan, it does not mean that exports will improve that much. it is more about underlying demand. this is more of a global trade story than it is about one china
can achieve in boosting their competitiveness with the yuan. until global growth and the global economy starts moldering again, we are not expecting to see a turnaround in the near term. thanks. angie: coming up, a call for calm. china's military backup telling people to ignore rumors that the second warning came. we will have the latest next. ♪
as march. other lenders from jpmorgan to credit squeeze will be active book runners area the company known as -- book runners. the company known as snap inc. filed its ipo documents. andtesla motors shareholders will vote next month on their proposed merger. place at two take special meetings on november 17. the two elon musk-led companies did not doerge, but to shareholder unrest and lawsuit. the meeting will get more shareholders updates. and samsung smartphone debacle is said to have brought talks with chrysler over its car parts unit to a halt. the two companies are said to not have agreed to an evaluation or the structure of any deal. we are told they are still keen on a tie up, but samsung's need to focus on the note 7 crisis
means it is unlikely that an agreement will be reached by the end of the year. yousef: thai stocks are extending declines even after the military backed government has that people should not follow rumors on social media about the king's health. let's follow over to our south correspondent. any updates? you said the latest update came last night with the palace saying that the king's condition remains unstable. it is the second update in four days. away from is breaking its usual practice of being silent. what we also know is that the prime minister cut short a provincial visit to return to bangkok. we were told that he was meeting with a crown prince for a on the update government. as we have been reporting, there have been growing rumors about the king's health on social media. it is the crop -- the top
trending story on social media -- on twitter. the palace released a statement four days ago. thai assets have really taken a beating. ang. rishaad: has, give us a sense of the market turmoil. we saw another repeat today. reporter: you said it. it has not been pretty, and that has prompted the thai regulator it will investigate who has been spreading the rumors. thai stocks have fallen every single day since the palace released the update on the king's health four days ago. week, of about 7% this the biggest drop in that period. theou take a look at bottom, it has been weakening, the worst performer in all of asia over five days, down about 2.5% since the dollar. python's, same story.
two theyas the biggest ride in a year. the sense that you get is the market is jittery. the king is seen as a unifying figure, and the country has been in political turmoil by rival political parties. and we continue to trade developments in the coming days. angie: all right. that's haslinda almond for us right there. i wanted go, a yousef, to bring in a chart on asian equities as we wrap up this asian trading day. we see this equity rally more are, and itwhere we is stalling. that's what we're watching. that's it for this edition. yousef: angie, it will be interesting to see how investors react to the data later on from the eia in terms of the oil inventories. more guidance there.
anna: the worst slump in seven weighinghina exports on asia, sending the yuan to a six-year low. fomc members listen to janet yellen regarding holding rates, but supporters say it was a close call and hike is needed relatively soon.and wells fargo ceo public outcryto over the fake accounts scandal. ♪ a very warm welcome to