I am francine lacqua. Manus it is. I am manus cranny. First, the global standoff. Shares plunged the most since 2000 seven. Francine that european stocks are down in the red. Commodity prices sinking to a 16 year low. Rest ine will have the a moment. Lets get at the very latest in europe. Caroline, take it away. Caroline disaster is what one chief officers calling it. We are seeing a major selloff. Shanghai composite, check that out. Down 8. 5 . The worst since 2007 despite moves by the Chinese Government to stem the bloodshed. They are trying to support with pensions. The rumors are reserve ratio cut to the banks that did not materialize. Down goes asia and the affect on your. We are in correction territory. And the effect on europe. We are a bear market. If we close at this level, we will between 2 of our previous high. Not one single stock is rising. Concerned about Global Growth and infrastructure. Bmw, feeling the pain. Credit squeeze saying that the auto market will feel much of
Why he is endorsing donald trump for president in another exclusive you will see only on bloomberg tv. Jonathan a brilliant morning of conversation. Lets check in with our Bloomberg Team for indepth coverage of the stories. The one minute plunge and chinese stocks, and a look at the job report. Vw still being hit by email and cheating scandals. Lets begin in frankfurt, paul gordon joins us. Inline but still not great for president draghi. Paul inflation just below zero, employment just above 10 , a flight improvement and reason for the ecb to say the stimulus is starting to work at a long way to go. Where did the inflation come from . It has never really come from industrial goods, it used to come from energy and that may return briefly but it is hard to see that sustained. Services inflation is where the ecb needs to see prices increasing and that is a stretch at this moment. Jonathan if you are looking for a company that probably does not need to wait is germany. Qe is germany. Hand,
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Keene. Tom youve got that right. After that fiction, lets get to our top headlines. Vonnie thanks, tom. Markets are closed in china. European stocks are trading either higher. Futures indicate that u. S. Stocks will be higher at open. China marks the 70th anniversary of the end of world war ii by announcing the biggest military cuts in almost two decades. President xi jinping said he would cut 300,000 soldiers from the 2. 3 million on duty. The Republican National committee has issued a challenge aimed at donald trump. There are reports they have asked candidates to promise they would not run as a thirdparty candidate. The pressure is on twitter to find a new ceo. Dorsey,rim ceo is jack one of the cofounders of the company. At the u. S. Open, Serena Williams is one step closer to her goal of winning all four in one year. Ents topseeded Novak Djokovic won his second round match. He did a goofy dance with a fan after the match. Tom this is not wimbledon. [laughter] tom are you supposed t