Broadbrushating the market moves today. Down by over 1. 4 . Mixed fare for the currencies. Bond yields declining, gold rising today. The earnings season continues, shrinking returns from investments contributed to a 25 drop in secondquarter earnings. Still a beat underscoring the challenges of the new chief seeks to reverse three years of falling profit at the worlds biggest reinsurer. He has yet to outline how he plans to return to growth as catastrophe claims way on prices. Shares down 2. 5 today. Germanys biggest Renewable Energy generator underlying its 40th profit outlook, boosting investment as growth beats estimates. It will present an updated growth and Investment Strategy with fullyear results after decided to increase its dividend eont jan separated separated its conventional power plant business last year. The fourth best performer on the dax this period. That is eon. Of 95 billionoan euros to euro area banks in 2007 was the initial response to the financial crisis that would force the ecb to expand its Balance Sheet by trillions of euros. Of ecb support in the unprecedented an battle against Bank Failures and recession and sovereign debt turmoil that has changed the regions economic landscape and forth a complete rethink of what Monetary Policy can and should do. 90 minutes into the trading day in the u. S. Julie we still have stocks declining, Holding Steady with their decline. it seems to be a combination of president trumps rhetoric towards north korea and concerns sparking an acceleration of of largend Earnings Companies and small that are disappointing today. The two day change we are seeing in the s p 500 is a drop of. 4 . That is its worst today performance going back to early july. This is the smallness of the changes in the s p 500 this looks at the rolling 20 day change. Heres gains and losses. Both of them are getting smaller and smaller. As we mentioned earlier, the percentage change this august is the smallest going back to 1965. On the individual basis, we are seeing moves. We have earnings losers today. Ow forecasting revenue for Third Quarter that missed estimates shares being punished come even the revenue and earnings for the Second Quarter beat estimates. Home depot falling in a big week office depot falling in a big way. Second order sales down 9 . Earnings missed estimates as well. Sales will drop for the full year. Challenges in the Office Supply industry. We are watching the bond market today. We have seen some buying their on these concerns over global tension. We have the yield going down for basis points. Thats four basis points. There is an option of 10 year notes today. 23 billion auction. Finally, we have seen the vix finally showing some sign of life. It is climbing 18 over the past two sessions. 11. 68 today. Mark thanks a lot. Rising tensions between the u. S. And north korea putting pressure on markets today. Donald trump warning he could unleash fire and fury against kim jonguns regime. Is this another case of posturing from trump or something greater . Tillersonr, rex seemingly calming things down, of anaying the threat immediate threat. John a classic pattern we have seen through the trump presidency. The president will come up with something that sounds very eyecatching or outrageous and then pretty quickly, you have the secretary of state saying maybe policy hasnt changed that much. That has been the pattern weve seen for most of this year. None of this is written down. For investors trying to figure all of this out come of the key question is still when is the president bluffing. Mark are sanctions going to work . This is the result of the escalated sanctions, the rhetoric has gone up a few notches. His dialogue the ultimate solution . John you still have to break it down. You look at the range of options from the military options on one end of the spectrum to sanctions and negotiations on the other come the military options are pretty bad. Strikee is a unilateral by the u. S. On north korea, the repercussions would be shocking and horrendous. In isthe only way to go through negotiation. This is what kim jongun craves. He wants to be seen on the same level as xi jinping and president of united states. That may seem a long way away from where we are right now. Stranger things have happened. ,ook at the history of politics the history of settling these apparently unsolvable problems, they do tend to be solved by the unthinkable and people who sit around the table and negotiate with each other. I wouldnt rule anything out at this point. Vonnie what is stopping him . The korean Peoples Party just said in the last few hours that a strike plan would be put into action in a multicurrent and consecutive manner. That doesnt sound like somebody who wants to talk. If this keeps going come of u. S. Might be forced into doing trump took action in syria, for example. Vonnie when these things happen, there is a temp tatian to look at the likes of Vladimir Putin or kim jongun as these omnipotent dictators who are dictating the course of these agendas hes also playing a highstakes game here. If he does launch any sort of a strike on korea or on japan or a u. S. Base commit that is it for him. That will change the game so hugely for him. It creates an unpredictable sequence of events. ,e is solidly in control solidly in power. If you take a big gamble like this, suddenly, things for him look much riskier as well. Now, we are pretty much in a war of words. Vonnie who has the most influence over kim jongun . China or russia . What does the u. S. Do about that . John certainly, russia would like to think they have some somebest there is diplomatic activity there worth watching. A client state of china. China does prop up that economy. Have they, china does biggest influence over north korea. Far and away, china does have the biggest influence over north korea. Xi jinping needs to show the world that he is the master of all this. He seems to be making concessions to the u. S. On this point. Worry in alle big of this, they dont want to see american influence spreading north beyond the borders of south korea. It is an obvious how china should play this as well. Mark thank you for joining us, john fraher. Markets cautious today. Havenors moving into assets like gold james athey is here. Management the markets and a remarkable propensity after an initial blitz. Down. Are they tend to move quickly to these flashpoints. James i dont think it is just. Just a geoPolitical Risk. To be large degree, yields have exhibited the same characteristics. Its very much about the at and flow of sentiment and positioning and liquidity means we can see bigger reactions in some cases to marginal news and in other cases, we can see smaller reactions it is difficult to draw any solid conclusions about mediumterm outlook. We are in the standard summer characteristic markets right now. Futures were hitting the market and seemed to be having. N inordinate price impact that is quite demonstrative of summer markets, the liquidity moving exacerbated when there i agreey information with john in terms of the korea u. S. Outlook. It doesnt seem like a high risk of nuclear war being priced in. Mark what sort of geopolitical sustainedpable of impact on markets . If this were to escalate more are there potential risks . Weve overcome all the European Election risks for now. Would our top of the what are tom of the what our top of the james athey to Political Risks right now . James we would like to put them to one side as much as possible. In the mediumterm, for me, personally, it is still the conflicts of europe. What we see in terms of trump and north korea, a lot of that is rhetoric and posturing. You are not going to get many inte outcomes europe, it is very different. Period ofuite a long polling evidence showing large changes in how people see the future for themselves. For me, still, the eurozone is a mediumterm concern. Mark that is it for the moment. We will be back in a second. James atheys staying with us. Taking, bnp paribas drastic measures 10 years ago. What european financials are still struggling to recover. This is bloomberg. Vonnie im vonnie quinn. Mark im mark barton. Counting down to the european close in 14 minutes. Yearreflecting today on 10 since the start of the credit crunch. Today marks a full decade since exposed to sue u. S. Subprime mortgages, an event that triggered a credit crunch. Assets have largely recovered. We are putting the question to james athey i want to show you this chart. , but befored on qe then, the ecb did a lot. James absolutely. In the u. S. , you had recapitalization of banks, you had liquidity provision, a huge amount of rate cut before you got near to the conversation on qe. It has been quite an incredible journey. ,ark looking at credit spreads reflectds and liquidity what Central Banks are about to embark on or not . James i dont think many markets do. That does feel to me something which at the moment markets are putting into that folder of i ll deal with that later or we will wait and see to some degree. We evidence float and didnt know what it meant. When we had the taper tantrum, just the mere announcement that they would slow the rate at which they added to the Balance Sheet, we saw a 100 basis point selloff. This time, youre talking about the fed reducing the Balance Sheet while the ecb is about to announce their slowing the pacing. I struggled to believe that markets are going to be entirely sanguine throughout the process. Vonnie we have Investment Grade and highyield spreads compressed as well. Are you concerned there, james . James we might have to come up with a new name other than highyield. If you look at the yield in europe, corporation on yields are lower but youre talking about to think of that as highyield is quite concerning. Core bondcause cost yields are lower. Mediumterm, i think definitely we could see some weakness in some of these markets which have been propped up largely by liquidity and centralbank action. Vonnie how would you position for that . If you think theres going to be a catalyst in the near future, is there a way to profit on that or at least avoided . Avoid it . James caution and diversification. Sometimes, diversification is seen as a dirty word. There are ways in which your Portfolio Management and construction can help you to structure a portfolio that is not quite as prone to being buffeted around by some of these moves. If things do transpire as i expect come i see the potential for all markets to weaken together. Normally, you expect equities to weaken in the last few weeks and months, weve seen equities and bonds and selling off together and that to start with inthe right thing to happen an environment where the Balance Sheet is being unwound. Beyond that, it becomes a bit more difficult. I was certainly favor Equity Investments over Credit Investment because you get some inflation protection in the equity market. Variable dividends. I think it will be one of those where a six month or 12 month forecast will be a fools errand. Certainly keeping a more diversified balance portfolio minimizing your Duration Risk mark jeff black told us yesterday that is his primary bet, volatility. James i can understand why. You dont need to make these kinds of calls between various markets. I would agree, it seems incredible to me that implied volatility is so low across bonds and equities when there is so much going on. We talk about geopolitics and Central Banks. Oft is part of the story everything happening at the same time in global markets. I do think the market will short time horizon and will reassess again in a couple of months. Mark what will the trigger be . No one knows the answer. James a lot of people are looking to jackson hole as when they will reassess and position their portfolios for q4. That is too short term for the time horizons we would like to look at ideally. Im a pragmatist. Stuck to some six or 12 month time horizon is unhealthy. Mark right now, what do you like . If things continue as they are james the u. S. Is the most mispriced market. The dollar is cheap and treasury yields are so expensive. That canadae place has moved too far to cheap enough in terms of rates and rallied to far in terms of currency. There are some opportunities out there. Try to keep your headline Duration Risk close to home because we can see some big yield swings. Mark does the e. M. Trade unravel and worstcase narrow . In the worstcase scenario . James a lot of what is going on happened partly as a function of exit liquidity and the need to go down the quantity spectrum and lisk spectrum some of that will definitely unwind. Mark james athey, fixed o Income Investment manager at aberdeen investment. Why shopping online has led to 10 billion acquisition in the ecommerce space. This is bloomberg. Vonnie im vonnie quinn. Mark live from london come im mark barton. Lets take a look at the Bloomberg Business flash. Shares of mylan falling today. The drugmaker hit by a wave of generic price cuts. Its already hurt other companies. Mylan posts secondquarter estimates. At Miss American worker productivity picked up in the Second Quarter. According to the labor department, employee output rose as an annual rate of. 9 , beating estimates. Rodriguez plans to capitalize on the retail crisis a party license to in the miami area looking for shuttered brickandmortar locations to fuel their expansion. That is the Bloomberg Business flash for this hour. Check out whats happening to stocks as we approach the close. Stocks are lower today. Fire and fury comments sending a ripple through the markets. Who knew that phones would start doing everything . Entertaining us, getting us back on track and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save when you choose by the gig or unlimited. Call or go to xfinitymobile. Com. Xfinity mobile. Its a new kind of network, designed to save you money. Live from london and new york, this is the european close. Session. Nishing the utilities the sole industry rising today. Trump yesterday, the fire and fury an comments, have sent investors scuffling. Government bonds. There has been some m a today surrounding this company. World pay is the company. 8 billion pounds is the value. And 90. Unds route david will be ruth david will be telling us more about that. 10 years ago today, the event that happened that triggered the start of the credit crunch. Most economies have recovered from the turmoil. One place i where equities have not fared so well is the country where the bank that it is from. K equities in france remain in the doldrums relative to the ftse in the yellow. 500. Lue, the s p the white line down by 10 . Not as bad as the euro stock 50. It is down 18 . Spain down 20 . Italy down by 45 . Definitely a chart worth keeping an ion today eye on today. Lets get rid of this because i will show you what is happening. I hope. If not, do bear with me. 8988 is the chart. In the wake ofd the secret ballot. 8988. I am sure that was the chart. I will give it one more try. There we go. Excuse me. It is going to be worth it. It is going to be worth it, vonnie. 15th im lucky. There we go. Time lucky. There we go. The highest since november last year. The numbers in march, it has come down to 16. You know the big news yesterday. We had the secret ballots the president was not ousted ballots, the president was not ousted. What sort of Political Risk premium is priced into the rand right now . We have heard from chris turner, the global head of strategy at img. He says the fair value of the rand is 12. It looks attractive. Despite some degree of Political Risk. The rand moving today and yesterday. Overnight volatility coming down in the wake of the failure as some put it to oust south african president jacob zuma. We got there eventually. Vonnie it was so worth itonnie , mark vonnie was so worth it, mark. Here is when we made earlier. That terminal you are talking days over the last three moving a little bit to the korean won right now. This increase in drama when it treats and dialogue and messages and so forth. Seeing a spike in the vix. We are still below 12. It is big considering we were below 10 a couple days ago. It is impacting the yen as well, which is below 110 for the first time in gosh knows how many months. We have the 10 year yield at 2. 22 . Further out, we are seeing a bigger reaction to what is going on. It is the lazy days of summer, and these things have more of a reaction in the markets than they normally do. Citizens of these countries are a lot more worried than we are in the united states. 7. Xican peso is at 179 it is worth keeping an eye on. Some weakness the last few days. China is always one to watch. 6. 69. Below 6. 7 now. Mark lets go back to the huge deal in the ecommerce payment space today. Yes, u. S. Payment process have agreed to buy the u. K. s world pay group. 10. 4 billion. Part of a trend of increasing consolidation in the payments industry. Joining us now ruth david. Should investors be happy with this . Ruth if you came in at the ipo, what is being sold for now is 63 higher. It is a stock deal. If you came in at it this year, it is in line with some of the other deals that have happened in the sector now, but one thing is it is a fascinating company. Remember, this is the company rbs was supposed to sell as a private equity in 2010. Theyve lived on around they flipped it around. Mark what is it about the payment industry that makes it so alive right now with m a . Ruth it is an industry, there is a mckinsey report out there that says it will go to 4 trillion by 2020. All the players there are , right . At five come in righ you are wondering, how are we going to expand . This is an industry going rapidly for how do i get better and who can i buy . Yes, vonnie . Vonnie sorry to interrupt. I thought you were done. We have seen consolidation domestically with different industries, and now we are seeing more global consolidation. Is this impacting regulators . How do they deal with these crossborder mergers . Ruth regulation is one thing that a lot of companies are spending time asking about this year. So, yes, we are probably going to see regulatory scrutiny. What they have said, they are not big at all in the u. S. , and the u. S. Is one of the markets where they wanted to grow. So they are trying to do this with vantiv. We are probably going to see more deals in the space. As you grow bigger, there will be more regulatory scrutiny we would imagine. A lot of the deals, the biggest deals come pleaded last year are still in the process of getting regulatory approval. It is not done until it is done. Mark once upon a time, it seems like a long ago, but it was not so long ago within a month, was in jp morgan interested in world pay . Ruth absolutely. , andrgan was also brokered a broker role is almost supposed to be a defensive role, so they got out of the process very quickly. They also dropped their broker role to the company. Advisorsu saw the saying they were on it for barclays and goldman. Barclays seems to have scored hereby getting an advisory role. Jp morgan is going to be looking at other companies now, right, in this space as are some other big american banks to see how they can expand and get a pie of this disruptor action. Mark great stuff. Thanks for filling us in. Vonnie shares of disney falling again today after the Company Reported a rare drop in revenue on profit last quarter. The company also announcing it will stop selling movies to netflix and begin streaming its own entertainment programming directly to consumers. Bob aiken talked to david westin about the strategy. Bob we have seen a pretty dramatic shift in the way media is consumed. It is becoming more and more at based appbased. I see it with my kids and grandkids. A lot of the consumption is on overthetop direct to consumer services. Vonnie yes. That was bob iger their last evening. Joining us now is cory johnson. We talk a lot about this new product that we will get more details on down the road sometime and so forth, but some other interesting things about the results. Cory i think it is right to look at this service and what disney is doing here. Is the biggest Media Company in the world. With the theme parks, the marvel stuff, the star wars stuff, the disney stuff, the lucasfilms stuff. They got so much in terms of ability to offer content. They are unique among all of the big studios in the ability to create their own overthetop network, and sports. These results tell us why they have to focus on that and what kind of strength they bring to were. Bring. Ngths they a very Strong Quarter for theme parks in terms of revenues and operating margins. Sell more, and make even more. Vonnie films did you earnings were down 12 . Revenue was down 16 . Maybe the tv series is part of things doing well, but their content game needs to up itself, right . Cory they had a tough year compared to movies in the same quarter last year, but if you talk to anyone in hollywood, because of the netflix effect the biggest things going on right now are superhero stuff. Not have been more successful than the marvel movies, the avengers movies in particular. Strong success for disney with the superhero movies. Vonnie that is not on netflix. Cory some of it is. Jones,il, jessica luke cage, which is fantastic. Vonnie i have seen that. Cory you have . Academy award winners, they were matched together in this wonderful show luke cage. They have plans of taking all these characters and putting them in a mini avengers called the defenders. Netflix can look forward to that. Mark the box office this summer is down on the last year. I am talking the entire u. S. And canada box office. A lot of disneys success in films i is predicated on the same sort of characters. Superheroes, star wars sequels. Some might say we are approaching movie sequel fatigue. This years box office proved that. Cory i think the right way to look at this, and usually i do not think businesses are best looked at in a trailing 24 month or trailing 36 month basis, but i really do think in the case of disney when it comes to the movie business, you can do that. You can look for longerterm trends. It is important to see when the tide changes. This is a very strong business. The money bob iger has championed on the board spending billions of dollars on these big acquisitions with pixar, lucasfilms, and marvel has proven to be a Great Success for them and have kept the studio at the top of its game. Vonnie cory johnson, thank you. Cory thank you. Vonnie lets check in now on the first word news. Emma chandra has more. Emma the fbi has carried out the predawn raid of a Virginia Home of former Trump Campaign manager paul manafort. He is cooperating with the agency. The Washington Post says Agency Document and other are being taken for investigation into the meddling of russia in the u. S. Election. Rex tillerson does not believe there is any imminent threat from north korea. He told reporters that the exchange of threats between the two countries does not mean the u. S. Is moving closer to a military option. President trump is warning north korea it will face fire and fury if it keeps threatening the u. S. Roughly a says it is considering an attack on the u. S. A military military base on guam. Police shot and killed a suspect on the attack in a paris suburb. Six soldiers were injured when a car rammed into them. The area where the attacks took place is home to frances main intelligence agency. In florida, tiger woods has pleaded not guilty to driving under the influence, but he has agreed to enter a Divergent Program that will lead to the charge being dropped. He was arrested in may when he was found a sleep in his car asleep in his car. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. Vonnie coming up next, we go to Kathleen Hays for a preview of her exclusive interview coming up later today with jim bullard. Kathleen is up next. This is bloomberg. Live from london and new york, i mark barton. Vonnie im vonnie quinn. This is the european close on bloomberg markets. The Accessories Company fossil best known for watches are plunging today. This despite the company posting a smaller than expected loss in q2. Here is Abigail Doolittle to explain to us this movement. Abigail they did post a smaller than expect a loss as you mentioned so you think that would be good, but they missed sales by 3 . This is the sixth time it has happened in the last eight quarters. A decline in traditional watch consumersnvestors and are going toward the wearable fitness watches. That is a segment for fossil. They have been doing well there, too. But growth was less than expected. Plus, on the margin side, they had to pay upward. If we go into the bloomberg and look at the intelligence chart, this is a chart of the Gross Margins since 2013. We see it is clearly going in the wrong direction. 58 gross margin back in 2013 now closer to 50 . They have given up nearly 800 basis points in Gross Margins trying to help juice that were business without much success so far at least. At least to the point investors like. If you are alsos fossils ceo are cheap rent strategist, you should see this coming. Abigail there had been a watch cycle decline, plus they are seeing a drop in mall traffic. It is hard to see whether that will be improving anytime soon. Technically, it looks pretty painful, too. This is a longerterm chart. We see that every time fossil goes below that 50 Day Moving Average in blue, shares absolutely plunged by 25 , 66 . You get the idea. Today, already down 25 . This chart may suggest there is more pain ahead. Fundamentals probably support that picture. Vonnie thanks to Abigail Doolittle. Our stock of the hour. Coming up at 1 00 p. M. Eastern time, Kathleen Hays will have an exclusive interview with jim bullard. Kathleen joins us now from st. Louis with a preview. James bullard is known for being a little bit of an outlier. What do you anticipate he might tell you about inflation today . Kathleen well, he is certainly it is great for being here and face for hosting a very special show. Simulcasting this line. Live. Inflation is the biggest one. Inflation has not moved closer to the feds 2 target. It is pulling further away. Jim bullard had been saying, i dont think we need any rate hikes right now. We are in a new regime in economy. Growth is stuck at 2 . Just a couple days ago, he said, no, the level of rates are appropriate. This is where they should state. That is one of the big topics i want to dig into. Inflation has become a global problem. Vonnie i am pulling up a chart, kathleen. 884111 is the chart you can look at. How in fact will they start to pan off some of those securities . Kathleen he has pretty much been pretty clear. They have given us the outline for how they will start this process, reducing the reinvestment of proceeds from the Balance Sheet, which will be a smaller Balance Sheet over a gradual period of time. Jim bullard wants to start on the Balance Sheet. How do you square those two . You dont think the economy warrants rate hikes, and yet you are willing to start reducing a Balance Sheet, which reduces stimulus. That is another important issue that a lot of people are wondering about. Gdp has rebounded. Jobs are growing healthily. Unemployment is at a 16 year low. We do not see it passing through to inflation. Vonnie it is one thing for sure, James Bullard is one of the more interesting interviews on the fed right now. Things to bloombergs Kathleen Hays, who is at the st. Louis fed right now. Be sure to tune in for that interview starting at 1 00 p. M. Eastern time, 6 00 p. M. London time on Bloomberg Television. Mark look forward to that. A battle of the charts. Today, potential signs of a looming selloff. Indications of a broad rally in haven assets. This is bloomberg. Mark our global battle of the charts where we take a look at some of the most telling and compelling chart of the day. You can always access these charts on the bloomberg by running the function featured at the bottom of your screen. Kicking things off today, here is christine. Christine thank you, mark. Are we seeing and earl early sin of investorss fear of missing out . You can see that in treasuries features with the white line here rising from july lows. That is also spilling over to some of its other haven peers. The correlation between treasuries and the yen as well as gold and german featured on the bars appear. Zero, which around is near 2017 highs for those repairs. The exception is the swiss franc. The correlation between the swiss franc and treasuries is not that high. It is around 0. 4 currently. We will see if that will follow the rest of the trend, but the question is whether we will see a bearish take over in markets after a summer filled with record low volatility and a relentless stock rally. If you want to keep track of this trend, make sure to download this chart. Mark big question there. Have you got an even bigger question for me, vonnie . Vonnie i might have. That will be up to you to decide. I have a question. This is a chart of Investment Grade and highyield indices. The ones that are widely used by the market. If you look back, we talk about the 10 Year Anniversary on the financial crisis of the financial crisis, the 10 Year Anniversary of when the money funds were frozen. Not be tenYear Anniversary of one house prices started to bubble up or our realization of it. However, if you look at credit spreads, you will see we are right down at least for Investment Grade right down to where we were about 10 years ago. For many bonds investors, this is a bit of a warning sign that maybe not Something Like the financial crisis is coming, but something in terms of a selloff. That is why i have entitled this maybe. The trend has been getting a little stronger recently. The Investment Grade down around 50 basis points premium to the 10 year. Really not by much. For high heels, it is not much more than that. 332 basis points. Very little for your money. You can see that chart at btv 9027. Mark i mean, christine tackled the topic of the day, geoPolitical Risks. Vonnie tackled the question we asked james from aberdeen. Do credit spreads adequately reflect risk . Vonnie had a long maybe. Christine had fomo. What does a man do . It is a tie. Vonnie ok. I will take it. I will take it. Mark two brilliant charts. You. Done, both of coming up at 1 00 eastern and six a copy of london, Kathleen Hays. Big interview coming up. 6 00 london, Kathleen Hays. Big interview, coming up. James blood right here on Bloomberg Television and radio. Bloomberg markets continues. Got you outnumbered. The dinosaurs extinction. Dont listen to them. Not appropriate. Now im mashing these potatoes with my stick of butter. Why dont you sit over here. Find your awesome with the Xfinity Stream app. Included with xfinity tv. More to stream to every screen. Vonnie it is noon in new york, 5 00 p. M. In london, and midnight in hong kong. Im vonnie quinn. Welcome to bloomberg markets. Vonnie from bloomberg world is in new york, here are the top stories on the bloomberg and around the world that we are following today. Fire and fury. U. S. Stocks are lower right now as investors Pay Attention to simmering tensions over north korea and president trumps rhetoric toward kym kim jong un. Why are they suddenly paying attention . It has been 10 years since the onset of the financial crisis. We will take a look at the inflation targets in the future of the central bank before this weeks cpi and ppi data friday. Disney starts what could be a massive shift in the cable business. What bob iger told us on why does this will bypass netflix for the most part and sell its own content directly to consumers