Average. It definitely reclaimed a lot of good levels here, that we will see if we can fold it into the close. Scarlet i no you have been focused on bp. Bp reported its worst quarterly profit in at least 10 years, but the stock is up, and this chart shows why. This is looking at quarterly cap x reductions, and you can see that though about 20 to 4. 7 billion in the last quarter. Bylooks to really be down the fourth quarter, by about 5. 5 billion. Brown bars oure projections and the yellow bars are what have been reported. Back,if youre cutting you are trying to live within your means and your cash flow, which by the way, a six and 5 yield, i did not even know that going into this order. Three monthss says ago, it was 20 billion for the year. Now it is less than that. Scarlet they are right sizing. They are making the adjustment. The background to all of this is the dollar, which is strengthening against the euro and the yen. The brazilian ray owl is up there. Their commodity currency has l is up there. Their commodity currency has really taken a hit. Alix it is weaker into china and you have the finance minister wanting to cut down the target. Urplus all of this adding to a currency that has been totally wrecked over the last few weeks. Top stories across the bloomberg terminal at this hour. Attorneys for convicted israel he spy Jonathan Bullard says he has been granted parole after 30 years in prison. The decisionist was made unanimously by the parole board and not connected to recent middle east decisions. Timesay there is no between his release and the reason deal with iran. He has been serving in prison on charges of espionage. Secretary of state john kerry is back on capitol hill today making his pitch for the iran nuclear deal. The House Foreign Affairs committee is far from enthusiastic about his plan. John kerry in sis the deal will insists the deal will make sure iran cannot build nuclear weapons, but some are skeptical. On everyhas cheated agreement they have signed. Has cheated on every agreement they have signed. They deserve to be trusted . We are absolutely violate thef they terms, we will quickly know it nba ball to respond accordingly with every option available and be able to respond accordingly with every option available to us today. Scarlet president obama is already saying he will veto a rejection vote. Alix president obama is wrapping up his fiveday visit to africa today. He has called on ethiopia to end what he calls the cancer of corruption. President obama when someone has to pay a bribe to start a business, go to school, or get an official to do what they are supposed to be doing anyway. That is not the african way. It undermines the authenticity of the people you represent. President also said african progress is at risk when leaders refuse to give up power at the end of their term. Admittedjoyce mitchell giving to escaped new york inmates tools to help them get out. She said she had agreed to be the getaway driver, but then changed her mind. Alix the share of americans who own their homes is now at its lowest in almost half a century. Home ownership rates fell just over 63 . Would be homebuyers have been held back by tougher mortgage standards and wage growth has not kept up with mortgage prices. Scarlet chinas largest search postedcompany secondquarter results that fell short of analyst estimates. Founder robin lee wants 12 billion in cash to make inroads into new businesses like movie s, home delivery, and car services. Post according to a blog by the tmobile ceo, the socalled uncarrier already has a list of more than two dozen streaming services that customers can utilize free of data charges. Pfizer posted secondquarter revenue and topped estimates. Sales of its new cancer drug increased. Mercks profits fell by more than half but still did better than anticipated. Aix the nfl is sticking with fourgame suspension for quarterback tom brady. An nfl investigation found that the quarterback used underinflated football stirring the afc championship game last season. Brady had appealed to the decision and threatened to challenge it in court if the league did not erase the suspension. The new England Patriots were docked amillion and pair of draft picks, they did not protest those penalties. Investors worry that Government Intervention will not be able to shore up the market in china. Alix earlier today, matt miller asked why sterns investors are dramatically ofling in the face Government Intervention . Its partly because no one can tell what is going on. You had the Immediate Impact of the intervention, five or six days of up markets. We had three moves overnight of 5 or more, basically. Those are huge and upanddown down swings. It happened three times. Everyone is confused. You have the propping up on one side. I think the reality is people want to exit their positions and they are using this opportunity. Let matt the person on Market Makers said this looks more like a Market Correction than a crash you could compared to 1929. At the time in the states, we had a fed fighting against the market raising rates for years until we had that crash. In china, we had the opposite. A fairink that is statement. I think we are getting the pullback, and i think it will lead to the government enacting some sort of stimulus. Believe that sometime this fall we will see some type of stimulus based on green energy or something to clean up their mistakes, for lack of a better word. That is when we will see some growth and try to turn it around. What point does the selloff make them think about raising rates . Toi think what is starting happen this time around is china big domestic a buyer of treasuries, they are now a seller. You see selling pressure. There is a lot of discussion that china will have to use external debt to fund the stimulus. They could be coming in and actually trying to take away from treasury investments. I think the market will be week even if janet pulls back. Scarlet that was peter cheer, head of macro strategy at green capital. One trend has been making the rounds. Tom to mark to mark gained a lot of prominence with a call that didnt pan out. He has layered the shanghai comps. On top of the dow industrials. The white line is the dow industrials in 1929. The shanghai comps are the yellow line. He thinks they will go down another 13 from current levels. As we mentioned, he made a similar call in 2014 for the u. S. And it did not exactly pan out. Tox he did say when he gets 3200 he will reevaluate because it could go below that. Scarlet the Chinese Government has pledged to come in and support the market to keep it at a certain level as well. They have completely different economies. She Chinese Market i structurally so different than the u. S. Coming up on the bloomberg markets, how much is a downtrend really is donald trump really worth . Scarlet welcome back. Alix lets get right to julie hyman, who is taking a look at some of the best performers in todays rally. With theoing to start s p. Julie take a look at the bloomberg terminal. The200 day moving averages big yellow line here. Yesterday, it looks like we but today weow, bounced off. It looked initially like the nasdaq was going to have a sixday losing streak, but we have bounced off those lows. Lets talk about part of the reason why. A lot of it has to do with areings, but other things involved, including stocks. Beats Company Earnings estimates. International sales rose by 5 , excluding the effect of currency. Company says the remodeling environment will continue to improve, according to ceos. An eight year high. Also, we are looking at micron and intel today. They have come out with a. Aster, newer memory chip there was a lot of talk about this closer partnership between the two and what that would mean. There has been speculation for a couple of months that micron would be the latest target of than acquisition attempt. Micron is gaining about 10 today. Gold,ooking at copper and which have not performed well until today. Today, it is up the most in six years, a 10 gain, and the company said it was going to do a sweeping organizational review. With Commodity Prices falling, what are companies doing to try to deal with that . Are they cutting costs, changing their structure . They seem to be at least examining those possibilities to try to improve business. Finally, precision caps. This is a maker of fasteners. They had the biggest oneday gain in six years. Interesting situation, because numbersy the companys did not look very good, the forecast did not look good, but the shares turned higher after the companys conference call. They are being clear about the headwinds for the current quarter. Deteriorationany versus the plan on oil and gas. These things are maybe somewhat reassuring to investors. Reassuring enough, it seems, to send the stock up. Alix good stuff. For a look at some top stories, gold is looking more ill advised at the minute. The president of green my capital has been bullish on the metal for years, but the price thefallen more than 7. 5 on year and is heading for a Third Straight down year. Now to greece where the Athens Stock Exchange is a step closer to reopening the market had been closed for more than four weeks. There are new ground rules for trading. Now it is up to the countrys finance ministry to decide exactly when it will reopen. Change in the National Football league. A female coach is joining the ranks. She is the first woman in a probate. She has a masters degree in sports psychology. If the nfl wants to hold on to female fans, a lot of people say they need toir more women in the front office. Rightlets talk politics now. Trump has built his candidacy around his business acumen and shy of his fortune, which size of his fortune, which he is not shy about discussing. Donald trump i am really rich. Worth well over 10 billion. Much more than that, but thats ok, i went to be conservative. The greatest asset is trump tower. Bank of america building in san francisco. 12 ninety ave of the americas. 40 wall st, sometimes referred to as the trump building. I am not doing that to brag. Im not doing that to brag because i dont have to brag. Believe it or not. I dont need anybodys money. Its a nice. I dont need anybodys money. Net worth, not set not assets. Im using my own money. I am not using donors. Who cares . After all of that, who cares . The total is 8,000,000,730 7,540,000. Well, our Billionaire Team did the math and they found that trumps worth maybe closer to 3 billion. You can read the story at bloomberg. Com politics. Joining us now is an editor from bloomberg politics. A few billion dollar discrepancy, but does it matter to the people who support him . To the two of you, it might not matter. To someone as wealthy as him, it matters. Out in thated wonderful string of soundbites, the place. Ver he likes to brag that he doesnt like to brag. The question for most voters is what the difference . He is easily the richest man who has ever run for president. He is synonymous with a tycoon for most ordinary voters. To think heting might be inflating his net worth and assets ever so slightly. Talk about the income disparity gap in the united states. Having a 3 billion 10 billion guy running is appealing. It is interesting. A number of rich people who have run as populist, like ross perot, have done so in the past. I might be an average joe, but this is good because i dont have to take the money of lobbyists and donors. I am not in debt to anybody. I can be my own man. That is anf people, appealing characteristic of his candidacy. Lets discuss jeb bush. He had an interview on telemundo where he discussed issues in spanish. [speaking spanish] we have never seen a president ial candidate actually fluent enough to conduct an interview in spanish. How does this change the game . John well, one of the reasons he is thought to be a potent candidate is because he has a wife from mexico. He speaks fluent spanish. He is able to do what republicans must do to win, which is to increase their support among hispanic voters. Its a huge part of why he might the a strong might be a strong general election candidate. Hear him speak from his heart about the experiences of his kid and that authentic way is a real asset for him. Alix good stuff. Tune inght tonight at 5 00 eastern for with all due respect. , a book isming up coming out today from the late great dr. Seuss. We will look at the economy surrounding his work. Scarlet the newest book from dr. Seuss hits stores today. What it should i get is already the number one best seller on amazon. Alix the authors widow found the manuscript in 2013. Here to discuss what it means for publishing and the theater guys all is state and the estate is our guest. His company is run by his widow. Hand in glove with random house, who was his publisher for his entire career. Movies,e books, musicals, and even a dr. Seuss crews. They are trying to get him out there as much as possible while keeping it classic. Is dr. how important seuss to random house . He is incredibly important and incredibly important to childrens publishing overall. When an author stays in publication for a really long time, what a book like this serves to do is, pick it up, enjoy it, go back and by other dr. Seuss books. If you look at nielsen does ratings of bestselling books. If you look at this year so far. T the top 10 books lifetime, he has sold millions and millions of copies. Look at the books of this year so far. For of the top 10 are dr. Seuss. And that is pretty standard year in and year out. Imagine and i would people by the physical book as well. You dont read it on your kindle or your ipad. The no, because its about pictures and the story. I make her lesson and i do all the accidents to the characters. And she loves it. Listen and i do all of the accents to all the characters. And she loves it. I am excited. Im going to read this on the break. Sadly, scarlet, i have to say goodbye to you now. Much more coming up on bloomberg market day. Ups beating market estimates. We will talk to the ceo. Alix welcome back. Top stories crossing the ,loomberg terminal at this hour production is starting on a new, faster memory chip. 3d x Point Technology is the first new mainstream memory chip years. To market in 25 intels senior vp says there is nothing like it on the market. Something we view as a new class because it is not just a little faster, it is a lot faster. It is a lot higher endurance. To 1000 times up faster than todays existing technology. Companies have been collaborating since 2000 and six. The product will be released later this year. General motors is betting a can sell more chevys in emerging markets. It will replace many of the sold in brazil, china, and mexico. Microsofts latest operating system debuts tomorrow. But windows 10 wont cause law cause long lines. It will be a Free Download for anyone who has a home or pro version of windows seven or eight. Tech watchers say it is more system. Mac ios donald trump has said he is worth more than 10 billion. The Bloomberg Index did its own calculation based in part on the Financial Disclosure statements trump release last week. The bulk of his fortune comes from real estate. Details on a story we told you about at the top of the art. The National Football league has upheld the fourgame suspension of new England Patriots quarterback tom brady. Told anue says brady assistant to destroy his cell phone on or just about march 6, the day he met with an independent investigator. Lost were 10,000 Text Messages the investigator says was were crucial to the probe. Ups shares are up the most in almost four years. The operating profit was up more than 17 . The ceo said he is a little. Autious about the u. S. Economy earlier today, Olivia Sterns asked him if the company was able to pick up market shares while faced with regulatory uncertainty. We have been picking up market share in europe for quite a while now. Our paneuropean network is unmatched. They are taking advantage of our network. Its one of the reasons we have so much momentum going in our international business. Olivia what is causing the slowdown in the u. S. . Wax we just said were being cautious. There are some mixed signals. There is some concern about the u. S. Dollar and how that affects exports. We are not growing quite as fast as we were seeing earlier, but still growing. Good first half of the year domestically. We expect that to carry on. We did have a little caution about the u. S. Economy. I saw that what you call less than truckload freight has been slowing significantly, growing. 0 9 . Why do you think that is . Part of it is the market. The industry as a whole is slowing down a little bit. The other is just showing some discipline. We are stepping away from some and that isenue, causing us to increase the bottom line. But it does have a little bit of an effect on the top line. We hear so many different forecasts about the rate at ecommerce is growing. What is your forecast for ecommerce growth in the u. S. Right now . We expect ecommerce to , and mosto grow experts think it will grow. Robably four times gdp we have seen it be a little inconsistent over the last few months. June wasnt as strong as we expected it to be. We are watching very closely going into the remainder of the year. One of your strategies for the u. S. Is a new experiment called ups Access Points where convenienceal stores into a drop off point. What more can you tell us about how that experiment is going . Is going toints continue to grow. We have taken it much further than an experiment. We did an acquisition in europe about three years ago, and that we have grown organically, our access point strategy in europe, to the point now that it has allowed us to take a Million Dollars a month out of our cause customer and our satisfaction is very positive. They get their packages faster than they had in the past. U. S. , we are quickly expanding to 100 cities. We think we will have the same kind of success and the Customer Satisfaction rate will be very high again. Olivia what are you doing to prepare for the holidays . How much are you spending to . Ope with the imminent surge we have a threepronged strategy. First, provide a unique solution, which is what we have done. We are als