I will choose the u. S. Dollar, pulling back after the fed minutes yesterday and also investors pushing out the odds of the Federal Reserve rates. It is now done around three or sent from its most recent highs that it reached in july and yes, we are seeing the oil winning streak continue up for the sixth straight session. Wti trading above 48 per barrel. Opec meeting the expectations next month, also a part of it. We have been on an incredible roller coaster when it comes to oil prices. Take a look at a oneyear chart. Chart and mapped the top and bottom changes we have seen. From october to february, 95 rebound from february to this summer, a 20 rebound most recently. We have an incredible zigzag and you see the most recent zigzag is compressed in terms of time. On august 2 that oil reached its shortterm low and reentered the bear market. Are not seeing a lot of change. Stocks are bouncing around a lot of tight range today. The s p gaining a little theme, the nasdaq as well. Energy shares have in supportive as well overall. I want to followup on breaking news a little while ago, a report on the Washington Post that the u. S. Is talking about closing all privately run correctional facilities and transferring them to being u. S. Run. We are private prison operators reacting today. You can see it is sort of a jagged line down. According to bloomberg, 51 of the revenue from the federal government. The other, the ticker on that one, same situation here. This company gets 67 of its resident revenue from the u. S. , though it is not clear if it is just federal or also includes state. Clarification,of the Justice Department will stop its use of private prisons . Not believe the Justice Department on its own has the power to close all private business because they are heavily used by the state. If these are private prisons with federal prisoners those would go elsewhere. Scarlet yes. But the stocks are reacting for sure as it this is a negative for them. We should get more details on what exactly this would mean for those companies or awaiting any kind of statement from. A couplealso news on of lawsuits. One of them has to do with valeant, suing the company alleging top executives used a secret network as well as deceptive pricing to hide its drugs from generic competition. In the meantime, paying a penalty to the u. S. Government which had alleged one of its products projects was artificially lowering emissions from its vehicles. Cant thank you very much. Now its get a check of the first word news this afternoon and Mark Crumpton has it from our newsroom. Meetingllary clinton is in new york. The meeting comes as donald trump cast himself as the law and order candidate and says clinton is against police. Shes a philadelphia Charles Ramsey according to the associated press. Hillary clinton in polls across most swings states, the nominee says the American People will know him by a new name, mr. Brexit. Trump took to cook took to twitter and has also hired a marketing firm. She asking president obama to shorten his occasion and visit a disasteredicate this big base for the personal presence of the resident at ground zero according to an editorial published in the advocate today. Vacationing with his family at marthas vineyard. Jeh johnson visits the state today. Brazilian police say the u. S. According tomer, the associated press, starting with an official with direct knowledge of the investigation. Along with slammers, in a rowdy gas station confrontation, reportedly confronted by a guard armed with a pistol that he never took out or pointed at the swimmers. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 100 and 20 countries. Back to you. Scarlet is there an Economic Growth crisis in europe . Explained to the bloomberg Surveillance Team this morning why this may be the solution for european travels. You look as a result of the euro, the rigidity it is put in, it took away the exchange rate, for adjusting, did not put anything in its place, the out put of gdp and europe even thell below United States here we were the country from whence the crisis began and we have done a better job recovering. Basically stagnant,. 3 and. 4 . That is not a good performance. What you have to contrast when outcome, in that spain and greece, and an alternative, of course it will not be easy. Way thatn be done in a it is better than the current system. It would still be better if they put in place institutions to make it work. The question is will it do that . Lets say austerity, something happens, how many years of pain do we see . From over the crisis began in 2008, 2010, 2016. The market with the euro is not adjusting well. Iceland,ll in responding, one of the countries crisis, responded very quickly. I think we are not talking about i think were talking about a couple of years. Argentina, once it broke with the dollar, began an enormous beginning in 2002, it had a growth rate of 8 and put them right next to china as the fastestgrowing country in the world. That continued until the Global Financial crisis. You would argue for a breakup of the euro while the same time a breaking of the union. I would argue for a stronger Banking Union and doing other things to keep euro together. Is, is there enough political solidarity and political will in europe to do those limited number of things that would make the euro work, make the eurozone return to the kind of growth that it had before the euro. That was joseph sticking with Francine Lacqua and tom crean tom keene. Tom, full disclosure, awful tour right now because he published how the common currency threatens europe. Tom he writes a thin book about whatever the topic is in the iraq war, and every four years, he comes out with one. This is clearly one of those efforts. The thing that is interesting to me is martin, an economist on the same page as cho, supporting secretary clinton, that is the interesting melding of the economists model. The euro is a failed model. Right ande were europe economically speaking would be better off without a currency, what happens . The euro at the moment is the glue holding the us holding the experiment together. He raises the question appropriately, whether there is it in solidarity to bring for a reason. Populism and nationalism. Heatedly, id say, love that phrase and i will steal it from you. The glue comes undone. Toward three or four regional box with currency adjustment. It is like the game of risk that when we were kids. Other thanly knows the idea that it separates obviously germany from grace as one idea. Just talking here about the euro. By taking a shot at president herb and josh herbert hoover. He fails again. Mosthe goes on and says , awayo private creditors from the currency, this is the idea that they were basically there to benefit german. Scarlet we are talking about the imf, more upsets with inflation and containing it rather than job creation. this is the same argument right to bear. What is more important, preserving the role it plays in keeping the economy functioning, or is it doing the right thing . Tom chairman bernanke he is heated that you have the instability of the Financial System as a first order condition to help a lot greece and the rest. Joe clearly tilts away from that town. Scarlet the fed has a dual mandate which wraps up in their , whereas well as prices the main goal is to maintain prices. Points out not only does the fed have a dual mandate but a much more flexible mandate than europe, went into the treaty. Scarlet clearly the conversation is only beginning. Thank you so much, tom. Staying late for us. Thank you. Erik the Justice Department just confirmed that the federal government is phasing out its use of private declininghe doj cites numbers, the recommendation is fbi should decline to renew its contract with prisons. More details to come. It is clearly having a very visible impact. My goodness. Erik you are watching bloomberg markets. , getting selfrack driving cars on the road. The right sharing company will allow customers in pittsburgh to help Autonomous Vehicles from their smartphones. A tech reporter has the exclusive story in bloomberg businessweek. Max is here now. Tell us what you have learned. It is not just about uber in pittsburgh. Day in the world of self driving cars. That theyted today will be opening rides up to customers in pittsburgh and there are a bunch of huge investments. One is a deal if although to help sell a giant k jarvis car. Truckre driving a driving Service Called auto. That makes it the biggest deal in the space today. Scarlet clearly, they embraced selfevident vehicles earlier than we had realized. Timeline . T on the it depends on a time when youre talking about. Inryone agrees google is first place in terms of technology and a fully autonomous and driverless car. Everyone is trying to get to the point where you can take the Steering Wheel out. Tesla is ahead because you have could Cruise Control more sophisticated than products like audis and bmws. This area of self driving car sharing services, uber is the first to market. How self driving will the car be . For now, i took a ride in it and there is a safety driver, a guy with his hands over the wheel ready to drive it in any time. Someone is taking notes at any time Something Weird happens, you write it down. Erik it sounds like an experiment. Much. Is very the other thing that is true is we drive around in traffic, pedestrians and cyclists, it was a live situation so that is cool. This is a critical point as far as ubers business is concerned. They think in the long run they will replace a large portion of the fleet with Autonomous Cars and that will make uber miles cheaper than car miles, which could shake up the entire auto business. Every automaker is realizing this is a potential threat to the business longterm. This starts in pittsburgh and what has been the response to this and what might we expect from other cities . It is an unusual situation. Is in pittsburgh. There are no situations they basically let the companies test their cars and i think that is kind of the broad story nationwide. We found out they are opening a new office in palo alto and they have one in San Francisco, will probably see cars as well. Overhead the Department Working on self driving cars a couple of years ago . It depends on who you ask your Carnegie Mellon to back up, they hired 40 Carnegie Mellon them please employees in one fell swoop. It is now saying we have a duction production productive relationship with uber, making sure they are successful and making money. Has hundreds in pittsburgh and what is crazy and has not done enough attention in is that itory includes a bunch of Key Employees from google. , theyself driving program just lost their director and the company has four of the key engineers, midlevel engineers that are important. Also tesla and apple. Erik one thing we will not be able to talk about, perhaps another time, how they get through the pr night fit nightmare of creating jobs only to then destroy them. Thank you very much. You can read his story in the latest edition on newsstands now. This weeks most talked about stories every saturday and sunday right here on bloomberg television. Erik when donald rearranged his campaign team, he strength and his ties with good donor robert anticlintoniously and is an increasingly important figure in the chum campaign. Here to tell us what that means about the money behind trump is zach, who covers campaign finance. It is head spinning, the relationships, the tangled web of relationships between the family and the chum campaign, in a way that we can all understand. Not mercers choice. Spent more than anyone else trying to get ted cruz the republican nominee. When that failed, he shifted his support to trump. Closestbasically two political aides are essentially running the campaign. They worked on all different kinds of political projects for the family over the past few years. Should we view the relationship as akin to what we saw the coke brothers do in the last election, and the support their organizations and others provided to mitt romney . A good parallel, people have heard of the Koch Brothers and the Political Network and what they are doing is really something we have only seen in the last few years of american politics here it donors become their own policy centers, their own political infrastructure. Their own Data Organization and grassroot movement. A major concern, media outlet, their own advocacy group. They have all these other things theres ending up spending money on that you would think of as something a Campaign Party would be doing. Aware in a citizens united, would not know, all of this all of the ideas and money flow through the rnc and the dnc . Think ofdifficult professionals as, that is a Teddy Kennedy or joe biden guy, someone who owes their career to them orton politician. You also have people who are coke guys, mercer guys, people who own their oh themselves to bigger them checks. A conservative guy, he believes in Smaller Government and lower test is an lets regulation. Lovely peers, he is more interested in getting in all on cultural issues. Very important about the Second Amendment and gun rights and things like that. And he is Backing Trump in a big way. Thank you. We will get insights on to where prices are expected to head next. This is bloomberg. Avtk0 erik live, im erik schatzker. Scarlet i am scarlet fu. Mark crumpton has more from the newsroom. Mark thank you. The drought in california could cause the Agricultural Sector about 550 Million Dollars this year according to a study by researchers at the university of caliph ornette davis. Will see say the state a loss of more than 1800 farm jobs and that still is over effects from agriculture and other sectors are considered. And 4700 jobs. In syria, the Russian Military is ready to back up a united toions call for a ceasefire allow humanitarian aid. Footage on the city posses children, a stunned and bloody little boy being rescued from a partially building. A string of bombings targeting the country posses security forces. Liftast 11 people are dead 200 others wounded. Two of the attacks hit the eastern part of the country. A military vehicle carrying soldiers in the southeast. Ifis the sale of a lifetime you are a student of world war ii. Normandy museum in france is selling its entire collection, used on ddayis in 1944. The tank may bring up to 400 and 50,000. The museum opens its 2013 at has not been able to draw enough visitors to stay open. Global news 24 hours a day our m1 and 2600 journalists and analysts in more than 100 and 20 countries. This is bloomberg. Back to you. Erik let me bring you a check on earnings movers. Walmart today, the company yesterdays coming out and raising its forecast and comparable sales, 1. 6 . There are still a few weeks plus. 6 , tosams club growing 12 , so that was an increase over the prior quarter. Target falling for the second straight session. Also, l vance one of the best for me stocks in the s p 500 up by 5 . They had three announced much of their support, including comparable sales in various rants. It also came out with a forecast above analyst estimates and that is what is powering the shares higher. Meanwhile come on the other end of the s p 500, you can see it is down about 4 here after it came out with a fourthquarter forecast that was more cautious than analysts and investors had sedated. Away from earnings, a check again on the two for us and owners, the Real Estate Investment trust we have been the new plan on from the department of justice to face out its use of private prisons. To figurell trying out exactly what it means for these countries. Triggered at various points along the way, the trust necessary to hold the shares momentarily. Other stock we are watching in this category, shares are down by 40. Looking up some of the numbers on what share of the prison population is tended to buy some of these countries. Erik i have dived into the security filings in the report by the Corrections Corporation of america, the letter largest private operator in the country, they manage 11 more owned i government governor partners, state or federal, 88,500 beds in the district of columbia, they claim to own 59 in the country. This is why the stock is taking such a hammering. 51 came from federal sources, appears to of which be, it is hard to tell that the bureau of prisons is certainly one. There are a couple of federal agents is that do business with corrections but that is only one or two we should add. Interpretationl wille doj is that they lose 51 of the revenue. We cannot be certain of that that that is why the stock is reacting this way. We do not know over what time that will take. It is being priced in right now. Great job thank you for digging into the information,. In the meantime, we are looking at u. S. Crude and seeing the longest in a year right now. We are looking at up to 50 per barrel. Stocks unexpectedly decline. With more on what we could expect in the near term or long term, lets ask the Global Energy economist from reddit least. Again. See you what is your read on the rally this month . Up 12 to 13 , entering a bull market. What is this based on . Price. S a rebound we were down 10 and now we are up eight dollars. Scare has very large short positions we have got, more neutral. The big question is whether this the bullginning of market or the bear market this summer. Prices will stay and arrange through the end of the year because fundamentally, we do n