Moves. A summer a very small moves, we have resumed normalcy once again. You are looking at some sizable moves in the s p. Oliver its a good reminder that normalcy is volatility. That is kind of the way it supposed to be. This board might be a positive. We have been looking for interest stock relations to break down. At the moment, this is pain indeed. Were looking at the dow jones. Everything from the biggest stocks to the smallest, everything is in the red. Its in the red by quite a bit. Small caps are leading the way down. This is the risk off mentality we have had since friday. Its a different kind of selloff. The contour is different when you look at whats happening across the sectors. Thees pretty much a racing the racing the gains from yesterday. Intoe looking at getting 2 down since friday. This is your today move from yesterday. We had a big jump yesterday on the comment from brainerd indicating she is a big. I dont think anything there was terribly surprising. Maybe the dark it is revisiting things. That struck a lot of people is obvious after the fact. I would like to look more into the chart you have behind you. Clearly, you have a situation where we had a steady advanced are trading yesterday. The friday selloff wasnt going to last. This is the norm. Now you are rethinking that again. Oliver yesterday a lot of people were waiting to see if the market would turn red after a big selloff friday. This comes into account when you have such a steep move down in markets, maybe some of that is getting oversold overbought at some point. There was a return to that negativity today. Were looking at one of the big stocks here. Apple is one of the few points of positivity. Today and yesterday, its the biggest rally since july. They are up 2. 5 . Those are big moves. This is not quite the epic market mover that used to be. As apple shares have gone a little bit weaker over the past year or so, that contributes less to the s p. Its one of those days where its not enough to keep the market afloat. When you look at whats been happening, one of the biggest things is oil of course. That has been pretty far down today. Its not quite driving the market to the correlation of stocks and oil. It is back and play again today. Scarlet we will focus on that as well. Thank you so much. Matt lets go to the first word news. Mark has more from the newsroom. Mark Hillary Clinton says she did not discover disclose her pneumonia because she did not think it was a big deal. Video showed her stumbling as she was helped into a van by staff and secret Service Agents following an event in new york city. She told cnn that once she set down had some water, she felt better. She will release more medical information in the coming days. Her edge over donald trump is dwindling. In the latest survey, 40 of registered voters favor mrs. Clinton and 44 mr. Trump. Her lead is smaller in a fourway matchup. She leads trump by two points. And jillson gets 11 stein gets 4 . The dalai lama is calling for talks with the Islamic State extremist. The Tibetan Buddhist spiritual leader spoke today in paris. He said dialogue is the only way. He did not explain how that should take place or with whom. He insisted islam should never be linked to terrorism. Edward snowden says president obama should pardon him. He told the guardian it newspaper he has benefited u. S. Citizens. Is facing contractor at least 30 years in prison for leaking government documents in 2013. He now lives in moscow area he is confident of returning to the United States one day. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. Scarlet thanks very much. Argentina has been much of the news since the president won a tight election and started undertaking major reform. Some of those reforms include lifting currency reforms and settling along running dispute. He is inviting Business Leaders from around the world to argentina to see firsthand the impact of those changes. Erik schatzker has an interview with the president earlier today. They talk about plans to cut argentinas debt to gdp ratio this year. We are trying to go around 4 . 4 . We have to go gradually. Socially, we can assume to go another way. We have to accept this has been a disaster in terms of increasing debt in the last 10 years. Everybody has to understand that we have to do it step i step. We are committed and we are going to fulfill that commitment of reducing every year and reducing inflation. We have high inflation. We are cutting down inflation. We are using to half of what it used to be. We are going to continue working until we reach one digit inflation in two years or more. We will cut the deficit. What will inflation be by the end of next year . 15 . Bringing down inflation and controlling physical fiscal spending is important for your creditors, the people who bought your bonds. You have to balance that with the demands of the government. Howd you know with the right number is . You are heading into an election year. They have midterm elections. The people, if you want the majority in congress, the people are going to want you to spend it, arent they . I am so proud of my people. Even though i have been taking , they werecisions not very popular. They are still backing our government. More than 60 of the cities of argentina have a hope in the future. I appreciate that. ,hat means we are understanding we have to put our best effort to go in the right direction. I believe that in the next year, we will have a wonderful election that will confirm we are in the right correction and its not a government decision. Its an argentinian decision. Lets talk about corruption. Many people would say its institutionalized in this country. You must agree that its critical for your government to be above reproach and suspicion. Yet, there are two cases in your own cabinet where we see questions being raised about cash at the house of your Vice President , shares held by your energy minister. Dont they undermine the standard youre trying to set for the country . Confident cases, i am there is nothing strange. They are the right people. In the past government, they did not want to give explanations. The department of energy has already sold the stocks. He sold it. That addresses that problem. In argentina, we can pair that with activity. The forms are important. Damage theheal the corruption did. We are working on that. I promised my people i was going to put in place the best team in the last 50 or in terms of capabilities and all honesty. And honesty. I believe in argentina. We have huge changes we are going to cut corruption. That is the best partner for poverty. We have to cut corruption. Howd you dismantle the legacy of the corruption institutionalized throughout the bureaucracy, in the police, in the judiciary . You are talking about a cultural change. Can you do it in one term . We are doing it every day. Things will not change in one year or one presidency. Every day, we are doing changes in the right direction. Whats important is what i do. A president is like a father. Understand what you do and not what you say. I try to act in consequence. You can afford to make a mistake. I expect that god will help me. He will have me in the right direction. I love this country. I believe in my people. I am sure we can do it much better than we did in the past. Argentina is ready to take its place. Its a big country. We have a lot of talent and we messi andore than the pope. We know how to do things right. I am trying to help them. Am a facilitator of the future. I am trying to help everybody to do better as possible. Scarlet that was our interview with the president of argentina. Coming up, we will speak to the ceo of bp. This is bloomberg. Matt youre watching bloomberg markets. I am matt miller. Scarlet i am taking look at increased all until it. Global Financial Stress is making a comeback. The blue line over here is the bank of America Merrill lynch stress index. It measures risk across asset classes. What you will see is its come way down since february when everyone was worried about a global recession that didnt come to pass. Back on thursday, it started moving up. The white line is the daily rates of change. What you will see on friday is we saw a massive jump and i circled in red. It jumped 112 it has come back a little bit and you are talking about a sizable increase. That is the biggest advance when chinat 2015, suddenly devalued currency. We talk about this a lot. People have a hard time adjusting to rate of change. Thats the surprise element. Lines, the spikes are what surprise investors. Alix thats what happens when you have a stock market that doesnt move for almost two months and then all of a sudden it drops 2. 5 and then gains 2. 5 and now were back down again. Volatility is back there and its hard for companies to deal with because it creates uncertainty. What i have is a chart that , itss in a good way adding something central bankers are trying to get. None of them have achieved it. This is inflation and a sense, the blue line is actually you k u. K. Input cost. If i am going to make a radio and i need to buy the metal and transistors, those costs are rising for producers in the u. K. Its not just appliances. Its food, clothing. They are continuing to rise. Meanwhile, the white line is the reason for that area the white line is inflation. You can see it down below zero. They were looking at deflation for a moment. Now it has come back up. The reason is the falling pound. The big drop we had at the brexit vote cause disinflation to start picking up again. Its essentially a devaluation. The markets did it for them. There is no call from other governments to label them a currency manipulator. They just voted to leave the eu. Scarlet thats not the Way Investors would have wanted given the brexit was such a surprise. It raises questions if the economy of the u. K. Will fall to the way people predicted. Mark carney is under a lot of pressure in recent months by lawmakers in the u. K. , that he was exaggerating the brexit vote. Matt he tried to help the economy. Maybe it will stumble, but not collapse. Scarlet we are tracing Donald Trumps rust belt route. This may determine our next president. This is bloomberg. Scarlet this is bloomberg markets. Path to the Trumps White House may depend on his journey through the rust belt. How does he need to play the battleground states . Totals arech essential in the swing states of ohio and michigan. Steve, thanks for joining us. You had a great story today. He needs to go out an appeal to his ask it of the deplorables . Steve my colleague and i looked at the rust belt states we thought were the most important for donald trump. We did the real election map and this is what campaigns do. You hear a lot of numbers that change every week. We looked at how many voters are there . How many independent persuadable voters are there . What is the landscape by which they are fighting this battle . Thats what the story was. Every campaign uses this. You have the base voters, the people you know will support you and they will turn out. They are in the bank. Then you have the geo tv, that stands for get out the vote. They are unreliable voters. You have a ground game that will turn them out. You need to make sure that they get there and support you. Then there are the persuadables. These are the people that your ads are focused toward. These are what the Campaign Events are focused toward. You need to change their minds. Much of that is depend isrlet how much of that based on money . Steve the math doesnt change. Money does matter. The more money you have, the more you can invest in a grand game ground game in turn out voters. You can invest more in tv ads. You can persuade a fraction more over the airwaves. Particular,nia in we found that this is a key state for trump. He wantsto win this if to win the white house. Its really hard. If Hillary Clintons race of democrats and target voters is so large, if she turned them out, she could forgo independence its the win. The thing that trump needs to do in pennsylvania is turnout everybody he needs to turn out and persuade all the independent voters. He needs to start converting democrats. Hes got to do that in michigan as well and ohio. Ohio starts more even. He can afford it to not really worry about the converting democrats game if he focuses on independence independent voters. He may be able to pull it off there. Romney the obama by 10 points among independent voters in ohio and he still lost the state. There is giveandtake here it obama turned out more of his target voters because he had a superior ground game. Matt i read a lot about people saying its the angry white male vote that is going for donald trump. If you have democrats who are angry white males, you can persuade them. You can say hillary was talking about you. Steve if donald trump is going to persuade democrats, who would be most likely . Maybe not women and minorities. We looked at White Working Class men living in areas of High Economic turmoil. Factories are required by federal law to report layoffs. We were able to map the layoffs and count how many white workingclass men who vote democrat win live. We found about 700,000. In pennsylvania, that could be enough. In ohio, it could set clinton back and make the game easier. Scarlet what evidence you have a donald trump is following this formula . This is what conventional politicians use. He does not to use the word. He is a disruptive candidate. Could he go another way . All, this isof where he is spending his money. This is where he us ending his time. The two major candidates and their running mates, he is spent more than 40 of events in these three states since the convention. Its almost averaging one a day or one every other day and then some. The other reason why is Donald Trumps new Campaign Manager is a veteran pollster. She knows this stuff. Cruzs super pac. Knowing that she has Donald Trumps year, this is what they think is the easiest path to victory. Matt thank you so much. I highly recommend checking out the website and checking out his story. Scarlet leaders from canada are meeting for the fixed and, congress. That next. R about this is bloomberg. Hey hows it going, hotcakes . Hotcakes. This place has hotcakes. So why arent they selling like hotcakes . With comcast Business Internet and wifi pro, they could be. Just add a customized message to your wifi pro splash page and youll reach your customers where their eyes are already on their devices. Order up. Its more than just wifi, it can help grow your business. You dont see that every day. Introducing wifi pro, wifi that helps grow your business. Comcast business. Built for business. Scarlet live from bloomberg World Headquarters in your, i am scarlet fu. Markets. S is bloomberg lets get the bloomberg first word news. For that we go to mark crumpton. Mark c. bill clinton is filling in for his wife i Campaign Events in california and nevada for the next two days. She is resting at her home in a new york city suburb. She has been diagnosed with pneumonia. Bill clinton spoke last time with last night with charlie rose. Mr. Clinton she had a good nights sleep. She is doing fine. She just has to be hydrated. Mark c. you can watch the entire interview with former president though clinton tonight new yorke rose at 7 00 time here on bloomberg television. Donald trump will unveil proposals to make child care more affordable for working families. During his speech tonight and suburban philadelphia, he is expected to call for giving new mothers six weeks of paid maternity leave. A is also expected to discuss savings account that would allow families to set aside money for their children or elderly parents. Anti is mer cite past taiwan on thursday. U. S. Warplanes are sending a message to north korea. Two american bombers capable of carrying Nuclear Weapons flew over south korea, accompanied by south korean fighter jets. The u. S. Pacific command said it was a show of solidarity after the latest and test. Global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. So much. Thank you political leaders and investors are meeting today i bloomberg World Headquarters here in new york. The gathering is looking indepth at the market of canadian bonds and what the future holds for that industry. A man delaying spoke with the Canadian Financial minister earlier today. We are now into position, for 2016, we will be publishing public accounts soon. There will be a surplus. Not just a balance, but a surplus. It is a significant surplus. We have to turn it around from a position of systemic structural deficits to a place where he gives us a lot more comfort Going Forward in these very troubled times we live in. If you were a country, you would be basically the size of sweden. You are, though, not independent. You are attached to the federation. The finances of the federation, maybe not quite as strong at the moment. Not quite the gold star of quebec. Howning a federal deficit much of the dry is that on your economy . At this stage, i do not view that as a drag. Perhaps one interesting to point out is the Canadian Federation is unique federation. It is flexibility in the way operates. Leewayhas quite a bit of. I, as a finance minister in quebec, and might colleagues in toronto and other providences, have a lot more discretionary power, if you will from my cousins and other countries. We do have sources of revenue that the government can levy taxes. It is a decentralized federation that functions well. It is a Monetary Union that actually works very well. We have all kinds of transfer payments. It is a rather well functioning desensitized decentralized federation. In that context, quebec can prosper. The fact that, as you pointed out, the canadian federal government is in a deficit position, it actually benefits the provinces. I dont think it is the role of provincial governments to provide fiscal stimulus. We are in the business of providing proximity services, health care, education, family services. That is what we do. Fiscal stimulus, that is more the federal govern