i think you're being a little tough on federal cios. aren't many of them appointees? at the state level mostar appointees and only stay two years. very rarely will stay for years. i think one of the major problems as we don't have continuity and management because that position has been made in an appointee and not a permanent position. this week all the cios will be meeting in the governor across the way is being really strong in bringing the states together so could you comment on that. >> i completely disagree with your premise that i'm being tough on cios because i'm trying to get them more tools. i'm trying to, i don't just bring them in front of my subcommittee, i bring the cto because they should be getting all the responsibility and authority. you can't hold someone accountable if they don't have the authority to do their job. for me, everything we have been doing is to strengthen their authority in order to do this but we should be, there is not enough continuity we have to look at why that is. is it frustration with the ability to do their job, is a lack of

ubs wealth management cio for germany.s a signal of the challenges that lie ahead. foreed combustion engines decades yet. she says targets need to be hit. if you talk to the auto sector, they are saying they can do that, potentially without the soul, but they will not do away without -- with petrol makes, but a mix to allow you to get them to co2 limits. technology will be a big factor in this. the chancellor now in the bundestag addressing those issues. up next, the mid-cap space, including schneider electric. this is bloomberg. ♪ ♪ guy: welcome back. 8:50 five, markets have been open for 55 minutes. the best stock stories this morning. nejra: a lot to do with m&a. schneider electric, up .7%. aveva, rising as much as 25% after schneider agreed to take control of the uk's's aveva group. a software company, to create a producer of industrial software that comes a year after the last round of talks failed. third time lucky for schneider electric and aveva on this reverse takeover of aveva. moving on to nestle, the confection

ever the stoic global cio and i like it. you see the upside for equities. think it makes sense to sacrifice returns. to sacrifice returns to buy tactical hedges. that is a thing you have sent to me -- said to me consistently when we met. you don't think we are reaching a cause or a tiredness in these markets? guest: i think you are right. we have been consistent in staying overweight global equities. the attempt to achieve a tactical hedge by picking up the newspaper and getting short haved the rhetoric we seen, that strategy has not worked and we don't think it will work going forward. we have just taken down our global equity overweight to reflect a couple of things. one is the valuation for equities are up 14% for global equities, double what we expect for the year. we had a good run. then i think we are at an historic moment at the fed where the federal reserve said they will start checking their balance sheet. they are on track for another rate hike this year. at the same time, they said inflation is not where we expect. it is a mystery to us. we have

umpka has been president of the afl-cio since 2009.advisory council to president trump that disbanded days later. let me start by asking about something the president said after the dissolution of these two councils. he said those who were members of them still wanted to meet with him one-on-one. in fact, they preferred it. what kind of interactions have you had with the president, if any, since the dissolution of the manufacturing counsel? >> i have not had any contact with the president. we have had contact with members of his staff and members of his cabinet, but i have not talked to the president about manufacturing at all. in fact, prior to that, the on the council, we never had a single meeting. nor did i discuss anything about manufacturing with the president. it was a bad for him for us to be able to rejuvenate -- forum for us to be able to rejuvenate manufacturing. david: there was a piece on bloomberg about that. with both of these groups, they were not meeting, there were not clear objectives. what went wrong from the start?

and then one more tool for cios to use. the omb and office of american innovation have been really intimately involved in this process. many of the folks can be helpful in helping some of these federal cios be put in a position to take advantage. one thing that i'm going to be doing on the sub committee, we do a score card. it is evolving to a digital hygiene score card. one thing we'll start keeping track of is the working capital funds for modernization. if you're taking advantage then guess what? there is a culture in your organization. so i think that is one more we should be looking at for our various agencies. i have never seen a sign that has said -- >> yeah. >> it wouldn't be without it. >> exactly. it is really exciting. >> and people understand that. i represent 29 counties. san antonio on one end, cyber city security u.s.a. and el paso and in the middle probably more cows than people, but when you tell people the federal government spends $90 billion on purchasing goods and services and 75% of that, they are outr

lisa: that was afl-cio president richard from god.ry in passive versus active debate. ♪ we will tell you more. julia: it is 3:00 p.m. in new york, 8:00 p.m. in london. i am julia chatterley. lisa: and i am lisa abramowicz. welcome to "bloomberg markets." ♪ lisa: we are live and bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and around the world. stocks rising as we head to the close five weeks after a jobs report. the economy added fewer employees than expected in august, and the jobless rate rose. while most money managers are fees paid bysh investors, the good ones get to charge a little extra. how an income fund is raising costs. and we are on the ground in houston as recovery efforts post harvey begin. the business and civic leaders heading up the efforts. it will be a long road ahead. we begin with headlines with "first word" news with mark crumpton. mark: president trump signed a proclamation establishing sunday as a day of prayer for those dealing with the

that is the regional cio at ubs wealth management.opingwhile its new chip will make the smart phone smarter. this is bloomberg. ♪ david: chinese tech giant huawei has unveiled an ai enabled chip as it prepares to launch a new smart phone to rival apple's latest iphone. the company is seeking to expand its business overseas. tom mackenzie spoke with the ceo in shanghai in an interview that began by asking how this new chip would give the company an advantage. today smartphones aren't smart enough. we need ai technology to improve their smart capabilities. eight high technology can greatly improve our efficiency. >> so you will have these new chips in the new smart phone. you are launching a new smart phone in october. smartphone sales for the first half slowed, and the domestic competition is pretty strong. at the high income apple and samsung are still dominating. how do you reassess your ambitions to be the world's number one smartphone maker? 's for many years, huawei phones have seen fast growth. i'm happy to see the first half tha

in 1974 as a director of front lash, an afl-cio youth group. a year later they recognized james' dedication to the fight for fair working conditions and promoted him to outreach director for the north carolina federation, making him the first african-american to hold a paid full-time staff position with the state afl-cio federation. after a brief stint working for this uningon in 1982, he began his position as the treasurer and secretary for north carolina's afl-cio. a little over a decade later, james was elected as president and became the first african-american to lead a state federation. draws to a close, we want to both congratulate and honor him for his unparalleled work on behalf of north carolina's hardworking families. james, congratulations and thank you for your hard work. i yield back. the speaker pro tempore: the gentlewoman yields back. for what purpose does the gentlewoman from wisconsin seek recognition? >> to rend my remarks. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. moore: th

have the most robust member to member program that we had in the history of the afl-cio. that is where we will be in 2018. have the most robust member to member program that we had in we have tried experiments with getting union members to run for office. we started in new jersey. we had a pilot program in new jersey. over 900 men and 50 union members have been elected to union office in new jersey. we have a few in the congress. many in the state houses. there are county offices, things of that sort, so they can get our message out. the next important thing is to give are working people are real economic analysis. we have a program called "commonsense economics." it debunks the notion that there is nothing you can do about the economy, that you have to go with the flow, the marketplace knows everything. we break that down. those rules decide the winners and the losers. beginning to go out and be a gender-oriented, rather than people or party oriented. we will push our economic agenda and they will have to come to us. if you support that agenda, you can earn our support.

freddie lait, cio of latitude investment management with us.r, if you are a bloomberg customer, you can watch the show watching tv . -- can watch the show by clicking tv . you can message as directly. you can click on radio or event coverage when something is happening. up next, we are going to talk about trump's tax plan. the ministers in claims it will cut the deficit, but most economists say no way. this is bloomberg. ♪ ♪ guy: welcome back. let's take a look at those financials around europe. we are not going anywhere in a hurry. .t is the end of september i expect positioning has already been done. we are drifting into the end of the month. we will see what next week brings. does it bring a resumed dollar store? -- dollar story? matt: i think it is going to be important for everyone but me. i am going to be on vacation. the dollar is headed for its best week of the year, and bonds have sold off further as markets continue. yesterdayhin claimed that the trump plan would cut the u.s. budget deficit by $1 trillion. a majority of econom

the afl-cio opposed to the wavers because the sea farers union opposes allowing even in situations like this foreign flagged vessels to help out. >> listen, lawrence. i'm a rare republican supporting the jones act. it is a relatively protectionist measure and support a waver for national emergency and preservation of life which is right now. give the captain of the port full discretion and full flexibility to decide how to bring in ship-board aid, u.s. ship or foreign flagged vessel. the president's gaffe today is remarkable, it was almost a brownie's doing a great job moment when he said industry's opposed. the people of puerto rico are begging for a waver for the jones act. the end of the day, donald trump needs to get on the phone with governors tonight and mobilize national guard units to go to prr to preserve life. >> members of the afl-cio should be asking about why they don't support the waver. thank you for joining us tonight. >> thank you. >> you got it. >>> up next, the president could not help himself. he had to talk about football again today. a pilot like you shouldn't be f

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joining us is allianz global investor cio.k what you think about the possibility of a jamaica coalition being negotiated. this is merkel's only option. is it going to get done, even if it takes two or three months? guest: good morning, thank you that i could be here. i would say in the end, you are right. that is her opportunity to stay in power. that is what most people expected that is doable. may negotiations will need a longer, but all parties will make clear they would like to come in government and so it is a question of negotiation and how much merkel has to give the other parties to find herself back into the consular. guy: is germany more business friendly? are they going to be more business friendly as a result of this election? is a little bit difficult to say because on the only the yes, because cdo see and the liberals, normally you have to say yes. on the other side, there is another strong party, the greens , that could go against that. the country with the biggest of theoducer is a member head of the government

it is likely that the cio's will have new tools to

today transportation secretary elaine cio. outleted new guidelines. it made changes to obama era regulations that auto makers slowed down innovation. various consumer groups are worried let's oversight could leisure to safety issues down the road. back in a moment. on the look out for lightning. ==take vo== we )re with crews atop the >>> ton at 6:00 be, on the look out for lightning with crews atop the highest point in santa clara county as they watch for any strikes which could spark wildfires. that story and missouri more tonight at 6:00. >> tonight jeff is back with us the giants game ended at twourt in the morning. >> because of rain. >> are we seeing any chance of that. >> superdangerous with the cloud-to-ground lightning, not to be messed with. it looks like on the doppler radar there is no storms near us right now. best chance of things developing would be from 11:30 tonight through 8:00 tomorrow morning. isolated thunderstorms, that means lightning winds 20 to 40-mile-per-hour possibly small hail. it looks good to get something from the south

matt: mouhammmed choukeir, cio. joining us on bloomberg television and bloomberg radio as well.or that on daybreak europe, live at 9:00 a.m. on bloomberg radio.com and you can also just type radio go onto your bloomberg terminal. up next, the tax plan cometh. president trump is expected to unveil his overhaul during a speech tonight, but how much of an overhaul is it, and is there any chance it will pass? this is bloomberg. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. guy: taxing time for tom. a percent corporate tax rate. but will congress back it? getting on with it. said chair janet yellen says the central bank should be wary of moving to gradually -- too gradually. is the market right that

patrick armstrong, investment investmente are you -- met manager cio with us.s this fervor hawaii, for spain and for investors, really? patrick: it is not something we are putting in the portfolio. not completely annoying -- ignoring it. guy: is it annoying? [laughter] patrick: it is hard to basically things odds of these happening and the implications. it is not going to happen overnight. the vote itself, we will see what happens. there is no short-term implications we are putting on right now anyway. out: it should be pointed they had previously voted for independence. 80% margin. only 30% of the people went to the polls. obviously, spain has had troubles for decades with the country wanting independence as well. federalssible that this government starts to slowly lose its community is one by one? patrick: definitely possible. i do not think it is likely. these sort of referendums have a self-correcting mechanism almost where the squeaky wheel gets the srease and the referendum i asking for independence get something in return. it is an ongoing issue. i do no

joining us is scott mather, the cio of u.s. core strategies at pimco.el yesterday talking about some of these global goals, things that they would like to see happen by 2030 like ending hunger and poverty big, lofty goals we'll talk about that in a minute and how you think we can reach those. first, let's talk about what steve was just mentioning. where you come down on this panel in ermz it of pimco and how quickly you think the balance sheet is going to shrink, how quickly the fed may raise rates. >> yeah. we think it is going to be like watching paint dry that's what's going to be very slow that's why the market is not very upset about it. we sort of suspect relative to your survey that the ending size of the balance sheet is much larger than 2.4 trillion it could be as much as 3 trillion the timeline is probably pretty close to correct it's going to take -- >> forever >> yes, forever. three to five years. it gets underway tomorrow, and then you get probably a 50-50 chance for a fed hike in december, but after that, you know, they really -- they're r

president trump with the afl/cio. president hoffa of the teamsters and others they work with? >> i'm not sure about specific conversations on that exact figure. burt i do know that he has had conversations with individuals and relevant stakeholders in this process on both sides that know that that is an issue. w whether daca existed or not, the fact that there are 4 million people in this age group that are unemployed and certainly why creating a better job market is important. >> i don't know that we heard the rest of your answer. you said that the reason that attorney general jeff sessions put out the earlier statement on camera was because it was a legal argument. a lot of what we've been talking about in here is a legislative argument. why have we not heard from the president directly on this? and can we expect to hear from him later today. >> you have heard directly from the president. he issued a statement directly from the statement. >> why wasn't attorney general jeff sessions that went on camera when the president hasn't went on camera to make this case today about wh

last week the president of the afl-cio, richard trumpka and asked about the decline of union membership over the years and what he had to say. [video clip] >> it's going to take us a multifaceted campaign to be able to reverse that trend group there is a strong of people well financed that want to eliminate unions from the playing field. the republican party by and large attacks unions whether at the state level or federal level. so we have to work on the political climate there. but we also have to start fighting and fighting to change the rules of the economy so that working people get a fair shot. and whether that's trade rules, tax rules, labor laws or anything else that make it harder or easier for workers to get a voice on the job, we have to attack those. and then there's us. we have to ramp up the scale that we approach organizing with and we have to become better at coordinating with each other on the organizing front. it's no longer acceptable, i guess, it's no longer a smart strategy, let me put it that way, for us to individually pursue units. it's more important for us to d

wanted to ask a question to some of our chinese guests today in fact i wanted to go across to mr young cio of the china institute of international studies and i ask you so the first question should really read to rake in the media whether it's from china or it's from india we have one we have achieved a great victory we have brought the other side a message i did time like this when there is been successful diplomacy is there a danger of shrill rhetoric from either side played out in the media is a very good question let me put it this way in english there is a saying there should be. that pale rather than the pedals like the dog and now we do have a lot of differences and a sensitive differences between china and india but in general we do have a larger common raam than a common inches including the comp ration a common interest in trends in mean the brakes so compared with the whole dog and a tail we need to be a mall smart and the that is the cullman principle of the capitals and the pulse of the great peoples thank you so much and you know i mean i really respect that perspective becau

. >>> later afl-cio richard trumka gives us his take a trump's tax reform proposals, and the decision to phase out daca. >>> you can reach out to the show here on twitter, on facebook, on send us's e-mail. watching watches cnbc. ♪ to err is human. to anticipate is lexus. experience the lexus rx with advanced safety standard. experience amazing. >>> let's check some of the movers in today's market action. energy the leader again. exxon mobil one of the best performing dow components after ubs upgraded the oil giant from neutral to sell, citing valuation and improving outlook for oil prices exxon shares are down more than 12% this year, making it the third worst dow component behind ge and ibm, but today up 2.3%. don't miss the exclusive interview with exxon's ceo, becky quick talking with darren woods. >>> gap is the best performer in the s&p 500 after the retailer a nounceding it shut 200 stores while opening 270 old navy and athleta stores over the next three years. sales of those two brands have been surging while falling at gap and banana republic. a very cyclical industry there >>

let's talk about emerging markets. ,oining us today sean taylor cio aipac at deutsche bank. start with geopolitics. the war of words between trump and kim jong-un is certainly escalating. do we get to a point where the escalation causes market participants to reduce risk exposure to asian assets? >> we have seen over the last month or two risk on risk off reduction depending on the news out of north korea. will be a lot of rhetoric up until the party conference in china in october and after that with trump's visit i think people are waiting to see if there's a solution after that. mark: asia as your preferred region. you prefer north asia. what's the rationale behind that call? >> salvation out performed -- south asia outperformed. back into seeing north asia where we are very positive. india continues to do well. particularly locals. underestimated the growth in china. it was a cheap market. it continues to do well this year. vonnie: any concern about the having applications for earnings for chinese companies are inward investment? get tooink we shouldn't much impact on the

the cio a vanguard next. this is bloomberg. ♪ what did we do before phones?save us from getting lost, getting hungry, and getting tired of places like this. phones changed everything - shouldn't the way pay for them change too? introducing xfinity mobile. where you can pay for data by the gig, and share it across all of your lines. no one else lets you do that. see how much you can save when you pay by the gig. xfinity mobile. it's a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. live from bloomberg world headquarters in new york, i am vonnie quinn. shery: and i am shery ahn. 500 is being dragged down by financials in this session. also had revised second-quarter gdp with annualized growth at 3.1%. investors have a lot to way when weigh when ito comes to how the economy is doing but also where we are going with taxes. mark: president trump is waiving cargo restrictions to help speed aid to hurricane ravaged puerto rico. he has ordered the jones act to be waived for shipments to the island. it will cover all products b

the chief economist at the afl-cio criticized the fed last week for seeking to maintain unemployment above 4%, which he notes necessarily means keeping the unemployment among black americans above a percent. he described this as a deliberate policy to sacrifice many hundreds of thousands of potential workers and their families out of fear of future inflation, when in fact the feds preferred measure of inflation has not exceeded 3% in more than 25 years. i'm wondering how you were to respond to his frustration over the fed's desire to continue raising rates when core inflation shows no sign of heading above the fed's symmetrical for inflation. >> let me say that employment is a very important part of our mandate. we are charged by congress with trying to pursue maximum employment, and we are taking that very seriously. i am very pleased and heartened by the improvement we have seen in the labor market and its 4.4%. the unemployment rate has really fallen to quite a low level. as that happened, the unemployment rates for less advantaged groups in the labor market, particularly african-

so the afl-cio union we know where they stands in the politics of the day.that do backfire. yet the media wants to make it seem like it's a larger encompassing event everyone is responding to. maybe not. i think we have to remember that. your response to the anthem, mine, our relationship with the flag, that it embodies the idea of who we are is part of cower dna. in this political season a lot of people misrepresent things. most of americans should know they don't stand alone on this. trish: it's become something else it's basically i don't like trump as opposed to i don't like my country? >> specifically the president's comment. before that it was only 3 or 4 people that participated. this movement was dying and almost reignited as an opposition to the president. trish: i know a lot of people are saying the president should have brought this up. it causes the players to do this. they could have ignored it and let it stay at 3 or 4 players. >> if you wanted to kneel, kneel before the national anthem then stand when it's time for the anthem. they can do that

we can put them on economic sanctions to stop people trailing >> i also spoke with the cio, the world'sargest hedge funds. he had $162 billion in management the white house is dealing with this >> i think this will have geo political implications and in other words, what korea can reshape of the whole region is like this will have implications all through the region >> a lot of people were talking about wall streets right now dalio is taking on the implications of losing larry co cohn in the administration if it were to happen >> it would terrible in two dimensio dimensions it would under mind the future progress and economics and reforms and all. it will represent a challenge in the administration >> you know i remember when a call was made, some of the first noises was about whether gary cohn will be in or out of the administration, he says the markets were to hit hard if gary cohn will leave. a lot of people thought it is hyperbole but to hear dalio speak like that and believe it maybe some security. perhaps, he was speaking, ray dalio to the president as warning. indicating of what

he is the cio from multi-asset classes. here are some of his ideas.ink it is a reasonable action for the saudis at this point to access as many sources of funding as possible to close the budget gap. they have been drawing from reserves, now this represents a new type of issuance in dollars for them. it could raise the risk significantly for the dollar, because they are linked to it anyway. it is looking for opportunities to take advantage of yields in the market. from our standpoint and our strategies, we're preferring the emerging-market debt even to equity because of the positive growth dynamics we are able to see and a preference for income over capital appreciation, given the current environment. yousef: we have the current figures on the bloomberg, died into it with me. -- dive into it with me. lines.default, 3 key saudi arabia in yellow. onesor context, the qatari fairly similar. also turkey in there. would you say that the markets got it right? do you agree with the risk assessment? eric: if anything we would assign more risk to the qatari deb

rob carter, our cio is ranked every year as one of the grittest industrial cios in the world and our team is world class. the cyber attack that we experienced was quite different than somebody sitting in your basement it was a nation state or a nation-sanctioned attack on the ukrainian government and it hit their payments system which immediately went out to the people doing business with them which tnt was doing. so was fedex and the mother company, so to speak none of our systems were hit at all, and it was a massive attack and our people did a fabulous job and it's something that you've got to pay attention to in business today because it's not going to stop. >> you saw the impact there on eps. >> yes when it comes to competing, you've got dhl and you've got ups and you've also got the likes of an amazon or an alibaba. how do you view that given e-commerce is 15% of the business and still an important part of your business. are they frenemies how do you view that >> well, business is sort of complicateded in that regard for instance, we carry all of the postal services and priorit

to do that i'm joined by the head of cio european macro nicks at ubs wealth management good morning look, obviously brexit negotiations are an important factor for the eurozone. similarly what's happening with the fx rate, but also another key, key thing to watch is the german elections could you give us your view on what you think the outcome of these elections is going to be >> yes i mean, in germany they're just about to finish which means a lot of the population, 42% of the voters will make up their minds in the coming weeks. the voters can check their beliefs with the manifestoes over the parties, and choose the party they want to vote on 2.5 million voters already are doing that in the first 24 hours. this morning was over 4.5 million. we think with the tv debates, people will start to make up their minds and we'll see this in the polls in the week or two after that so far we're seeing very little in the polls we stick with the belief that angela merkel will remain in powe power. >> we are look at the german elections closely with regards to what will happen with greece in the futu

the group will remain listed in london let's get some instant analysis with richard champion, deputy cio at canicord wealth management is deal making when it comes out of the position of weakness, is that a good sign to me it seems like these companies need to tie up to drive revenues further, or is this a tie up resulting from a position of strength >> there's two sides to it first off, they've been talking for nearly two years aveva is 20% cheaper in euros than two years ago there's significance in that schneider is looking to build up more growth areas of its conglomerate structure and the software business is one its identified as suiting that the other driver is that in the internet of things, more widely it's a mega friend which many have identified. schneider wants to be at the forefront of that sochltthat for aveva, it's got materials base, clients base and they need to diversify there are ones for both sides. >> this is a reverse takeover and it remains clear there will be a london listing for aveva, which is good news for the british morale overall software companies have been

it had been sustained by the vatican when the afl cio which was that labor union.ting t when they come to power in eastern europe breaks free poland already have the institutional infrastructure in place so that it was easier in poland than almost any place else. anyplace else. but now what we are seen in poland is that it is still a young democracy it has for the first time a very strong centralized executive you are seen an erosion of the independent judiciary and people are fighting back. civil society is immobilized on social media. with the law and justice party and the president actually ended up having to veto a lot that he had sponsored that would have gone a long way to undo the judiciary. the next write about is ukraine. what would you say the state of democracy is in ukraineoc now. with a very watchful and assertive native in the process of taking your territory and making in the eastern half of your countryry unstable it's kind of hard to build democracy. but they have made some progress the president now has launched an anti- crump should campaign.n one of the great checks

lauren: monday night football another mass protest on afl-cio on this one. but the big mail. lauren: i was thinking about you watching the situation. dallas cowboys owner jerry jones saying i do not think the place to express yourself and society of those who recognize the american flag. that's not the place to do anything other than honor the flag and everyone who's given up a little bit for it. likud took to the pregame expression on the presence of a folk of the jerry jones joined his cowboy players and front office workers on the field in glendale before the national anthem. they stayed for about 14, 15 seconds and i walked to the side mind and stood for the playing of the national anthem, locked in arms as the cardinals did as well. and now to the game. first-quarter cardinals carson palmer, first and two touchdowns 125 yards. third-quarter cowboys just wills his way towards the end zone. cowboys take the lead in the fourth quarter dallas leading by two touchdowns in ezekiel elliott. cowboys and 28-17. pittsburgh's dealers u.s. army vet nursed three tou

chris brightman, cio for research affiliates.ome more insight on what is happening in washington from kevin cirilli. he is at the white house. and our national political reporter on capitol hill as that this vote on going on at this harvey aid package. kevin, what are we learning now about the numbers of this vote in what is it going to be doing? kevin: the vote is expected to pass in what will the senate to do? will they try to lock -- lump the funding to the debt limit? that is where this is look like it is going to be heading. behind me outside the white house, marine one taking off where thenorth dakota president will deliver remarks presumably on tax reform but we could get aggressive rhetoric on his side of things and whether or not lawmakers should of has the debt limit with harvey funding. the freedom caucus, the ultraconservatives, they want this a vote separate. just to back up, the vote happening now is effort, right? the harvey aid package exists on its own and was at the senate will reconcile the 2? durant yes, leave

the afl-cio is exclusive in its respect, they were always big supporters of israel. they are big part of the democratic party in the united states. they were led by jews and others for generations. and a part of the discourse is to show everybody how great the union world in israel is, and what a great influence they have on our life. and so forth and so on. it's simply requires a lot of nurturing, and explaining that you can be like me, okay? the leader of the left, and fight for the just cause in the state of israel. it's simply wrong, wrong and partial and distorted that the voices of theft, who were big supporters of israel at the time -- the rope was at the time because they sew israel as a role model, which is kind of soured for them. now, the souring issue is something that we attend to in israel, whether we oppose certain legislative steps taken by the right-wing government or thing that are said, but they're said here in the united states as well. and the same debate on how government fights for the opposed is also in israel as well as the united states, as

the businesses >> we're expecting to hear more about that proxy battle today at delivering alpha with ciod garden who will be speaking in a panel. the vote for that one, october 10th 40% of p&g shareholders are retail, which tend to vote on the side of the company, though peltz has presented a case and we went through some of those ideas in the white paper he says every investor he talked to said thank you for pointing out some of these issues >>> coming up, a roundup of today's top stories and the latest aftermath of irma >> plus, incredible video out of connecticut as a small plane crashes in a parking lot we'll have the full details on this one when "worldwide exchange" returns. this is not a cloud. this is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for enterprise. yours. >>> glob

big quaunt funds unwound and caused a demise within the industry we spoke yesterday with mann group's cioho says he doesn't see one of these around the corner but he did list out specific dangers to quaunt strategies which are different to discretionary >> quaunt manager have in the past sometimes used too much leverage they're often good at risk management and use too much leverage that's something i worry about a lot. they can become too big versus the markets they're active in. that's a danger. >> he told us the market today, that quaupts today look different. they're much more diverse. he thinks that could be youthful in preventing another quaunt quake. >> interesting his perspective there, saying leverage is one of the key risks which it was in 2007 when these strategies fell apart. the other key thing is momentum-driven markets. quaunt strategies and algos can do well when markets are moving in one direction, but it's hard to predict a major change in direction like we saw around the financial crisis we're late cycle i suppose that's another risk they have to look out for, if market

utermann, allianz global investors ceo and cio.r, we were interviewing you while we were talking about our natural repressions. where do you see successes in the markets? andreas: i mentioned earlier the bond market. notink the markets are repricing risk. it is quite interesting. we had an initial rise in the yield curve a few weeks back. then the central banks came in clearly, the fed and the ecb saying not so fast. we don't want in on orderly unraveling -- unorderly unraveling of our curve. francine: is there too much powder out there? is this the right time to take risk? andreas: you know, we have seen the charts. equities are at an all-time high. bond yields are very low or negative. is this the time to take risk? no. is this the time to take some risk if you haven't taken some already? it is because this is what you need to do today. if you are already long the market, the equity market, would you want to add at this point, probably not. it will depend on where you are today. tom: i know we are talking central banks. i was stu

up, the pimco cio will be joining us. is this is good as the global economy gets?s is bloomberg. ♪ what did we do before phones? they save us from getting lost, getting hungry, and getting tired of places like this. phones changed everything - shouldn't the way pay for them change too? introducing xfinity mobile. where you can pay for data by the gig, and share it across all of your lines. no one else lets you do that. see how much you can save when you pay by the gig. xfinity mobile. it's a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. alix: it is the end of the month, the week, and the order. if european stocks are flat area the the dax is getting a little bit of a boost as unemployment continues to fall. that is is up here in the weaker pound story. the pound is weaker against the dollar as it prices in some more negative data we got today. euro-dollar is on the front foot. yields are shocking. we had a 19 aces move. that is getting a little bit of downdraft. a monster quarter for crude, back in a bull market it comes t

they told how they were doing the trades. >> leslie, we spoke earlier about some of the risks that the cio is aware of in terms of the threats to algo trading. one of them being leverage what about momentum? clearly we are late stage of what's been a very long bull market many people, many critics of robotic trading, et cetera, quant trading say it can only work during an up trend or down trend but can't pick when it's going to change direction. >> reporter: exactly that's one thing they're hoping machine learning will be able to solve, when the exact turn will happen as of right now, the science makes it very difficult to actually predict a downturn, as you mentioned in momentum, of course, is a huge issue that took place in 2007 when there was a squo-called quantquake, everybody was in crowded trades and a few that happened to unwind caused a huge ripple effect scared away a lot of investors for almost a decade. we're starting to see a resurgence as well of those concerns, guys. >> yeah, sauch huge part of the strategies, leslie good to get a look at it thank you very much. have fun toni

bill sprigs, chief economist at afl-cio, i think you know well, criticized the fed last week for seeking to maintain unemployment above 4% which he notes necessarily means keeping the unemployment rate among black americans above 8%. he described this as a deliberate policy to sacrifice many hundreds of thousands of potential workers and their families out of fear of future inflation, when in fact the fed's preferred measure of inflation has not exceeded 3% in more than 25 years. so i'm wondering how you would respond to his frustration over the fed's desire to continue raising rates when core inflation, really shows no sign of heading above the fed's symmetric goal for inflation? thank you. >> let me first say that employment is very important part of our mandate. we're charged by congress with trying to pursue maximum employment and we've taken that very seriously. i'm very pleased and heartened by the improvement we've seen in the labor market and at 4.4%, the unemployment rate has really fallen to quite a low level. as that happened, the unemployment rates for less advantaged groups

president trump has the afl/cio. >> i'm not sure about specific conversations on that exact figure, but i do know that he has had conversations with individuals and relevant stake holders in this process on both sides that know that that is an issue. whether daca existed or not, the fact that there are 4 million people in this age group that are unemployed and certainly why creating a better job market is a priority for the administration. >> thank you, sarah. going on what jim asked. i don't believe we heard the rest of your answer. you said that the reason that attorney general jeff sessions put out the earlier statement on camera was because it was a legal argument. but a lot of what we've been talking about in here is a legislative argument. why have we not heard from the president directly on this? and are we going to hear from him later? >> you have heard from the president. he issued a pretty lengthy statement. >> why was it attorney general jeff sessions that went on camera when the president hasn't went on camera to make this case today about what a big heart he has and how com

joining us in london is the cio at saxo bank. what was your take from draghi yesterday?think he did? delivered ank he relatively dovish speech, which ties into the fact that he is uncertainty with how to move forward when the qe program ends in january. i expect him to come up with a program that does a reduction of 10 billion euros on less economic conditions, and then will pause. saying that, i cannot claim the market for trying to force the hand of the ecb. he was too indirect in terms of his mentioning, but it was a climbs -- classic bank of japan replay. the volatility. we know how this is going to work. the foreign exchange market is testing the other side. we have a five figure upside and a one figure downside. from an economics point of view, this was dovish. matt: why does he have to go ahead with the tapered? if they downgraded their inflation outlook, they are nowhere near their target. a are further away than they thought there were previously. we saw the euro strengthening. should they not put it off? steen: you are right. the level we are at now with the .3