get to bloomberg first word news with mark crumpton.cretary elaine duke tells bloomberg it's too early to tell whether there is a need for emergency funding in the wake of now tropical storm harvey after a republican aid said last week said fema pasta disaster relief fund was sufficient to handle the hurricane response. >> we cannot predict that at this point, but if we need additional funds, we will be working with congress to obtain the necessary funding. mark: secretary duke says floodwaters are expected to peak on thursday. officials say the storm will force 30,000 people from their homes. thousands have flocked to shelters throughout the region. more than 500 people are into shelters in dallas, about 240 miles north of houston. plan tot and mrs. trump visit texas tomorrow to get a firsthand look at the devastation caused by harvey. in a series of tweets, the president said his administration with handling its responsibility and praised the spirit of texans as they cope with the storm and its aftermath. harvey is the first major nat

with mark crumpton. >> president trump publicly endorsed legislation that would reduce illegal immigration to the u.s. and evaluate visa applications based on merit with a preference for people with higher education or job skills. by toml is cosponsored cotton and david purdue who joined the president at the white house. reform will cards give american workers a pay raise by reducing unskilled immigration. this legislation will not only restore our competitive edge in the 21st century but it will restore the sacred bonds of trust between america and its citizens. the legislation would represent a dramatic overhaul of the current system by changing a 1965 law to reduce the number of illegal immigrants. the white house has been discussing additional sanctions on venezuela. the country held an election over the weekend that could lead to present nicolas maduro increasing his grip on power. president trump already imposed sanctions on him. senator marco rubio told kevin cirilli that he discussed additional p

i mark crumpton. this is bloomberg. julia: republicans are ramping taxes,r push to overhaul but what lessons can they learn from health care failure? from new york, this is bloomberg. ♪ is scarlet: bloomberg markets. i'm julia chatterley. scarlet:i'm scarlet fu. julia: republicans have to choose between pursuing another health bill or pursuing a tax overhaul because there's not likely enough time to do both. we caught up with republican senator jeff flake you had this to say on health care. >> what is over is an attempt to do it with just republican votes. i think we reached the limits of what we can do with republican votes on health care right now. the democrats standing pat, it sounds like it is over for now. joining us from chicago is peter roskam from illinois. he serves as chairman of the house ways and means subcommittee on tax policy. great to have you on the show. thank you for joining us. is health care dead and buried and do we need to put all energy into focusing on tax reform? it is deadn't think and buried

here is mark crumpton. n made itsident moo clear his country will not state .uite well tensions rise the president is asserting the right to veto any military action against kim jong-un's regime. he promised to prevent war. iran wants to ramp up its nuclear program. remarks toassan's saysountry's parliament they will reach with world powers and fall apart. they return for the lifting of international sanctions. chancellor was jeered on the campaign trail by anti-immigration protesters. several dozen demonstrators shouted and blew whistles of the chancellor spoke. she did not acknowledge the protest during her speech, which touched on the diesel scandal, germany's economy, and pledges to increase domestic security. a move under consideration by the trump administration could ease fuel efficiency standards set to take a tech -- affect in 2021. in 2021.t 20 -- effect the u.s. environmental protection agency signaled a new willingness to alter the rules earlier than originally planned. global news 24 hours a da

here is mark crumpton. mark: thank you.le has decided to shroud two confederate general statues in black, which reports the anonymous vote to cover them came after hours of an anchor fueled public debate in the wake of the violence there earlier this month. some residents blame the city notcil and mayor for properly policing the rally. treasury secretary steve mnuchin and his wife will reimburse the government for transportation costs when she accompanies him on official business. that controversy was created when the actress responded condescendingly to a critic on instagram. she had posted a sulfate leaving the government aircraft dressed in designer clothes and accessories and called the critic "adorably out of touch." defense secretary says the islamic state is trapped in the military advice that will squeeze them on both sides of the syria-iraq border. he arrived to meet with leaders and commanders, telling reporters that the days "are certainly numbered, and it is not over yet and it will not be about theme soon" isla

i am mark crumpton. this is bloomberg. vonnie: coming up, whole foods may not be called "whole paycheck" anymore. amazon cut prices at the grocery store today. we will bring you the details. ♪ vonnie: this is bloomberg markets. amazon is spending its first day as the owner of whole foods cutting prices by as much as 43%. mark was reading all foods and amazon. kaplan,o bring in jenny who is outside a whole foods here in manhattan. they certainly do not waste time. part of amazon's strategy. they want to change the reputation of whole foods. they better do it now. jenny: they certainly have not wasted any time. amazon owninge, whole foods. they have cut prices on some items. a lot of whole food staples like , farm raisedfresh tilapia, and different grains and proteins they have cut prices on already, day one. vonnie: that is jenny kaplan outside 57th street, whole foods in manhattan. for more analysis on how amazon is changing the grocery industry, i want to bring on a senior research analyst, who is in manhattan. is great a

i'm mark crumpton. this is bloomberg. scarlet? musket: coming up, elon says he never felt better about his company's future. investors appear to agree. as with shares soaring today. gene munster gives us a long and short story on tesla coming up. from new york, this is bloomberg. ♪ julia: this is bloomberg markets. i'm julia chatterley. scarlet: i'm scarlet fu. let's focus on tesla's electric future. share surging 9% over the last few days as investors fixate on what ceo elon musk said is coming next. solar roofs, semitruck's, and model three deliveries. musk: i am confident that we will be able to reach a production rate of 10,000 vehicles per week towards the end of next year. remain, we believe, on track to achieve a 5000 unit week by the end of this year. scarlet: our next guest warns investors against disappointments in the near future. are positive on tesla over the longer term, but you say that there is room for disappointment in the near term including the need for tesla to raise cash. elon musk said tesla is considering t

i'm mark crumpton. this is bloomberg. sorry for keeping you waiting. top minor the world is in talks to sell u.s. shale assets after public skirmishes with activist investors. we will hear from an analyst who says shale assets could fetch between $8 billion and $10 billion. from new york, this is bloomberg. ♪ julia: this is bloomberg markets. i'm julia chatterley. julie: and i'm julie hyman. julia: after months of pressure, the world's biggest miner, hp litan, announced it is in talks to sell u.s. shale assets. andrew mackenzie discussed the plans to exit u.s. shale on bloomberg markets asia. >> for now, our strategy is a small number trade sales, but we are keeping the other options there so we can proceed with a now,n apple pay's, but for we think a trade sale is best. >> how quickly can you make an exit? >> we have to be patient. we know what our businesses are worth and we will add to our businesses through our value and modest tech -- modest investment. on the other hand, we don't want to lack urgency and that's why we have other options in the wi

i'm mark crumpton.ing tesla's bond deal, increasing the value of that deal to $1.8 billion as it tries to finance production of the model three. the eight year bond will be 5.25% in line with initial talks according to a person with knowledge of the matter. the sale is private. the original value of this bond sale $1.5 billion. increasing it to $1.8 billion. one of the concerns among investors is the cash burn. and a lot of people say the bond is too risky. it's another way of looking at it. coming up on bloomberg markets, when will tax reform get done? what will be in the house bill? we will hear from kevin brady. from new york, this is bloomberg. ♪ julie: this is bloomberg markets, i'm julie hyman with scarlet fu. scarlet: president donald trump is not just ramping up pressure on north korea, he's demanding results from lawmakers on health care and tax reform. he called out mitch mcconnell saying, mitch, get back to work and put repeal and replace and tax reform and cuts and an infrastructure bill on

crumpton, this is bloomberg. julie?p, we will look at why big investors are looking at once unloved mortgage bonds. from new york, this is bloomberg. ♪ julie: this is "bloomberg markets." let us turn to the bond markets. big investors are starting to get antsy about debt. there are buying mortgage bonds as a result of this. they are safe in comparison. for aed janice henderson take on high-yield. ofwe still like some areas the high-yield market, but we have short maturities rid their is not a lot of low hanging fruit. reach farl have to higher branches to get returns of yesteryear. you can say this tongue-in-cheek, but fixed incomes no longer fix or provide income. people need to look for alternative ways to get that return. lisa whoining us is covers the bond markets. are they really more safe in comparison versus historically or versus some of these other vehicles? lisa:lisa: let us look at the logic. bondsve subprime mortgage and some backsliding on the loans that would not qualify for the government insuring agencie

biogen.igher by the first word news and here's mark crumpton.k: there could be more explosions at a houston area plant damaged by harvey. the french operator of the plate says this morning's fire knocked out power supply needed to refrigerate volatile chemicals. of tell more containers -- up to eight more containers could explode. the brexit talks do not appear to be going anywhere. the european union's chief negotiator said they are far from making the progress to move on to trade deal. the you can refuse to reveal its hand on crucial issues and accuse the eu of being too rigid. iran has not violated its nuclear deal with the united states and five other world powers according to the latest quarterly report by the united nations agency. the international atomic energy report out today does not explicitly say i ran is honoring the deal -- iran is honoring the deal but does not show any deviations. 2pakistani court sentenced former officers to 17 years for failing to protect a former prime minister. utto, a prominent opposition leader, was killed

crumpton. this is bloomberg.ing up, alibaba shares are trading at an all-time high after the e-commerce giant reported better than estimated earnings and revenue growth. the sox may have more room to run. from new york, this is bloomberg. ♪ julie: this is bloomberg markets. scarlet: it is time for the sector spider report. we are focusing on industrial companies. oliver has the details. great day is not a for the industrial sector. this was a group that did well in the trump on after november. things so often. we're seeing things down around 0.9%. not helped by midday losses in airlines. i think there will be a little tying into concerns about trump's ties with business partners freighting -- frayiong. -- fraying. i think this could be potentially problematic if no one wants to get on trump's side. let us look at the airlines. have all these companies doing poorly. they were already going down to start the day, but it didn't help when we had news of the incident in spain. airlines often times lose on days like th

i am mark crumpton. this is bloomberg. ♪ likewise -- .carlet: joe weisenthal is off 30 minutes from the trade -- from trading in the u.s. >> struck -- stocks lower for the second straight day in assets when higher. >> the question is what did you miss? president trump's rhetoric against north korea rather -- rattled markets around the world. the fed president said whoever is the next fed chair should consider warning. more highlights from our exclusive interview next. didn't -- disney ready to embrace the cord cutter. how it plans to transcend cable into a gold mine. >> rising global tensions have put renewed's -- perspectives on risk taking. it is held onto the game, blending the gains of threats. the vix is still significantly low. the reaction suggest short-term volatility in equities? the chief economist at the institute joins us from washington. great to have you on the show. a certain sense of cautiousness for investors making sense when both sides, north koreans and united states, amplifying uncer

i'm mark crumpton. this is bloomberg. the united states heading into the first round of talks and updating nafta tomorrow. the trump administration says they have set an aggressive timeline for completing the negotiations with mexico and canada. what exactly is on the table and what could go wrong? what to go right question mark joining us now from our washington bureau is our bloomberg team leader for economic policy. let me put you on the spot -- what's the toughest issue in these negotiations? off, we have to say it's quite remarkable we are this point. a few months ago, trump was threatening to walk away from the agreement. tomorrow, we will see the start of the trade talks. overridinget as the mission is to cut the trade deficit and that means cutting it with mexico. how do we do that? number of other provisions below that that they want to change things like tightening rules of origin buy american provisions. they see that as incentivizing u.s. manufacturing, relocating here and creating jobs. .hey want to strengthe

i'm mark crumpton. this is bloomberg.ulia: ceos may be shutting photo op with president donald not stoppingt is republican leaders from making the rounds to companies in efforts to rally support for massive tax overhauls. paul ryan spoke at boeing in the last hour. here with more is matt townsend. right to have you on. mutual interest on both sides, whether it is companies that want to see a reform of the tax ex-trump.for the gop, matt: there is definitely a rift between this corporate counsel which fell apart last week, america come and administration. the gop has tried to be the party of big business. will not be invited to boeing or intel to do public events, paul ryan is still pushing the agenda, willing to get ceos to do these big events, something the president would have trouble doing now. julia: these events were organized prior to what happened in charlottesville, we should make that point. >> yes, but in general there has been a rift going on publicly. julia: i love that you have reiterated that there is a publi

i'm mark crumpton. this is bloomberg.ulia: president donald trump is still addressing the national convention of the american legion in reno. you can watch his remarks on the bloomberg function tv . from new york, this is bloomberg. ♪ julia: this bloomberg markets. i'm julia chatterley. julie: i'm julie hyman. let's turn to the challenges facing the advertising business. in the biggest ad agency. cutting its full-year revenue forecast as a grapples with the slowdown in spending in the consumer goods sector. mark bartone with earlier on bloomberg markets. >> every business is at the mercy of macro and micro practice. if you tried to simplify what's fromning from post-lehman about 2011 to 2016 we have a low growth of below trend gdp growth world. very little inflation. very little pricing power for our clients. it was an environment that we could work with quite deliveredly and record results in each year. just fast forwarding to 17 and the fourth quarter of 16 and into 17 there have been some changes. have become very

let's check in with mark crumpton. the presidentur, is expected to sign an executive order asking his trade office to consider an investigation into china for the alleged theft of american technology and intellectual property. the united states accused china of violating rules on intellectual property, while beijing has promised to open more industry to foreign companies. there are new rules of electric carmaking. l general joseph dumb for on reassured president mo priorityh korea is the that echoes comments from other officials trying to attempt down fears of a nuclear war. speaker ryan is planning to hold a town hall next week that is the first open to the public in nearly two hours. both sides of the aisle have criticized the speaker for not holding a public town hall since october 2015. he has had invite only business meetings in his district and over the phone. the event in racine, wisconsin is being organized by cnn. in venezuela, president maduro is planning to defend itself against "the madness of president tru

i'm mark crumpton, this is bloomberg. scarlet: coming up, we will hear from wall street's biggest bowl on facebook. a price target of $230. the stock currently trading at 168. this is bloomberg. ♪ julia: this is bloomberg markets. i'm julia chatterley. scarlet: i'm scarlet fu. julia: facebook is stepping up videos with a section called watch. they can catch up on shows and discover new ones. facebook coo sheryl sandberg spoke to emily chang about the company's video strategy. you tried to post a video, you couldn't. it was super annoying. today, video is exploding because the technology is there. we are doing is making sure people can share and consume content in any way they want. video is an important part of that. >> let's talk more with wall street's biggest bowl on facebook. james we reinstated coverage with a buy rating and a price target of $230. great to have you on the show, james. talk to us about the call here because video in the pricing potential is actually critical. >> the video business model is not fully

let's get the first word news now with mark crumpton. the draft of a new government report finds that climate change has had a dramatic impact on the united states. according to "the new york times," the report found that the average temperature has risen rapidly and drastically since 1980. it directly contradicts claims by president trump and members of his cabinet. the report will not be released until the trump administration gives it's ok. the president plans to wait at least a week before going ahead with the trade investigation of china. according to an administration official, that is because china supported those united nations security council sanctions on north korea. the official says the white house is still concerned about possible chinese violations of intellectual property laws. venezuela supreme court ordered the removal and arrest of a caracas area mayor allegedly at the heart of recent antigovernment protests. nicolasas president maduro's new and all-powerful constitutional assembly plant to meet again today as it forge

mark crumpton has those.k: sarah huckabee sanders says president wants to make sure his presence in texas does not disrupt recovery efforts. the president's corpus christi and austin are intended to highlight coordination at all levels of government and lay the groundwork for what is expected to be a lengthy recovery. air force one flew a path that avoided flying over houston where much of the downtown area is underwater. as rainfall continues to be forecast for the city officials in houston warned of additional flooding in particular neighborhoods especially those closest to reservoirs after devastating floods in 1929 and 35 the reservoirs were designed to hold water until it can be released to downstream at a controlled rate. says someologist homes could be inundated with water for up to a month. >> that is why we have been talking about this for the last day and a half. to warn you. to give you as much warning as we possibly could that this might happen. we were uncertain if we would even get to these leve

i'm mark crumpton. this is bloomberg. coming up later, disney ceo will be live on bloomberg technology. it will set the stage for disney's latest results coming up. ♪ julia: this is bloomberg markets. i'm julia chatterley. scarlet: the walt disney company will be reporting earnings after today's u.s. closing bell. it released guardians of the galaxy volume two. it raked in more than $860 million worldwide. disney hopes mostly and being part businesses offset any weakness in the media unit. let's take a look. we start with how disney's revenue breaks down. the median networks represent the biggest slice of the pie at almost half. that's followed up by the theme parks. espn under massive scrutiny. streaming content is helping slow some losses. espn still lost subscribers that much. corder said the pessimism surrounding espn was highly exaggerated and some of that is reflected in disney's stock. renewed industry concerns on fewer viewers and ad revenue. cable ratings fell 18% in june and there are reports that tv networks ar

i am mark crumpton. this is bloomberg. ♪ julia: live from bloomberg world headquarters in new york, i am julia chatterley. scarlet: i am scarlet fu. joe weisenthal: i am joe weisenthal. we are 30 minutes away from the close of trading. julia: energy shares are weighing. joe: the question is what did you miss? scarlet: tomorrow's jobs report with a familiar -- the question is, why are businesses having trouble filling positions? gary cohn could be within arms reach of the federal reserve. why a former wall street banker might be exactly what this economy needs. gopro reports second-quarter earnings after the bell. cautious analysts are looking for very honest product pipeline. five months ago, renowned short seller carson block said the partisan divide mdc was so wide a debt default might be unavailable. so wide ain bc was debt default would be unavoidable. with us now from san francisco to explain is carson block, cio -- cioeln cofounder of and cofounder of muddy waters. how does your concern compare wit

mark crumpton has more. mark: different actions, or recent actions by the trump administration are triggering double-digit premium increases by individual -- on individual health policies according to the nonpartisan study by the cows are family foundation. the study finds 15 cities across 20 states with the increases of 10% or more next year -- will see increases of 10% or more. they say mixed signals have created uncertainty far outside of the norm. pakistan's prime minister criticized supreme court judges for disqualifying him for -- from office. he reluctantly stepped down late last month. he said he was voted into office, and his removal was an insult to millions of people. he embarked on and on the road rally from islam about to his hometown to get the support. the so-called carrot man of democracy initially drew tens of thousands, but has since dwindled. opec has boosted estimates of demand for crude oil this year and next. the cartel says they need to supply an additional 200,000 barrels a day becaus

i'm mark crumpton. this is bloomberg. david: and houston, the rescue effort continues. tens of thousands of texans without power. that is affecting industry as well. the pipeline has shut its diesel and gasoline lines. representsson lee the 18th congressional district in congress. commerce moment, thank you for -- congresswoman, they give joining us. what have you set it your colleagues about the need in houston right now? said, wee continuously are resilient people. we are facing a long journey indicating that they don't expect one bit of sunshine or light to divide them in getting money quickly. thingsre some regulatory we need to address as well. we need money now. there's so much harm, we don't know how many properties will be hurt. have given the number as high as 40,000 homes. honestly, the loss of life. we've had people who had to leave and be evacuated from their areas. we believe the damage is going to be substantial. was $70 billion. they wound up getting $51 billion. we don't think that is going to be enough. w

i am mark crumpton. this is bloomberg. scarlet: coming up, highlights from our exclusive interview with st. louis fed president james mueller. he is surprised inflation continues to come in on the downside. ♪ julia: this is "bloomberg markets." for the fed, it is trying to make sense of the lack of inflation. st. louis fed president james bullard addressed this and growth targets in our exclusive interview earlier today. began by asking him if this is the right time to hike, with levels sitting where they are. james: the idea that there is a lot of growth just around the corner in the u.s. is probably not the right model to have in mind. i know there are attempts, you know, in washington, to push up the growth rate. i applaud that. i think that is a good agenda to have. but so far, not much has been implemented. even if it was, it would take a while to have an effect. probably, at the earliest, the second half of 2018. from a monetary policy perspective, what we are thinking in terms of 18 months or two years, we are proba

i'm mark crumpton. this is bloomberg.there might still be room to run in crisis emerging countries. paul mcnamara with us. he oversees $8 billion of assets for the firm. joe: paul, thanks for staying with us. let's talk specific countries. i feel when we talk to e.m. people, don't talk about a whole class, talk about specific countries. let's start with turkey. hasn't been in the news as much lately probably because there are a bunch of other stuff going on. what do you see as the opportunity there? paul: we think turkey is absolutely an accident waiting to happen. there's like a checklist of things that you worry about. too much investment in property. the construction sector is same sort of share of g.d.p. we had in spain just before the crisis. huge demand in borrowing by the banks. especially people trying to fund property investment out of dollars. so you have a shopping mall in ankara, you don't have a stream of dollars coming in but you have the debt. we are really very worried about turkey. we're keeping our expos

crumpton. this is bloomberg. ♪ julia: live from bloomberg world headquarters in new york, i am julia chatterley. scarlet: and i'm scarlet fu. we are 30 minutes from the close of trading in the u.s. julia: plumber no more. scarlet: the question is --"what'd you miss?" the state of has not markets out of their august older. -- doldrum. the makers of the disappearing photo app could disappear. tesla on a roadshow for its inaugural week, but investors may want to take a look under the hood. ♪ exploding tensions on the korean peninsula have not markets out of the august doldrums. indexoe volatility surging as american allies warn north korea against firing missiles. safe havenought assets. the question is -- where do we go from here? show.to have you on the i love the line, "everyone is expecting a correction." do you believe that? guest: yeah. here we are. we see a lot of action. i cannot believe you are sitting history, andmark a saying the vix is twice the 15th or the julia: i qualify that normal

i am mark crumpton. this is bloomberg. "what'd you miss?" the new iphone is set high, as analysts and consumers eagerly await the device. this coincides with the 10th anniversary of the iphone. mark joins us from san francisco. mark, i sat at the top of the show that this follows apples s second-beste' strategy. that it doesn't have to be first on the market with certain features, but it waits until it feels it can perfect them. what are some of the highlights of that strategy with the new phone? mark: anchorage everybody to take a look at the graphic. havecreen is going to brighter contrast. it is quite a contrast from the traditional lcd screen. moving from the low resolution standard screen, to the high rollers -- to the high resolution display, the resolution won't change that much but it will look so much better. it will look like those displays that samsung has been using for many years. there will also be enhancements to the ar functionality on the camera. and there will be this 3-d scanner. i was going to ask you if these improvement

i'm mark crumpton. this is bloomberg.rren berkshire hathaway sitting on almost $100 billion in cash. he is under pressure to put the money to work. what do shell holders want him to buy -- what do shareholders want him to buy? berkshire makes up about 12% of one of his funds. tom, great to speak with you. the key for joining us. is what he should do with all that cash. do think you should institute a different end until the market corrects him for more opportunities? tom: i think both of those outlets could prove to be useful overtime. at this time, i think the renspects of war putting huge money to work, a crisis situation will appear. this is a larger amount of money that he is dealing with. opportunities to act decisively and quickly, which has been his hallmark. forability to write a check huge acquisition is unviable. he hasn't really developed much in the way of an international portfolio yet. withepped abroad recently a motorcycle equipment company. i would look for some international investment to round out his un

i'm mark crumpton, this is bloomberg.ia: back to president trump who seems to be spoiling for a fight with congress over funding a wall with mexico. it is one of the top stories on the bloomberg right now. jennifer jacobs has more from the white house. great to have you on the show. talk to me about these two things because they are separate. we tend to group them together. the job of getting the spending bill done is raising the debt ceiling. what is the likelihood that those two things are tied together to get them to the president's desk. >> you have his advisers saying you need to go to the mat. it is worth shutting down the federal government in order to have leverage to get lawmakers to give him funding on paying for the wall. they think that is so important to his core voters. he is beennow, alienating corporate america, gop establishment, and building that wall is something that he said, every single campaign rally, i can't think of one where he didn't talk about building that wall and promising his voters that. o

i am mark crumpton. this is bloomberg. vonnie? adidas is leaving its competition in the dust after raising its full-year forecast. strong second-quarter sales were reported. earlier, the ceo of adidas, kasper rorsted, talked about the company's global sales or have a listen. kasper: we grew almost 20%, double the income forecast growth for the year. more than the u.s. 30%, china almost 30%, and income 50%. we are also happy and satisfied with the focus we are doing with reebok, which is turned percent of our business. overall, we are happy and satisfied with the progress we have made the company, in a market which is not doing so well anymore. francine: given the recent disposals, can you add anything portfolio, and if yes, what kind of things when to youre to add -- portfolio and if yes, what things would you like to add? kasper: we have so much opportunity with our adidas brand and reebok brand that we need to continue to drive above market growth. we announced yesterday the extension of the contract in the u.s., which shows our

there is a situation in texas and mark crumpton is with us.ark: tropical storm harvey is not letting up on houston. the fourth largest city in the united states has been inundated with floodwaters and an additional 20 inches of rain is in the forecast. has drifted into the gulf of mexico and set to crash the shore of the texas-louisiana border. to pop houston reservoirs are overflowing -- two houston reservoirs are overflowing. they are both at record high levels due to days of heavy rain. army corps of engineers officials have been releasing water from both but it wasn't enough to counter the rain, overspill floodwaters ways. officials say more homes and streets will flood as a result. president trump is promising texas will get emergency disaster aid quickly. he says there will be a very rapid reaction from congress, in his words. there are signs that might be a political fight over the money. a top committee member suggests he wants to cut spending to pay for the response to harvey. refiners in south texas are starting to recover from the s

this afternoon, first word news with mark crumpton. cattle on police -- catelon police released the deals of the suspects, where the suspects are believed to have four-- have lived after suspects appeared in court. minister hasrior reports that they had been photographed in paris for speeding. the u.k. wants to keep london the center of european commercial legal disputes. the government promised a paper that gave few details on how this might be accomplished. british law governs around 40% of commercial arbitration cases, but eu countries could decide they want a larger share after brexit. the u.s. treasury department has sanctioned russian and chinese companies and individuals for regime.ng north korea's according to the new york times, it affects six individuals and 10 organizations with ties to their weapons program. they say they have enabled north korea's weapons of mass distraction. internationalon issues, including the fight against terror, the view of foreign minister after talks in moscow with the vatican secretary of state. t

mark crumpton is here with more. >mark: the governor of texas, greg abbott, is urging people directly in the path of harvey to leave all there is still time treaties activated 700 members of the national guard in preparation for the storm which could be the first hurricane to make landfall on the texas coast since 2008. president trump tweeted he spoke to governor abbott and louisiana governor john bel edwards as the white house continues to monitor the trajectory of the storm. forecasts say harve could make landfall as a category three storm, packing winds topping 115 miles per hour. it is expected to hit late tonight or early saturday. newas dates imposed economic sanctions on venezuela. the u.s. is also banning transactions of certain existing bonds owned by venezuela's public sector. spain path prime minister is dismissing criticism about the lack of coordination between spanish national authorities and those in the widely self govern catalonia region during last week's attacks that killed 15 people. mariano rajo

must check bloomberg first word news with mark crumpton.he mother of the woman whiles killed last week protesting the white nationalist rally today urged mourners to " make my daughter's death worthwhile by confronting injustice and channeling what she called anger into righteous action." >> we don't all have to die. we don't all have to sacrifice our lives. they tried to kill my child to shut her up. you just magnified her. [applause] president trump tweeted for the first time, calling her and aiful and incredible truly special young woman." the president added that she will be long remembered by all. in response to the violence in charlottesville, they have taken the platforms most like to post ever. obama tweeted a quote that says no one is born hating another person because of the color of their skin or his background or his religion. the post has been liked more than 3.6 million times, surpassing arrieta grande a following a deadly bombing at her u.k. concert in may. antonioretary-general guterres says tensions on the korean peninsula

i am mark crumpton. this is bloomberg. ♪ >> things.h steven wieting, from city private bank. i'm going to turn to something that is important arguably for the market, and that is the central bank. jackson hole is the big economic symposium. we will hear from janet yellen. mario draghi will not make big policy pronouncements. but do you think we will see that for banks come back to the fore temporarily? steve: i don't think they will have new rate hikes, but if the topic is a more dynamic local economy -- and for banks will be important. -- central banks will be important. some of the strongest growth rates since 2010 when we were bouncing back. if you look at monetary policy is based -- particularly with the fed announced, forcing drive it favors to finance government as they shrink the balance sheet , $300 billion in the first, $600 billion in the second year. that means favors will come from somewhere else. that will be a headwind. you have to remember this is a growing economy. you will have 100 dollars inllion -- not everything its

i'm mark crumpton. this is bloomberg. ♪ scarlet: live from bloomberg's world headquarters in new york, i'm abigail doolittle. scarlet: i'm scarlet fu. joe: julia is off today. we are 30 minutes from the close of trading in the u.s. >> u.s. stocks are trading at session lows. the dow is separate worst day since may. joe: the griffin is, "bloomberg miss?"you miss? "what did you >> two suspects were arrested. we will bring in the latest. >> speculation that gary cohn could resign causing a minor blip in the vix and 10 year treasury. if you are willing that your job is going to be taken over by algorithms, do not miss our interview with a partner of goldman sachs asset management who is leading their strategies. return to the story of the day, the terror attack in barcelona, where police are reporting 13 people died and more than 50 were injured after a van jumped the sidewalk in barcelona's iconic area slamming into pedestrians. two suspects have been arrested. here with the latest to get his perspective o

i'm mark crumpton, this is bloomberg.n thisfor more situation, i would like to bring in randy webber, who joins us from galveston county, texas, right outside of houston. give us an idea of what conditions are like where you are right now. you, vonnie. it is really bad. we have been all over the three counties i represent. it starts that -- at louisiana, jefferson county. storm withost of the harvey, it moved into louisiana and dumped record numbers of rainfall. they have plenty of people flooded out of their homes. so jefferson county is the hardest hit. we have marines headed that way, resources headed that way, it is unbelievable. galveston county, there are marines here on the ground in galveston county with amphibious vehicles going through 5, 6, 7 feet of water searching for homes for people, getting people out. we are still in the search and rescue business. in missouri county, same way. two rivers are currently at flood stage and over flood stage coming out of their banks. it is a massive flood. arguably, district

i'm mark crumpton/. this is bloomberg. vonnie?ing news now, the president is said to be favoring a man called joseph simons to lead the federal trade commission, according to three people familiar with the matter speaking with bloomberg. president donald trump poised to nominate a long time antitrust attorney as chairman of the ftc. this is fascinating because it will come right after the initial review of the amazon takeover, the proposed takeover of whole foods, but also the lawsuit against qualcomm for allegedly abusing its monopoly in the market for smartphones. somebody from the george w. bush administration taking over as head of the ftc. -- ftc if this all happened but it is said to be trump's. -- trump's choice. starting next year, disney will begin distributing a new espn service directly to new customers brady will follow that with a video streaming service ending the deal at that point with netflix. shares of disney and netflix move lower on the news. bloomberg press reporter spoke to bob iger right after the earnings c

i am mark crumpton. this is bloomberg. is vowingsident trump the government response to harvey will serve as a model for disaster recovery. estimated to reach up to $100 billion. here with the latest on how the administration and congress will handle the aftermath of harvey, we arelong to do list -- joined by our washington correspondent at the white house , senior editor of economics in washington. let's begin in texas. the president taking a bit of criticism initially for remarking on the size of the crowd and the turnout rather than talking about the victims. but can we say he had a good few days here? >> i think on balance he has done ok. there were some questions about high heels and other wardrobe issues. julia: not the president, of course. the first lady. >> we would have a completely different story there. but i think you have handled it pretty well. you tweeted today his extreme heartfelt feelings for the victims, which he did not do yesterday. and he is making all the right noises in terms of getting the help th

here's mark crumpton.ior minister says some of the men suspected in last week's deadly attacks in barcelona visited the paris area two days beforehand. , he saidin madrid officials are working to determine why the suspects were in paris and what they did while they were there. a top human body on racial discrimination has taken the unusual step of calling on the united states to reject racist hate speech and crimes following the violence in charlottesville, virginia. without referring specifically to trump, the committee for the elimination of racial discrimination pointed to the failure of the highest political level to unequivocally reject racist violent events in the u.s.. is visitinganyahu russia to voice concerns about iran expanding its foothold in syria. he said after the meeting that vladimir putin that most of the conversation was about iran's attempt to base itself in syria and areas where islamic state is defeated and leaving. moscow has retained friendly ties with israel and established militar

mark crumpton has first word news.he trump administration has finally engaged in back channel does bonus with -- back channel diplomacy with north korea. the american press reports both have been addressing those imprisoned in the commonest country. of student otto approved.ad not been the threat to send ballistic missiles over airspace into guam , saying surface-to-air interceptors are being deployed at four locations, including hiroshima. the deployment is expected to minimize the risk of hauling reichmann's while missiles fly over the region. international observers are urging voters in kenya's presidential election to respect the final results and resolve any potential disputes in court. preliminary results have the income of president ahead of the main challenger. protests have erupted over several days in opposition areas after one alleged vote rigging in the disputed election. at least threefold died in the violence. -- ieaernational energy says emerging nations such as china and india won't consume as much crud

there is mark crumpton. mark crumpton: an update on the top story you were telling us about that authorities in spain anda van jumped a sidewalk hit pedestrians on las ramblas. authorities describe the incident as a massive mowing down of people. several injuries have been reported. a local paper is reporting that was issued out in one of the city's markets. we are getting reports that the driver of the van is holed up in a nearby bar. the prime minister mariano rajoy says he was in touch with authorities, without suggesting iteris -- terrorism was suspected. -- u.k. mala european union the u.k. may allow european union to visit without a visa. eu nationals would still need to get permission before working, settling in the u.k.. the home office is post-brexit immigration plans will be published within weeks. the united nations humanitarian chief says yemen remains the largest unitarian crisis in the world. speaking in the yemeni capital today, jimmy mcgoldrick said there are more -- more than 20 million peop

crumpton. this is bloomberg. vonnie: thank you. coming up, president trump is expected to sign sanctions on russia. we analyze the growing tensions between the countries. this is bloomberg. ♪ vonnie: this is "bloomberg markets." president donald trump and u.s. congress are speaking with unified voice on russia sanctions legislation. president trump is inspected to discuss plans for tax overhaul this afternoon at the white house. joining us for the latest developments is our bloomberg chief washington correspondent. let's start with russia, the sanctions will be signed quote, unquote soon. why is the president waiting on this if he doesn't intend to sign them, why not just get it out of the way and move on? >> we've seen russia already respond to this sanctions bill, last week let them are putin saying he wanted to kick out basically 2/3 of all the u.s. diplomats in russia as a result of congress, the republican-controlled congress passing this sanctions bill, this increased sanctions bill for t

mark crumpton has more.k: a government official in barcelona says one prison is dead and 32 others injured in the event attack and historic las ramblas district. interior chief said during a news conference that "unfortunately, the number of fatalities will likely rise." police in barcelona said on twitter that 10 of the 32 people injured were seriously hurt. a van mounted a sidewalk in a popular tourist area, slamming into a crowd of pedestrians this afternoon. top economicmp's adviser, gary cohn, will stay in his position, according to the white house. have been upset on the president's remarks on the violence in charlottesville, virginia. russia warns that a military response to tensions on the korean peninsula will lead to a "colossal tragedy." a russian foreign ministry official said today that moscow is calling on all parties to show restraint and prevent the situation from spinning out of control. she said any attempt at a military solution will lead to a huge casualty, as well as you manage your inco

i'm mark crumpton, this is bloomberg.carlet: great respect. 25 years old. julia: but it is not about the money. scarlet: that is what he says. of scrutinyigns have been shrugged off. we hear from kevin conroy. he will be defending his company's: candor screening products. from new york, this is bloomberg. scarlet: breaking news. shares of wells fargo falling sharply in afternoon trading after they are saying there possible legal cause are beyond the reserves of $3.3 billion from the investigation of those fraudulent client account. the consumer financial protection bureau is investigating the freezing of the client accounts in a wider exam that might find significantly more fake account. it will be increasing its accounts review by more than three years, and as a result it is raising it possible legal losses from $2 billion in the first quarter. we do not have a number in terms of what is codified for further losses, but it could he potentially more than $2 billion in the first quarter and legal reserves will be more than

i am mark crumpton. this is bloomberg. ♪ scarlet: live from bloomberg's world headquarters in new york, i'm julia chatterley. scarlet: and scarlet fu. joe: i'm joe wiesenthal. the question is, "what'd you miss?" president trump says lawmakers have a once in a generation opportunity to reform the law -- reform the tax system. iphone and in eliminating the home button. shells rise at how will impact the rest of the world. "what'd you miss?" president trump just kick off is speech to overhaul u.s. tax policy, and pushed congress to reach a deal on taxes. i am fullyrump: and committed to working with congress to get this job done. and i don't want to be disappointed by congress, do you understand me? [applause] do you understand? understand. julia: let's bring in laura davidson, bloomberg's tax reporter. of questions.e he made a great deal about the growthth rate and said, could be higher here. is this going to be used as some kind of offset to justify tax cuts in the future? and the other thing he mentioned

i'm mark crumpton. this is bloomberg.n called's be historic as floodwaters continue to rise, roads are impassable and many metro residents are struggling to find their way to safety. john culberson was born and raised in houston, he represents district and you joins us by phone. map on the at a bloomberg showing the predicted path of that storm. you can see the dots in red indicate refineries that have closed as a result of this storm. i want to know what you are looking at. what have you seen as the rain continues in houston? we'vessman culberson: already had approximately 10 inches to 15 inches in the houston area. some areas we are seeing 30 inches of rain over the last couple of days. we are praying and hoping that the worst of it is over with. this storm is very slow moving and is backing out into the gulf the same way it came in, and that is going to make a turn to the north. it looks like the latest track is going to take it -- the center of the storm to the east side of houston. the worst of the rain has moved off

i am mark crumpton. this is bloomberg.onsumer stocks are up for the fourth time in five sessions today, but disney not feeling the magic. we will take a closer look. from new york, this is bloomberg. ♪ julia: this is "bloomberg markets." lisa: i am lisa abramowicz. it is time for the sector spider report, stock mover of the hour. today we focus on consumer discretionary. consumer stocks are up for the fourth time in five sessions after economic data was in line with expectations and bloomberg's consumer comfort measure finds the highest in more than 15 years. oliver renick has the details. r: today is a good day for consumer stocks. a little bit of her brief year. the market is up as a whole, but part of this is probably investors looking at the economic data today and liking what they see. the consumer index by bloomberg at the highest level. investors feeling good and consumers feeling good. pretty much green. volumes have been low the entire week. you look at the individual movers, interesting things are happening. firs

let's check in on the first word news with mark crumpton.ark: secretary of state rex russian foreign minister sergey lavrov have spoken by phone ahead of the scheduled meeting in manila's weekend on the sidelines of a summit of southeast foreign minister's and russia's foreign ministry says north korea was one of the topics discussed during the call. tensions have risen between pyongyang and the international community following the north's recent test firings of two intercontinental ballistic missiles. senator john mccain says u.s. commanders in chief are responsible for the military's failure in afghanistan, not the commanders in the field. senator mccain says the lack of a successful policy and strategic guidance from washington over several years is to blame. the trump administration not defined a strategy for the war. mccain plans to offer an amendment to the defense authorization bill in september. the environmental protection agency is preparing to deny a change to the u.s. biofuels program sought by valero energy and backed by billio