renita young is here with first word news.ita: hurricane dorian is battering the coast of north carolina this morning. the owl wall -- the eye wall is howling over the outer banks, a chain of low-lying islands. it has been downgraded to a category one, with top sustained winds now 90 miles an hour. in the bahamas, the hurricane is blamed for 30 deaths, but that number is expected to rise in the coming days. isna's central bank injecting liquidity into an economy facing renewed headwinds. the people's bank of china is lowering the required reserve ratio by 0.5%. revives will billions of dollars in liquidity. the labour party and scottish national parties have discussed a vote on october 29. boris johnson once an election, but his opponents want to make sure he is first blocked from taking the u.k. of the european union without a deal. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. young.ita this is bloomberg. david: thanks so much. stil

the latest is renita young. secretary of the treasury steven mnuchin says the trade war was china has not affected the u.s. economy. president trump heads to north carolina this evening ahead of a closely watched special election for a congressional seat. invalidated the last election because of voter fraud by a gop operative. trump is expected to visit coastal north carolina to inspect the damage left by hurricane dorian. british prime minster boris johnson said the u.k. has an ideal amount of time to achieve a brexit deal with the european union. irish prime minister leo varadk tosaid johnson's key demand remove the irish border backstop is not ideal for ireland. in saudi arabia, the new energy minister says there will be no radical change in oil policy. the energy dismissed minister and replaced him with one of his sons, the first time a royal family ever has been put in charge of saudi oil policy. he was the face of opec diplomacy, but last week he was removed as chairman of saudi aramco. global news 24 hour

renita: the u.s.rade war. the two sides agreed to resume talks in washington in october. that is according to china, which said the vice mayor will make the trip. but they are -- there is still skepticism there will be any breakthrough. u.s. has another round of tariffs set for october 1. british prime minister boris johnson cannot get what he wants on brexit for parliament, so today he will appear to voters -- appeal to voters. she will make a speech after lawmakers move to stop them from forcing the u.k. out of the eu without a deal next month. they also rejected his appeal for a snap general election. the federal reserve officials warn the consumer is alone in carrying the u.s. economy for now. new york fed president john williams said the problem is that other parts of the economy are slowing. dallas fed chief said if policymakers wait for consumer spending to weaken before taking action, it may be too late. africa, a surprise rebound in economic growth in the second quarter means the economy is o

renita young is here. renita: the u.n. general assembly enters its third day.to have several bilateral meetings with world leaders. he will meet with leaders from venezuela as well as the japanese prime minister. later in the afternoon, the president will be meeting with the president of the ukraine. the meeting comes after house speaker nancy pelosi launches an impeachment inquiry with the president over his conversation with ukraine's leader. china is urging the u.s. to look to developing countries and policies of bowling. a spokesman called on president trump to meet china halfway. trump criticized china's trade tactics in his speech to the yuan on tuesday. are and chinese negotiators scheduled to meet in october for 13th round of talks. chinese companies are preparing to buy more u.s. pork as high-level trade talks are said to restart in washington next month a day after president trump used his u.n. speech to hit out at china. the president says beijing has failed to adopt reforms to make the nation more market friendly. global news 24 hours a day, on air

there have technical difficulty so i will pass to you, renita. renita: is huge jump in crude oil today. oil, corn,ing crude as well as sugar. raw sugar futures climbed more than 1%. corn since 95%g of it is ethanol produced by corn. index is a's energy more than 3% on the day. thesefluencing agricultural commodities depends on how long the -- will last. 2%lor: mgm international ports that blackstone a -- on reports that blackstone may be looking to purchase two properties. back in january that vegas based form an independent committee to look at ways to extract value from real estate. if you want to look at a chart that i am showing on the terminal, it is interesting because mgm resorts international does get about 77% of the revenue from the u.s. macau gaining revenue that has been taking off much more so than vegas gaming revenue. enough, macau casino, they do get about 15% of their total revenue from that. maybe a good strategy to be focusing in on that as macau makes up the biggest portion of their overall revenue. us, bloomberg's sarah poncz

here's renita young. renita: the u.s.ill try to end their years long trade war in october. willse vice premier liu he make the trip, but there is skepticism that there will be any breakthrough. tariffs --impose new onh sides raised tariffs monday, and the u.s. has another round of tariffs set for october. according to the national hurricane center, dorian will move over the coast of north carolina tonight and tomorrow. in the bahamas, one risk modeler said insured and uninsured damages may total $7 billion. at least 20 people were killed. iran says it will announce saturday what steps it will take to pull further away from the nuclear deal between tehran and world powers. president hassan rouhani reiterated his threat to accelerate nuclear activities if europe doesn't provide a solution to sell its oil abroad. have has --deal the nuclear deal has steadily unraveled since president trump pulled out of the deal. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts i

we turned to renita young for bloomberg first word news. : democrats-- renita on the house judiciaryommittee will hold their first hearing and what they are calling an impeachment investigation. corey lewandowski is said to appear to discuss the report by robert mueller. it is unlikely that democrats will get much newon as they decide whether to draft articles of impeachment against the president. says nopean union brexit talks have been scheduled for coming days despite or is johnson's office insisting that meetings would soon begin on a daily basis. an eu spokesperson says the commission is available "any day, any time, every day," if the u.k. wants to meet, but she says it is the responsibility of the u.k. to propose legal options to move the talks forward. in afghanistan, a suicide bomber targeted a campaign rally by the president today. the president was not hurt, but at least 20 people were killed and more than 30 were wounded. hours later, an explosion struck near the u.s. embassy in kabul, killing at least 22. the taliban claimed responsibility for both attacks. the violence

renita? renita: taking a look at some of the big laggards, health care. merck is dragging down most health care stocks, down during the session, and this all happened in wall street, including goldman, sounding the alarm to a potential drug pricing headlines in the coming weeks, following congress's august recess. they see there will be a focus on the amendments to the drug pricing deal. "bloomberg intelligence" says they will race for a bite when congress returns, noting that lawmakers would face inflation-pegged rebates to medicare. abigail or caroline? caroline: we have got some breaking news. a rating cut to junk by moody's, now seeing a ba1 for these companies, over at moody's, ba1 overall,t, a so this is clearly one for us to watch coming from moody's, and we know autos have been under fire, whether it is tariff concerns, trade concerns, and, indeed, overall the element of a need to make money in an era where perhaps people are not purchasing as many car so quickly. guest, sherryour paul. this is interesting. this is a time when corporate's corporat

renita: i am closing it out looking at the u.s. dollar climbing as global fears intensify. weaker than expected euro zone manufacturing data started to renew concerns. the greenback is mixed versus its g10 peers. , that manufacturing september data rose, signaling the u.s. economy continued to show more resilience in some sectors even though christine lagarde, will take over the ecb as president in november, said the trade dispute is the world's biggest challenge for the world economy. caroline: some breaking news which revolves around juul. california is conducting a criminal probe related to juul labs. remember, ultra has a big exposure to this and has made a big investment. we have seen all tria trading currently flat after hours. >> it goes back to the idea that governments are moving faster than companies in many ways. it is extraordinary how fast the developments of the past few weeks have been in terms of the tide's shifting against these companies. caroline: several health issues being highlighted. was it 500 now affected? joe: not necessarily juul. >> seven people

renita: gold is extending gains from yesterday. a little bit of fear in the mix coming after that strike on saudi arabia and oil. this is a better reserve story. they are positioning for the key rate decision tomorrow and widely expected to cut basis points. the press conference will be around 2:00 p.m. eastern stamford -- eastern standard time. >> we just got fedex results coming out. first quarter revenue pretty much bang in line with what analysts had estimated. just a hair below what they were looking for. first quarter operating margins, 6.1% versus 7% year on year. disappointing drop in margin. first quarter adjusted, analysts ,ere looking for a dime more $3.15. the stock moving lower in after hours trade. joe: still with us, ellen young, and luke kawa. we were talking a little bit earlier about fed plumbing but in terms of the rate decision and what powell's role is, what is sort of -- everyone expects a cut of 25 basis points but in terms of language beyond that, what do investors need to hear to be comfortable buying stock

renita? wto crude is down for the second straight quarter, as fears of a global economic slowdown overshadow the unprecedented attacks on saudi arabia's energy infrastructure. oil has given up all of its gains following the attacks, and saudi aramco says it has fully restored output, over 9 million barrels per oil, and they say output was a little bit higher now, and this has hired way quicker than expected -- and higher way quicker than expected. luke, i went to go back out -- when you look at the globe, the globe has underperformed massively. whenmentioned tech, but you look at the rest of the world, do you still say stay close to home for americans? i: india has a good perform story in place. latin america, brazil can the tradeenefit from between china and the u.s., so we are positive on emerging markets in those specific areas, which have their own internal stories that can move those countries forward. luke, i want to look at bond yields. we started at around 2% on the yield, and we got

renita: president trump is lashing -- ritika: president trump is lashing out at the person who gave thenformation to whistleblower. bloomberg has obtained that video exclusively. >> i want to know who is the person who gave the whistleblower the information? that is close to us by. you know what we used to do it -- that is close to a spy. you know what we used to do in the old days when we were smart to spies? we used to handle it differently. trump's comments have led several democrats to warn the president against witness intimidation. china is planning to cap the nicotine content allowed in e-cigarettes. the industry is rampant with controversy in recent weeks. china joins a glowing rest of nations raising its escalation on vaping. india band e-cigarettes. the first known human case of west nile virus is being reported, the development due to changing weather patterns because of climate change. the virus indicate -- originated in africa. there has been several outbreaks in southern and central europe in recent years. held byish oil tanker iran since july has left an iranian port. the

renita: hurricane dorian is battling north carolina's outer banks.rm has weakened to a category one with winds of 90 miles per hour. further north, virginia has ordered a round of evacuations. meanwhile, in the bahamas, the death toll from dorian is up to 30. health workers expect to find more victims. romaine: another fine for google. this time youtube agreeing to pay a record $170 million to settle claims that it violated child privacy laws. most of that money will go to the federal trade commission, about $34 million will go to new york state. i mean this is like 1/10 of 1% of what google earns in a typical year. what it is the point? ben: the point is that this is a very large fine for children's privacy. it is no question that it's a drop in the bucket for google, it will be easy for them to pay it. looking through the couch cushions for loose pocket change for them. but this is a large fine, 30 times the previous record from just a few months ago for tiktok. the ftc is thinking that they got back their own budget for the bureau of consumer prot

i'm renita young and this is bloomberg. >> finding a regulatory workaround, van eck and solid acts today that the bitcoin trust will issue shares to qualified institutional buyers. , headg us now is ed lopez of etf product at van eck. you along with several other companies have been pushing the idea of bitcoin etf for a while. the sec has never been persuaded. they have ejections, including transparency of the underlying market. you are launching an etf-like product without the sec's blessing, so explain how it will work and why you believe it is legally kosher. >> this is taking advantage of rule 141a of the securities 1933 allowed forasically restricted securities to be traded broker to broker. we are taking advantage of that opportunity to offer shares of the trust to qualified institutional buyers. these are the largest of the large institutional buyers, not just accredited investors. romaine: when the institutional buyers have this, is there some second-order effect, or the transaction has to be limited and it stops when it gets to that institution? >> one of the reasons it is liken

i am renita young. this is bloomberg.ve rates, but now on the global and american economy. with me in new york is peter hooper. to get the conversation started, you mentioned a tipping point on the labor dynamic. give us a color on the type of tipping point it is. thet because we raised minimum wage and we are seeing less overtime? peter: the tipping point now is the elephant in the room driving this negative sentiment about the global economy, trade policy. years in- i spent 26 international finance -- the fed put out a nice paper this week, the degree to which trade policy uncertainty has risen and the impact on the economy. we have had a couple of bouts over the last six or nine months and there has been enough to cut gdp by a full percentage point or more. that could be conservative, given the signs we are seeing in the manufacturing sector and the risk that spreads to consumer. the tipping point of the labor market is a story about which way do we go on trade policy? tom: are the tariffs folded in? are we beginning t

i am renita young and this is bloomberg. tom: thank you so much.n entree into brussels. christine lagarde on her way to the ecb. -- taking questions in brussels. she has been very careful with responses. -- david sowerby is with us from ancora looking at investment. john browne is here in support of his book " make, think, imagine." the collective memory of a few years ago is gone we saw that with the president stumbling. the need for a coalesced europe seems to be drifting away. are we forgetting the past? >> we are certainly forgetting the past and the remembers that is necessary to get people together or else they will be against each other. that is the foundation of what we see today. >> we -- we are seeing a splintering. tom: in your world david sowerby , you help advise and analyze long-term money. the comfort of going to the united states, is it ephemeral or just too easy right now to take the splintering of lord browne and bring it to america? to say i wantasy to very dominated u.s. the mastic stock portfolio when i think about global stop