Harvey. Air force one touchdown in downs christi touched in Corpus Christi. The president was accompanied by the first lady and ted cruz among others. Mr. Trump is also expected to survey the damage around san antonio. He will keep away from houston where parts are still dangerously flooded. Promising texas will get emergency disaster aid quickly. He says there will be a very graphic reaction from congress. Signs there may be a political fight over the money. A top texas conservative suggest he wants to cut spending to pay for the response to harvey. Estimates for total damages caused by the storm continued to rise. Economic losses projected of 42 uplion, up 12 to billion 12 billion from monday. Potentially surpassing Hurricane Katrina did. Katrina in 2005. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Is in President Trump Corpus Christi. He will travel to the capital for briefings on relief efforts. He is meeting with the folks charged with the relief effort. If he speaks we will bring you his comments. Let me ask about what we can expect from this trip. Ladyresident and first arrived a couple of hours ago. What are they going to see while theyre there . The president has said he was eager to get down to texas. Hes there for the first time after this storm and hes going to be meeting with local and state officials today to get a briefing and an understanding of exactly what the people of texas are going through. Hes going to survey some of the damage. Hes going to hear about how local officials have dealt with whattorm and hear about more they need in terms of the federal response. Something that will probably occur over the next several months as texans try to dig out from under the storm and rebuild and recover from what was a catastrophe in texas. You can expect residents to come with planshington for a package to help the people of texas. A severale billiondollar aid package that will have to get through congress. The president is optimistic that it will sail through congress. It will be very interesting to see how the president brings back his message of how much money to approve for the people of texas after he sees the storms damage. David isolated senator john cornyn and ted cruz. I see senator john cornyn and ted cruz. Lawmakers that are not in washington right now are monitoring from afar. What happens when they get back to town . When are they going to discuss the relief package in earnest . We have only heard words of thoughts and prayers. Condolences. Strong words of support for the president and the people of texas. When they get back into town they are going to have to deal with putting pen to paper and figuring out how much money to provide. How to pay for the support for the people of texas. We have heard lawmakers on the conservative side basically say that we cant just write a check and not pay for great we have to look for other places in the budget to make cuts or offset the funds that we expect to dole out. Thats also the debate going to be Going Forward on the National Flood insurance program. That is something that expires at the end of september at thats another area where conservatives are not necessarily too happy with the program because it is in the red and the storm and houston could send it further into debt or theyre going to be very interesting debates that are going to go on about how to pay for the storm Recovery Efforts underway. President and the first lady arriving in Corpus Christi. Taking their seats. Greg abbott coming into the room before them. The governor of texas speaking right now. We will get more updates throughout the afternoon. For more on where things stand with Tropical Storm harvey i want to bring in ryan collins from houston. Start by asking you what you are seeing with regard to the Energy Section right now. A great projection of where the storm is headed layered on top of all of the refineries throughout the region. The dots in red indicating which refineries have been idled or closed. What do we know about how these refineries have weathered the storm thus far . Yet to be decided at this point. The real question is whether it will retake landfall tomorrow. Power sector is concerned about 280,000 people were without power. Power demand in the main operative grid was down about 18 from five days ago. The other side of the story is supplied. Bloomberg new Energy Finance estimates that reduction of natural gas in texas and gulf of mexico and the book of the impact in south texas and offshore is down about 1. 5 billion cubic feet a day. Downsstimate for power is about 2. 4 billion cubic feet a day. We are seeing and met bearish results on Natural Gas Prices right now just due to the fact that the impact to demand is outstripping david the president is speaking in Corpus Christi. Lets listen in. Its hard to get here for both of you. You are trapped in various locations. We appreciate you both being here. I want to thank my staff. My cabinet. Quite a few of our cabinet here. You know ben carson obviously. Tom price and linda mcmahon. Small business which is now the business. When you add them all up theres a lot of people in texas. They have done a fantastic job. Thank you very much. Groupe had a tremendous of hosts. We appreciate it very much. My folks are telling me just how great your representatives have been in working together. Its a real team. We want to do it better than ever before. To be looked at in five years and 10 years from now, this is the way to do it. This was of epic proportions. Not has ever seen anything like this. Just want to say that working with the governor and his entire team has been an honor for us. Thank you very much. We want say congratulations. We dont want to hear that. Thank you, mr. President. The whole community is coming together. The brunt ofere the category four hurricane went. We are already starting to affect recovery. Recovery is a slow process. Canre doing everything we to get support of local responders. We are working in conjunction with the National Guard where where the National Guard is helping to run a distribution point all eyes are on houston. We have a long way to go. Have to set of expectations. Effort to stay in texas ultimately recover. Very quickly the objectives. The invent event is unfortunately not over. We are still in a lifesaving mission. We are very aware. This is not the superdome. AreConvention Center, we sustaining food. They have food. Security. I have an Incident Management Team inside the city of houston as we speak and more and more people are being moved to shelters and stabilize to situations. Were pushing commodities. Once the water goes down we will continue to push commodities and help get people registered in the system. It comes from Many Organizations represented here today by secretary price come secretary carson. We are looking at power restoration. To mobilize the Homeland Security search. To make sure we are overcoming and anticipating any needs that withve and then also secretary price over here we are working with not only the governors medical team but we are sending medical teams to the Convention Center today. Theres already some onsite. Theres going to be multiple to make sure we are meeting access function needs. Access is a challenge. Function needs. We have managed quite the federal force to be able to word support local and state efforts. Out aspulling units federal Government Forces are coming in as well. Trucks. Erve 100 the recovery is going to be frustrating. Its going to be tough to navigate. All the programs become available. We are here to help. I would like to pass it along to our friends at the coast guard. The state of texas men and women across the country with the capability [inaudible] [inaudible] [inaudible] your hidden from the coast guard. The president and his wife at an updateisti getting from the fema director of one the government effort to respond to Tropical Storm harvey. As our energy report. I wanted to get a sense. What brought long had to say had to say. How long the process is going to take. How difficult the task is going to be. What are the utilities sing to you and others about the length of time folks in and around houston are going to be without power . They are putting a massive effort. One of the biggest providers in at 10 00 p. M. Et wednesday target to restore 95 of power to Corpus Christi. And at 10 00 p. M. Saturday deadline for most other areas. About 96 of the current customers have power and they have actually restored over 580,000 customers power since harvey began. The president g being briefed. We have ryan collins with us based in houston. Get a sense of how things look at this point. You mentioned the storm had drifted back to the gulf of mexico. What we know about its trajectory Going Forward and what is the weather like . How is the storm bearing down on houston as we speak . It hasnt stopped raining. I can tell you that for sure. Right now the projection is supposed to make another landfall tomorrow. That could cause quite a bit more Power Outages. Damaged Energy Assets in the houston area and the gulf coast. On the issue of the particularity of houston. How about the flooding . What have you seen or heard about the degree to which flooding is still an issue in houston . It has been a difficult situation. I can personally tell you around my house. Around my apartment theres kneedeep water and thats not right far the worst case we have seen. You have seen the pictures yourself. You have seen the highway signs flooded. Its a difficult situation. David ryan collins with Bloomberg News based in houston. Joining us by phone. Rain continues to fall. One of our white house reporters is going to join us as we continue to watch that briefing with the president or the president is going to hear from various Law Enforcement officials in Corpus Christi. He and his wife are going to move on to austin. The gentleman to the president s right is greg abbott. The governor of texas. They have been in very close reportswith the first of this Storm Brewing in the gulf of mexico. They have talked about each other in close contact throughout all of this. The president is going to head up to austin to meet with other men and women responsible for the relief effort in texas. With us from outside the white house in washington, d. C. What did you hear from the president . Outlining his interest in continuing to indicate with Governor Abbott on the state level. How would you characterize that relationship thus far . The president and governor tradingave been pleasantries and support over the last few days and this is the latest example of both of these politicians showing they have strong support for one another. They believe they are both doing a great job. They want to show publicly there is that coordination of the federal government and the State Government are on the same page. Thats what we heard the president say that we are not going to celebrate yet. We believe we are doing a great level ofhat cooperation has existed over the past few days as texas has gone through this major disaster. Obviously this is a relationship thats going to be very important and its going to be one to watch very closely over the next few weeks has Congress Comes back into town we will expect the governor to lay out his priorities and his goals for funding from the federal government. As an aid package gets put together. That relationship is going to be very important as trump has to put his muscle behind getting an aid package through Congress Even a time when congress has to deal with the budget and tax reform. There are a number of different challenges and having the relationship between the president and the governor of texas will be incredibly important if texas is going to get the billions of dollars in federal funds they need to get through this. The president said he wants people in five or 10 years to look back on the government response to this storm and say, this was the way to do it. Us understand the thinking within the white house ahead of this trip. Obviously time in very important. Whats the outcome they hope to see . The president is very aware of how president george w. Bush handled the katrina catastrophe and how he was criticized from almost the very beginning of that process. The president wants to be seen as very hands on. He wants to be seen as getting to the scene as quickly as possible. He said as soon as it is feasible im going to get down to texas and survey the landscape. We heard from him yesterday saying he was going to go back to texas on saturday. They want to show that this is a commanderinchief who is completely handson, in charge of the situation, cares about whats going on even though he tweets about all kinds of Different Things they want to show that he is physically present and not leaving people behind. Thats the image they want to get out and part of the reason the president went straight to texas. David thank you for your time. A quick note to the American Red Cross is asking for your help with of the disaster. The organization has dozens of shelters up and running. To goects the crisis exponentially and thousands of texans will end up relying on for food water and a place to stay. All donations are taxdeductible. The president and first lady heading to austin. They will be participating in a tour of the Emergency Operations center. Abigail doolittle is here. Its pretty remarkable what we are seeing for the major averages today. We saw solid to sharp declines for the dow and now we see both the dow and the nasdaq are higher. The lows have been down nearly. 9 . More than 1 intraday reversal. 500 has been slightly higher moments ago. What makes this remarkable we had the risk off tone earlier on the north Korean Missile going over japan. Investors seem to be assessing that its not going to affect the Financial Markets or escalate from here. It is influencing sector competition. Industrials being helped by a number of defense contractors. We will be taking a look at that in the moment. What had been the worst sector getting a bit as yields dropped on the bond. Take a look at defense contractors. We will see a nice rally much more so than the industrials. We had United Technologies tradingockheed martin higher. The wall street journal is reporting that United Technologies could be close to a deal to buy Rockwell Collins for 140 per share were about 20 billion. That m a backdrop could be helpful as well. Less risk offing to more risk on at this point. More recently we are seeing a bit more risk aversion come on. This is the city macro risk index. Down sharplytocks the nasdaq at one point down almost 20 . The risk index had been way high. Coming into 2017 very low. Right now climbing toward a ninemonth high. This thatere to chart bottoming area down there suggests that we could see a move which suggests it could just climb higher. Risk aversion. Something to Pay Attention to even though we have had this somewhat bullish move which sugr stocks. Expectedesident trump to encourage policymakers to focus on tax reform tomorrow with a speech in missouri. Further details on tax reform from a group known as the big six. John joey votto john emiliano John Gimigliano joins us now. Are we any closer to getting an answer to the question if tax reform as proposed by the white house and republican legislators is going to be that . Thank you for having me here today. This is one of the questions we have been watching all year. Paul ryan, kevin brady, Mitch Mcconnell have been pretty clear they want to do revenue neutral tax reform. The president has been less clear on that point. There an important question here. Whether or not they do revenue neutral reform really has an effect on the outcome. If they want to make these tax its almostnt essential they make them revenue neutral. What is your sense of whether or not we are going to see this done through regular order reconciliation at this point . Does anything indicate we are getting a return to regular order . Probably a kernel of bipartisanship around tax reforms. You could find republicans and democrats who agree the corporate rate is too high. You could find some bipartisan support that repatriation could be a good idea. Are basically policy agreements. Theres also a political overlay we have to think about here and i dont believe the politics this year are like it to support a bipartisan agreement and that means regular order is probably unlikely and we are probably operating under the rules of budget reconciliation. We saw the joint statement from the members of the big six. The wheels of policy have been turning over the course of the summer. What are you hearing from clients, staffers, members of the congress about where there is agreement at this point . What can you offer us beyond the twopage statement we got two weeks ago . There might be more to that twopage are then you might think. I think there is a lot of reading to be done between the lines. When they talk about we need to have lower rates for Large Businesses that is largely talking about help multinationals compete against foreign competitors. Lower rate for Small Businesses means a special rate. Unprecedented expensing is a carryover from the house blueprints which they remain committed to to allow companies to write off their costs. There are quite a few areas where they seem to agree. One of the important areas they didnt talk about is how to pay for that. Thats where most of the discussions are going to leave them this fall. Is a hope among many of them that we do get a change to the tax code. How are they figuring out the way they are going to approach their taxes is here and Going Forward . A really challenging position for a lot of taxpayers to be in. Theres almost universal agreement that on the business and tax reform is needed almost all business would support that. Things theyther want is clarity. Its really hard to run a business if you dont know what the future looks like and taxes matter. Terms of m a deals, investments, planning. All of those things matter. If youre not sure what the future looks like its really hard to run a business. As much as they want tax reform they also very much want resolution and clarity so they know what the future looks like. David what are you going to be listening for tomorrow . I expect the president to try and make the case again for tax reform. It needs to be done. Why it needs to be done for businesses and individuals. I dont expect to see a lot of details but i will be listening very closely. Sometimes you can read between the lines of what they say and perhaps we will get more insight as to where the process leads with the president. John Jimmy Juliano john emiliano John Jimmy Lee oh John Jimmy Lee on John Gimigliano. This is bloomberg. David im david gura. Lets start with the headlines. Mark crumpton has those. Mark 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 levels. Confident that we are going to get water in these subdivisions. The houston mayor puts the number of people rescued the at more than 3000. U. S. Ambassador to the United Nations Nikki Haley Says its time to take serious action on north korea. Reporters ahead of the Security Council emergency meeting scheduled for today. No country should have missiles flying over them like those 100 30 Million People in japan. Its unacceptable. They have violated every single un Security Council resolution that we have had. I think something serious has to happen. Korea fired a Ballistic Missile monday night designed to carry a nuclear payload. It flew over japan. Hoping forng assistance from china and russia on the matter. John cornyn younger is slamming the brexit position papers. He says hes has read them all and finds none of them satisfactory. The brexit negotiator says the eu must show more imagination. Talks resumed yesterday. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. As is bloomberg. As harvey continues to bear down on the gulf of mexico and texas there have been extra ordinary stories of texans helping others in need. There have also been hundreds of reports of price gouging. Top lawon is the enforcement officer in texas and joints me now from austin. Going to pull up a map right now on the bloomberg. It shows the levels of rain we are continuing to see all across parse parts of eastern texas. You what you have seen. You are going to meet with the president later today. What are you going to tell him is most front of mind to you as it continues to rein in and around houston . Isthe most important thing making sure that we rescue the people in need. Obviously thats not over yet. Unlike most hurricanes this one is ongoing like nothing we have ever seen in texas before. Thats our focus. Ofid were hearing reports price gouging. What can you do at this point with those reports . What kind of action can texas Law Enforcement take gecko . Of its very important to let people know that these laws exists. We have penalties up to 20,000 or if you price gouge on somebody over 65 its up to 250,000. It is severe penalties. We have a hotline to allow people to let us know about them. They are sending is pictures and we are sending Law Enforcement to investigate. Hope lay that will be sufficient and they have been slowing down significantly over the last couple of days. David we saw the briefs the president got in Corpus Christi. A lot of people involved with the relief effort. Lets talk about the role of Law Enforcement. Youre the top Law Enforcement officer in texas right now. What is the response been like from Law Enforcement . Can we expect Law Enforcement to be coming from outside the state . Its been really remarkable. Look at what the First Responders have been able to do. We have gotten much of our resource from the federal government. They were quick to help us. Ocal officials have been great the governor has done a great job. That saved literally if not hundreds of thousands of lives. In the state level how well is Law Enforcement communicating with each other gecko how difficult this communication at this point as we hear about Power Outages throughout the area . Is challenging. Towers have been brought into help us. That has gotten better instead of words worse. It was very challenging to communicate. That is something that has gotten better over the last couple of days. David we are hearing from lawmakers from texas they are saying they are going to draft plans. What from a Law Enforcement perspective do you need from the federal government at this point . The National Guard has been called out. All 12,000 are out. Thats very helpful. Think we are getting the resources we need to address that. There has been a lot of looting going on which is challenging to stop given the water levels are so high. Thats a little frustrating. It has been a really good effort to deal with all of our Law Enforcement from all areas of our state. Co put that into some context. How narrowly confined has it been . Its more and it donald. Its more anecdotal i have talked to people that feel like it is somewhat of a problem. Its hard to measure that on a global scale or county scale when you got six or 7 Million People. Howd help us understand you prepare for an event like this one. We havent seen this before. The president told relief workers and corporate Corpus Christi. How does Law Enforcement for fair prepare . Virtually impossible to prepare for something this epic and big. We have done well in other natural disasters. We have flooding in texas. We have hurricanes. We have tornadoes. Over time we have gotten better. Officialsand local have gotten better at coordinating with the federal government. I think it has made a huge difference. Our focus has been on houston. The president is heading up to austin. What is the Emergency Operation center look like . Hows the response being run from austin . State police is located. They are coordinating huge efforts around the state. Hes going to meet a lot of people involved in that effort. Hes going to see the command center and how we are operating. Overviewive him a good of how the state is dealing with this. Christi is not headquarters. This is headquarters. Coming up, President Trump has promised to create twice million new jobs. My next guest says theres no way thats going to happen. More on that next. This is bloomberg. Time for the stock of the hour. Defense stocks higher today after tension between north after it the west launched a missile over japan. Later we will be speaking with craig gordon about the response to that missile test. The un Security Council meeting enclosed emergency session today at the request of japan. We will get updates throughout the afternoon and Oliver Renick joins me now. I think we are at number 13 this year. On of the things about the geopolitical tensions that have cropped up is they are hard to navigate from a trading perspective. The defense element is one of the us areas where it has been a reliable move in markets. We see that today with the stock of the hour. Its happening for boeing. Its happening take united technology. They get a boost when we think about tensions around the world. Whos going to be supplying the artillery missiles. This is a great way to get an assessment of how much people are trading these companies. This is the average volume function. This is a 10 day average here in the blue. If we actually look at not just the 10 day but the 30 day you are going to see a line right above that. Pastverage volume in the has actually been quite elevated. The last time we were talking about this premuch every time we get some sort of move from north korea this happens in the market. Is this somehow different because of the fact missile was sent over japanese territory . We have talked about how resilient markets have been towards these surprises. This took it toward the new now level. These defense names are still there. That brings us to the final point. This is a great function. The relative value correlation. We love looking at this because it is such a great way to plug the fundamentals of the company. Lets look on the lefthand access. Eps growth in 12 months. Middle thehe if youn the middle are an investor and you want to thestock specific action fact that this is all the way over to the left means the trade based on idiosyncratic stuff to that stock. Not necessarily the market. Thats really important. Thank you, Oliver Renick. President trump has promised repeatedly to create 25 million new jobs. That has been met by skepticism from many economists. In a recent note he wrote plain and simple there are no more people around for companies to employ. Lets start with a chart here. Thats workers hired. Lagging from the unfilled job openings. Increasingly yawning gap between them. What have you discovered . This is unprecedented as far back as the data goes. Were almost at two decades. We are seeing the gap widened. As far as the eye can see there is not going to be a problem creating jobs if they are begging to be filled. David every time we get to jobs day we havent seen wages move that much. That flummox is the Federal Reserve as well. Why have wages not gone up if companies are so desperate to hire . Things get mentioned anecdotally. There probably is insatiable demand for auto mechanics. But there also is something called a drug test and there are not enough people apparently were anecdotally who can pass the test to become auto mechanics. Thats a hurdle. Another is location where the jobs are. Another is the kind of jobs that need to be filled where the scales are just not prevalent in that particular company. David is there much variance when you look at Big Companies and smaller businesses . Is one hiring and the other not . They are all hiring. Russell 3000,he the combination of big business and Small Business alike in the u. S. And the job openings that are available among Small Businesses and big businesses is large. Theres no real difference between the two. Also the number of jobs that are being created is also record level. Small business and big business are creating record numbers of jobs. We havent seen this before. Its the best job market we have seen and maybe a couple generations. We had a president who came into Office Critical of the Labor Department and stayed on the job market. A few months into his term he is embracing it as we see continued good jobs data. How much credit can he claim at this point for the health of the labor market . No present really can take a bow directly for anything that goes on in the economy because it is really outside their purview. True that the economy under the eight years of obama was a slow and steady recovery from the worst recession since the great depression. Where consecutive months jobs increased and thats a record that goes all the way back to 1939. Economy that donald trump inherited from president obama was as good as it gets in modern times he should be grateful for what he received. So far he hasnt really done anything to jeopardize it here makingld argue immigration and issue is not helpful. Its actually hurtful to the job market. David what happens next . We have seen job growth. What do they say about wages and what might get them to go up from where they have been stagnant for so long . Colleague at Bloomberg Intelligence would say that ultimately if you do pay high enough wages you will find a way to fill them with people. Thats an oldfashioned recipe. Stripe havef every generally agreed with that recipe. David matt winkler, thank you very much. Up next, north korea fires another missile overnight over japanese territory and the International Community ways what might come next. The un Security Council meeting will close session today. This is bloomberg. David north korea fired and identified the listed missile over japan in this morning the president said in a statement threatening and destabilizing actions only increase the north korean regimes isolation in the region and among all nations of the world. All options are on the table. It is the countrys 13th missile test this year. Craig gordon is here. Let me start with the response to this test. We have seen 13 of them this year. Has been very quick to respond both through official statements and on twitter. Silent forceably many hours after this occurred last night. The statement didnt even come out until this morning. We were told to expect one last night. People will remember well his recent tweet about the fire and the fury that would come raining down on north korea. Were detecting a bit of a tempering of the mood of the white house. Pounded hisen trump fist with that tweet and really change north koreas behavior. They are still firing missiles willynilly. They seem to be regrouping and trying to come up with not only words but with actions. We all know those actions are quite limited. We have noticed the white house took a while to come out. It used what i would call for the typical language to say north korea has got to stop. David what of the fire and the fury . Criticaldent has been to criticize his predecessors. Actions like the one we saw last night from north korea dots . All options are on the table. Obviously led to military action and a war. I think people should take trump seriously about this. Lets recall what happened last night. North korea fired a missile that went over the island of japan said enough silence in tokyo. Obviously a very scary moment. Shinzo abe was quite upset. Comments after this. A 40 minute phone call with donald trump. If north korea is trying to get Donald Trumps attention they have succeeded and they might not like what they get. Any kind of military strike would launch immediate retaliation against south korea across the border. This is why president bush, obama and trump are all rather tend in by the lack of options. I think the white house is taking this seriously. North korea has been very provocative. Closer to icbmer capability. North korea may not like what they get. David we saw the reaction from World Leaders and the market as well. Ooking at the yen strength a un Security Council meeting is closedplace behind doors. Rex tillerson has spoken several times about the need for automatic solution. How does this change the calculus . Is that we will see diplomatic representatives coming to a table anytime soon . That would probably be the next thing. North korea wants to have oneonone talks with the United States of america. Would be a status symbol. A way to elevate them into the ranks of world powers even impoverisheda tiny country. That is what they are seeking to do. That has been their longterm playbook. Trump is resisting it. There may come a point where they have to check that box. Representatives and world powers to the table. China. Some of the other countries in the region to have these talks. Tillerson has pushed that. I think trump has resisted it until now. Something needs to change or we are going to keep seeing missiles flying across japan. He is realizing he needs to do something. David still a relatively new and south korea advocated for a more measured approach good are there signs thats beginning to change as well . The likelihood of pushing for a diplomatic solution diminishing . Sides seeing the size harden a little bit. There is a moment when it seemed like north korea was toning it down a little bit. North korea talked about weighing his options on guam. Tillerson said they were happy to hear the statements from north korea. This is the diplomatic dance. Very subtle changes in language but important changes were each side is signaling to the other, we are going to try to tone it down. North korea seems to reverse course yet again. South Korean Leader was viewed as a pacifist. I think they are going to come up under a lot of pressure. Its going to be tough language north korea to say cut it out or youre not going to like what you get. David you mentioned the missile flew over japanese territory. We had a war game playing out over the last couple of weeks. Whats the latest on defense in the u. S. And south korea have prepared for this . Missileouth korean system is operational and ready to go. Japan could have shot down this missile. They chose not to once it realized it was going to sail harmlessly over its territory. We areUnited States pretty well fortified for this sort of thing. Thats the other thing. North korea is hemmed in by that. Even if they tried they probably wouldnt succeed and that gives trump more options. David thank you, craig gordon. Sign up for the balance of power newsletter at bloomberg politics. Com. For the latest on Global Politics every day in your inbox. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. s 2 p. M. In new york, 11 00 a. M. In san francisco. Welcome to bloomberg markets. We are alive and bloomberg world headquarters. President trump is on the ground in texas examining the damage of Tropical Storm harvey. We will get the latest on the federal support, still ahead. All options are under consideration when it comes to north korea, according to the president. You can see prices coming down. Ceo, pulling the plug on any new stores, despite sales rising twice that of estimates, he told investments that these results will not be the new normal. Lets get you started with our first word news this afternoon. Mark estimates for total damage
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