Brent. 52. 35, not down as much as it was earlier. The 10 year yield down another basis point at 2. 09. We are climbing ever higher to the 2900 mark on the s p 500, up just 3 10 of 1 right now. Guy lets kick off with hong kong. Another day of massive protests yesterday as chief executive carrie lam says she would indefinitely suspend consideration of a controversial extradition law. Joining us from hong kong, Stephen Engle, bloombergs chief north asia correspondent. Do you feel these protests are going to continue until carrie lam departs . Stephen yeah, that could happen. Of course, they are at a much smaller scale during the workweek, a full day after the estimated 2 million hong kong people took to the streets yesterday in that defiance against the extradition bill. Right now we still have several hundred smaller pockets concentrated down here, in front of embattled chief executive carrie lams offices. Theyve been here pretty much all day. They dont want just a suspension of debate in the Legislative Council on this extradition bill. They want a complete withdrawal. They also want carrie lam to step down. No indications yet either of those things will happen, but there was a bit of a victory just in the last couple of hours, where the Police Commissioner of hong kong had a press conference and said they are not describing wednesdays protests that went violent with rubber bullets being fired by the police and tear gas, they are not going to classify that protest is a riot. That has significant ramifications for those protesters who have been detained. Speaking of detained protesters, ong was the face of the occupy movement five years ago. He has been jailed for two months. He got out today, coincidence perhaps, and came directly from prison right to hear. This is what he had to say about carrie lam. Theres no doubt that the hong kong executive might be the covet of beijing. That is why we ask for free elections. It is time for us to vote and freely elected leader of our city. Stephen he described the handling of this entire saga over the last week and a half as total chaos on the part of carrie lam. Vonnie is it the woman or the role . If carrie lam were to step down, who would take over . Stephen that is the big question. Who would want this job . It is almost an impossible role because under the framework was put in place with the handover in 1997, this was supposed to be one country ,two systems one , so as atwo systems chief executive did you please or pacify beijing or hong kong . How do you do both . If you look back in history, three previous chief executive all of their terms into badly. Back in 2003, a big protest forced one out. Another ended up in prison because of financial crimes. The other didnt seek a second term because of the occupy movement five years ago. So carrie lam, it is going to be a tough job to maintain her political capital, whatever she has left. Vonnie our thanks to Stephen Engle, bloombergs north asia correspondent. Guy lets turn back to the issue of what is happening here at the airshow, and boeing. The challenges facing boeing this year are immense. The company is trying to reassure customers that the boeing 737 max planes will return to service soon, and will return to service safely. Earlier i talked to the companys ceo dennis muilenburg. Dennis we are very focused on safety. That is our paramount focus. We are making good, solid progress on bringing the max back up, working through the certifications in relation flights this week. We hope to schedule the flight test certification shortly, and then get the airplanes back up into the air. All of this is being done through the lens of safety, and we will take whatever time is necessary to make sure the airplane is safe. Guy 2019 . 2020 . Dennis it is something we expect before the end of this year certainly, but i dont want to give a specific timetable. We want to take the time necessary to make sure this plane is safe. Guy are the regulators going a little deeper than you anticipated . Is this a more thorough examination of the aircraft . Dennis it is a very thorough examination, and we expect that, and in fact encourage it. We are working with the authorities. About two weeks ago, the faa hosted a multiregulator forum in dallas. We are working with bodies around the world, and it is important we do this in a thorough and disciplined way. Guy you keep emphasizing thorough. Are the regulators going further in then you would have expected in initially . Dennis i think we are going even deeper than normal. I think that is good. We encourage that. We are looking at every dimension of the Software Update we are making, but not only the airplane itself, also the training and education materials and the overall certification process. It is a very holistic effort. Guy are the regulators on the same page . Dennis they are very well aligned, and i see growing convergence between the regulators. Theres a lot of detailed work on the certification, and we are encouraged by the collaboration between the regulators, and we are seeing growing convergence between them. Guy using the aircraft will fly first in the u. S. And then europe, or at the same time . Dennis i think there is an opportunity to do it together. They are having meaningful discussions as we work for certification. We will support whatever the regulators want to do. A gap between faa is in the others . E david there is still some work to do dennis there is still some work to do, but their alignment adds strength to the process. Guy where are the chinese regulators and all of this . Dennis they are part of the discussions as well. I see convergence across the entire group. I am encouraged by that progress, and our focus is going to remain steadily unsafe to. Vonnie boeing ceo steadily on safety. Vonnie boeing ceo dennis muilenburg. Later we will speak with airbus ceo guillaume faury. Lets get a check on markets now. , theow up about 1 4 of 1 s p also higher by 1 4 of 1 . 3 4 of 1 . Up about in the s p, insight up almost 6 . This is bloomberg. Vonnie from new york, im vonnie quinn. This is the european close on bloomberg markets. Lets get a check on the first word news. Heres courtney donohoe. Courtney for the first time, iran may break a landmark agreement that was made to keep it from developing a nuclear weapon. Iran said it would start withdrawing from the agreement unless europe threw an economic lifeline. The u. S. Pulled out of the deal a year ago. Agentina isnt ruling out cyber attack for a massive blackout that affected the entire country, as well as uruguay, paraguay, chile and brazil. Officials are looking at a technical issue or even humidity. The Supreme Court has told an oregon court to take another look at a 135,000 word against a akery that refused to make cake for a samesex couple, citing religious grounds. A state Appeals Court found the bakery violated antidiscrimination laws. The owners say the state violated their speech and religious freedoms. Telecom billionaire Patrick Drahi has agreed to buy sotheby a 67 premiumon, to their Closing Price friday. Shares have fallen 40 in the past year. Drahi is an avid collector. Avid art collector. 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. Im courtney donohoe. This is bloomberg. Vonnie thank you. Lets get a check now of global markets. Heres abigail doolittle. Abigail we have a little bit of a risk on tone, more focused stock wise. You see the s p 500 and the nasdaq both higher. The tech heavy nasdaq outperforming on a number of stocks. The bloomberg Commodity Index also slightly higher. We do have haven bonds pulling back ever so slightly, all of this ahead of the fed on wednesday, where it is expected they may provide language on the possibility of a rate cut. Lets go into the bloomberg and take a look at a chart weve been looking at. We had rates falling since october, a bit of a haven play, expectations that the fed may be lowering. The question is whether language around a possible fed rate cut is perhaps priced in, as had occurred before. A lot of times the action in yields happens as a telegraph read ahead of that, not on the actual news. It could be a little bit of sell the news. We could see the 10 year yield popping back up toward that 50 day moving average. Finally, relative to some of the movers, one of them was facebook ahead of their unveiling of their cryptocurrency tomorrow. Speaking of cryptocurrency, take a look at bitcoin on the year. This is really just extraordinary, up 153 . Really just amazing that after that huge bubble and crash, this year is going to the bulls. Vonnie so interesting in the last few days to watch bitcoin. Thank you for that. Here was more on the markets is bloomberg process at reporter luke kawa. How on earth is bitcoin rallying so much . Luke it is interesting. On cbs they had the winkle on. Es i think facebook has something to do with this positive catalyst that suggests the institutionalization of the technology of cryptocurrency is growing, even as maybe Institutional Investors arent as warm to it as some of its proponents might have hoped. Vonnie what about the rest of the market come across asset wise . What should we be looking at before the fomc . Luke we should be looking at how sleepy it is, how low volumes are. Wiseweek, all stocks us had the second weakest week of the year. This is very much kind of a wait and see move. If you see the s p 500 gained today s p 500 games today peter out, i dont think anyone is trying to be a hero. That is the broader cross asset picture youre getting right now. Vonnie it does feel like we are trying to get to 2900 and stay above it, right . Luke it is definitely something people will be watching, and seven that people and something that people might need a confirmatory catalyst to breakthrough. We do have a major event on deck that could help spur that. What i find interesting in analyzing the relative event risk, i think we all agree the fed and its continued of us tilt has helped support equities even amid a trade war. Of is priced as so much more an event premium, the relative forward volatility compared to current volatility and what we are expecting from the fed is not really shaping up to be as much of a market mover as you would expect, which counterintuitively means that could be the one that really moves the markets. Vonnie exactly. Currencies wise, we will have to wait and see as well, but for sure we are looking at a stronger dollar this week. Crisekim crisis cam had a good post saying that the dollar is the only thing not barking on a fed cut coming. Usually when the dollar is stronger, it means u. S. Equities have tended to be outperforming global equities, as a civil translation of currency effects. Lately that correlation has complete leave vanished, so the dollars role has gone much more towards is u. S. Tech performing. When it doesnt, the dollar has had very little to do with that. Vonnie how much is the rest of the world watching wednesday . Clearly we have other Central Bank Moves that might impact economies more, like the boj, but wednesday is the meeting of the central bankers of the world, in some ways. Luke definitely. I think why wednesday and the fed will be closely watched and emerging markets will have to a to care, a lot of the markets that are most exposed to china wouldnt be helped by a fed cut, and a lot of those economies dont necessarily have the room to ease Monetary Policy on their own without having a deleterious effect on their currencies. If you think of the fed back in the classic central banker of the world scenario, a lot of beleaguered economies could get a bit of a lift and room to ease Monetary Policy themselves if the fed does continue to open to easing sooner rather than later. Luke kawa,nk you to cross asset reporter here at bloomberg. Coming up, we will talk to the ceo of airbus deal of airbus guillaume faury, live from the Paris Air Show. E terminal, go to gtv to check out recent analysis. This is bloomberg. Vonnie some breaking news now. Boeing says it is open to changing name on its grounded 737 max jets, so dropping the max branding for its latest that liner. This is based on a global study owing is conducting on consumer an Airline Responses to an aircraft name that has been tarnished by two fatal crashes. A threemonth grounding at this point. Boeing was telling reporters this on the sidelines of the Paris Air Show, and the stock is up about 2 . It has been higher all session, the. Once again, boeing open to dropping the max branding on its 737. Time now for the latest Bloomberg Business flash. Airbus kicked off the Paris Air Show today by announcing a big deal. Made forfrom air lease 100 single aisle planes. Meanwhile, virgin will buy up to 14 planes. Pfizer is expanding in one of the hottest areas of pharmaceutical develop and, cancer treatments. The company has agreed to buy premiumofarma in a 62 to arrays closing on friday. Show promise in hard to treat forms of cancer. Bloomberg businessweek surveyed more than 2000 mba graduates in the class of 2019. That nearly half of the students from some of the best schools are borrowing nearly 100,000 to finance their education. That is your latest Bloomberg Business flash. Lets get to the latest on Deutsche Bank, reportedly considering exiting its u. S. Equities trading business and creating a bad bank to wind down legacy assets. Isning us from frankfurt nicholas con fort. Explain what is happening for us. It seems like the chairman would have acted a lot slower, but christian sewing is done with the gradualism. He says we have to have complete restructuring to save this bank. Reporter clearly there are various forces at play within the bank, and you have the chairman in the newspaper a couple of weeks ago suggesting he was not so keen on the deepest of cuts. Had christian sw christian sewing coming out on that pretty strongly. There are a lot of people going different directions, but was clear that cuts will be coming and the equities business in general, especially the u. S. Equities, are accounting for that. Many banks around the world could also be cut back. The question is, do what degree the european clients still want to main access to the u. S. Capital markets, the deepest Capital Markets in the world . Do Deutsche Bank have to maintain in some way the offering that european clients have access to u. S. Equities . Vonnie there are certainly clients in danger of being asked by georgia bank. So by Deutsche Bank. So what happens next . It is nowhere near its targeted return on equity. How soon does it need to reach that target . Nicholas this is a target the bank had repeated relatively recently, or at least hinted they could get to it, but no one believed they could. All the analysts out there were saying they were not going to make it. We had a reports adjusting that they will actually walk away from that target, and with the promise of higher returns in equity in the future. But lets face it, for percent is not a high return equity in the first place lets face is not a high return on equity in the first place. It was a bad level to be at in the beginning, so the fact that they would even miss that again, it is ugly, but maybe also expected. Vonnie briefly, how in trouble is Deutsche Bank now that a merger looks unlikely . Nicholas well, i dont know. There are many people out there who were into big fans of the merger in the first place, and said that standalone was the way to go. But the question is how do they break out of this vicious cycle of cutting back on businesses, losing revenues, and having to cut back more, losing revenues . That is the question to me. How did they break out of that funk . Maybe a big bang is the way to do it, but the question is whether this bad bank is big enough. Vonnie thank you. Nicholas comfort is bloombergs banking reporter in europe. A look now at the markets as we had towards the close in europe. The cac 40 is one of the better performers, up 6 10 of 1 . This is bloomberg. Were the slowskys. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Vonnie stocks finishing up the day in european trading right you can see a mixed picture, small gains in britain during lawsons losses in spain and portugal. Paris did quite well. Airbus one of the contributors. In germany is flat on the session as you can see but that allies that there are big movers. A profit did not freeze investors. Perhaps too focused on market shares. Deutsche bank is up about 1 on reports it will undergo massive restructuring. The euro is stronger. 1 versus the u. S. Dollar. Lets turn to the u. S. And see what is happening in the u. S. Actually, first a look at the groups doing well in europe. Media is one of them. Health care Holding Things up. Not performing so well, the travel and leisure sector. Gains u. S. , we are seeing for the major indices as well, up. 2 of the Dow Jones Industrial average and the s p 500. The nasdaq is the upper former,. 7 . Pfizer one of the losers, down. 3 on a deal for a biofarma company. We are going to be headed to the Paris Air Show in just a moment. Until then, this is bloomberg. Guy welcome back. Airbus kicking off the Paris Air Show with a big deal. The stock trading higher. From aa huge order corporation we heard from in the last hour per 100 single aisle planes. Around 11ves values billion. What comes next . Ceo joins us now. You had a good day one. No one can argue with that. Lets talk about what happens next with airbus. Youve launched the xlr today. That is tough news for boeing. What else will you do to make life tough for boeing . Guillaume we will commercialize the plane. We started today. We have more customers. We have a good value proposition. We already have a longrange plane, now we go extra long range. This brings a lot of opportunity for customers and we are going to the market. Guy next, billing are having problems boeing are having problems in a number of areas. Lets first talk about the max. Can you take more advantage of that . I suspect you will say no because our order book is so full, but is there nothing you can do . Guillaume we are concentrating on her own activities and what we think is right. When it comes to the single line, weve a Strong Demand. It will be the case this year, it will be the case next year. ,e are ramping up production going from 50 airplanes to 60 and then we will go to 63 by 2021. The xlr is what is next. Guy are you being held back by Energy Manufacturers . Guillaume we had a difficult 2018 when it is when it comes to being supported by the engine makers. In 2019 we have the engines on time. We would like to have more engines moving forward for the next year. Here we are awaiting their commitments to go for higher numbers. Guy lets ask you a question about something else. You have something up that 0. Eeve, which is the a22 you build a bigger version of that and you are not constrained by the problems you have of the a320 line. Im tried to figure out ways you can take advantage of this, that airbus can sell more flames. Guillaume ramping up the 320 is a challenge. We had a situation on the 220. We have launched a new Assembly Line of the new to 20 in alabama. On the 220, it is the same story. Production of planes with a Strong Demand. These are good challenges. I call them good problems. Guy lets talk about china. We have a trade war. We do not know how it will be resolved. You get a sense that we are going to be seeing more orders coming for airbus aircraft out of china as a result . Can you see any advantage . Guillaume we have a historically strong relationship with china. We have an Assembly Line as well. In china we produced more than 400 planes. A 10th anniversary of the Assembly Line, and this is a strong commitment to the chinese market. We continue to grow to serve the needs of china and we have a strong and loyal partner of the chinese airlines. Guy do you see yourself having advantage. As president giving you an advantage in china as a result of what he is doing . Guillaume we have a strong product advantage. Is the most successful plane at the moment. This is fulfilling the market demand. Guy politics plays no part . Guillaume there is always politics in the background. You have to keep going steadily and keep your eyes on the ball. You bring up the issues of the plans you have there. Your cielo is conducting a review of the way airbus contracts aircraft. Could you do more in china . Guillaume we are doing more in china. We have localized more activity in china because we think we can benefit from the chinese ecosystem for china and the rest of the world. That is how we manage to be successful longterm in china. That is our commitment to china. We need to look at the entire picture to make sure we remain competitive over wall. Guy we are seeing consolidation and other parts of the industry. They are betting scale will bring huge advantages. Do you think airbus will be paying a little bit of the bill for some of those advantages they have gained . Talking about costsaving after quarter years. Will airbus be paying some of that . Guillaume savings will be positive and translate to better prices. Weve had the first exchanges. The first exchanges with the new leadership and weve been very clear we will continue to where we are a big customer an important one. Staying focused on their existing business and if there are benefits, synergies on the longterm, we would like to be able to benefit from it. Guy im sure you would. You do not see any obvious reason you would object to that merger . Guillaume it is too early to answer the question. We need a good understanding of how it will be managed and what it will mean for customers. That is what we expect to know in the coming weeks and months. Guy where easy demand going . We will have a Federal Reserve meeting. The Federal Reserve will point to rate cuts. There may be a similar message from the ecb soon. There is a sense the Global Economy is slowing down. How that manifest itself for airbus . Does that make you recession proof . Guillaume nobody can be , butnded to be protected in the aviation sector we see sustained growth and Sustainable Growth in spite of the difficulties here and there. We continue to feel strongly. As far as were concerned, you should expect a positive Paris Air Show with a lot of orders. A nice protection against shortterm evolution and the longterm commitment of the impart of the market. Most important, we see a Strong Demand for connectivity and traveling by plane and this is what is fueling this industry. Guy you do not get any sense there is a slowdown . Guillaume we see slowdowns here and there. We see overwhelming demand. Guy where you see the down . Guillaume we see some airlines the situation of some of them going bankrupt. There is a strong and competitive market when it comes to airlines and this is figuring up and downs. When we look to india and china and asia, there is a Strong Demand growing again. This is one of the growth engines in the world. Guy lets talk about the future. When you start the hybrid engines . Guillaume that is an interesting question. Airbus is committed to Environmental Protection when it comes to the future and therefore inventing a decaro denies aviation. Izedhe a decarbon aviation. In the shortterm term, we are introducing a new generation of planes. The xlr is one of them. We are looking at other ways of bonizing into the future with different fuels and sustainable fuels. High rate is the first way of going electric before we go full electric. Guy theres a generational shift. Generation concern about flying and the environmental effect it will have. You talk about that technology. Is there a danger you have to move faster . Guillaume on the one hand is important it is important to have in mind the fears. A small share, but it is a share. If we do not do anything, it will grow. It puts pressure on the industry to get tougher, to get better, and we like it. That is the way we make progress become reality. It is about innovation. Guy when you think we will see the next evolution . I was talking to your colleagues at boeing earlier and they are sticking with the max. Well probably see the next body in 2030 . Is that when we should see the next evolution . Guillaume we are in the moment where we are developing the technology for the new planes. It will take five years, maybe, to mature the technology. We believe the next launch of a new platform will be a decar bonized platform. It is probably at the unity of the next decade. When we talk about technologies and their complexity, it starts tomorrow. Guy thank you very much for staying with us at bloomberg. The ceo of airbus. Vonnie a very happy man today, no doubt. More from the Paris Air Show throughout the day. As the focus turns to central banks, they are setting the tone for Monetary Policy. We wantked to some to talk to somebody about emerging markets. Manages over 14 million and emerging market strategies. When you look to the central bank, particularly the Federal Reserve, what applications can it have for emerging markets. Thanks for having me here. The markets have moved a lot, especially emerging markets in expectation of policy moves, not just by the chinese but by the fed. As the optimism around the Global Economy has waned, and trade tensions creating further fears on further gloats deceleration the market is expecting the fed to tilt dovish and set the stage for premature easing in july. Patient andtays does not exceed the market demand, i think you are likely to see some sort of a pullback and an increase in market volatility in emerging markets because there has been such a chaise for yield expectations of the stimulus. Guy what vonnie what emerging markets are you watching . Anupam when you think where the rally has gone so far or where there are signs of fragility, still countries like turkey, where they have not come up with a credible plan. It is not only the Foreign Investors that demand the plan but even local confidence has been waiting. Has been waning. Countries like that would be in the line of fire. You would also have markets that performed well. You have seen highyield issuance in the credit markets in the euros base recently and theres been a chase for that deal. You see back up there as well. That is likely to be temporary. Vonnie of course there are idiosyncratic stories. Turkey most obviously. Anywhere in latin america that is catching that is catching or i . That is catching your eye . Anupam individual political and economic narratives remain dominant. One story is brazil where the congress is going to pass reform even more importantly than the pension reform, you have the central bank in a position to cut rates. Also what the president is trying to do is launch more capitalization and deregulated economy to push up the challenge is to structural growth that have been in place for brazil. I think that would be positive. The other country as argentina, or you have elections in october and the political space is clearing out. It seems like it is increasingly a vote between do you want to go back in time or do you want to move the country forward . That space and the current ,overnment have been able to both from a political and Financial Market perspective, have been able to manage the narrative better lately. Yields andterms of the emerging markets, how much are the yields impacted by the drop in u. S. Yields, which were not entirely expected . Anupam it has been quite significant. There have been correlations to the economies as u. S. Yields have dropped, but also as worries of Global Growth continue. Youve seen that happen across a large part of emergingmarket nations, especially developed emerging markets but also another markets to change the duration. The change in duration seems strong. There are some countries that look attractive in a nominal and real yield basis because they stuck their individual stories. In the case of mexico, even though we have seen compression and yields, the real yields and the nominal yields look attractive because mexico remains and more Risk Management framework due to shocks from u. S. Policy side. , south africa where the current government still has the Economic Reforms the market is expecting. Vonnie does Mario Draghis anything today that moves yields . This conference is more about the european institutional or financials architecture. It would be interesting we can all be hopeful, anything on the fiscal side. On the Monetary Policy side, i think mario draghi will admit what the markets are showing, which is a fiveyear inflation has completely collapsed. Will be interesting if he can talk about the willingness of nextcb to tie the into more dovish Forward Guidance and that could move the yield further down. Vonnie you are saying mario draghi could force a plan on the next president . You do not think the next president will do whatever he or she wants anyway . Anupam if mario draghi, given the current economic backdrop where manufacturing is slowing up, services are holding but inflation is clearly not where the ecb would like it to be and given the threats around trade and the Global Economy, you would think the Macro Economic backdrop is such that no matter what it should be tilting dovish. The current president can certainly introduce more dovish Forward Guidance that somewhat ties the hands. There are concerns you could have mr. Wightman takeover, who would be considered more hawkish. In that case, it would be an easier cap for the ecb and the markets. Vonnie thank you very much. Anna palmed the money joining us dumani joining us today. Coming up, our stock of the hour sharply higher after pfizer agreed to buy the company. That is coming up next. This is bloomberg. Vonnie times the latest Bloomberg Business flash. Deutsche bank may exits u. S. Equities trading business and create a bad bank to wind down legacy assets. Bloomberg has learned that is part of a broader overhaul to be announced next month. The bad bank could hold 56 billion of riskweighted assets. Another turnaround plan after years of failed efforts for Deutsche Bank. Sales of closing retailer h m the sweetest company has been trying to reduce a buildup of inventory to end a slump in earnings. H m has struggled because its clothes fell out of favor with shoppers and has been investing heavily in online. Aftershocksng the from the chief economist use of the phrase chinese pig. A Chinese Corporation has decided against hiring ubs for dollar bond sales. Bloomberg has learned that was prompted by the pig remark. That is your latest Bloomberg Business flash. Time for the stock of the hour. , sharesarray biopharma of nearly 60 after pfizer agreed to buy the company for 10. 6 billion. Kailey leinz is euros more. What does it have that pfizer wants . Kailey it is all about cancer. Slated to be the fourth largest cancer drug seller by 2024 without this deal. Pushing further and oncology. Drugs which are approved to treat advanced stage melanoma. They treat a significant mutation that could be used in a wider variety of cancers if the patient had that specific mutation. Array is expected to have about 1 billion in revenue by 2022, up from the estimated 274 million in revenue this year. That is the play for pfizer, but they are paying a lot of money. Pfizer paying a times the forward estimates for sales for 2023 and that is a bigger valuation than we have seen in previous deals. I should say array fresh record today, but also closed with a record on friday and this deal is a 62 premium to that Closing Price. Vonnie it is costly but pfizer is only down. 4 which indicates the street thinks it is ok. Kailey people out with a note saying they think this is fair valuation. They say it is likely that no one will top the bid. Investors and other spaces seeing a potentially broad perhaps optimism that deals are heating up in the space. Vonnie kailey leinz with our stock of the hour. Thank you. Coming up, it is balance of power, with david westin. Former reagan advisor will talk tariffs and supplyside economics. The nasdaq is leading the way higher. This is bloomberg. David from bloomberg World Headquarters in new york, im david westin. Welcome to balance of power, where the world of politics meets the world of business. Today, from hong kong, Stephen Engle on the continuing pressure on the administration of carrie lam. From washington, the standoff between iran and the united states, and from the white house, Kevin Cirilli on president trumps switch out of his bowling team. Lets go to hong kong. Give us a sense of what is happening. They were backing up the legislation, i thought it would all go away. It did not. Stephen no it did not. We are taking into tuesday and the march was on sunday. Many of the protesters are still here, albeit shrinking. An hour ago there were several hundred behind me, now it is just a few dozen behind me. Behind me is the offices of carrie lam and they have been here most of the day. Protesters have gotten a couple of big