Micron up significantly, but the stockslphia chip index up as a whole. General mills is the worst performer in the s p 500. Its pet food portion of its company, after acquiring blue buffalo, is doing really well. What we know General Mills four, all of its cereals and so on, they are not selling as well as analysts were hoping for. That is sending the stock lower. Bitcoin has a 12 increase date, bringing its week to increase to 42 . Many are wondering if this almost 1300 level will hold. Guy just a bit of breaking news thats worth referencing. Vw, theks unit out of ipo price guidance we now think is narrowing. This is what we are getting at share. Ent, 27 to 28 a we think we will get them around 2 00 p. M. Tomorrow cet. I will bring more details as we get it. The u. S. Treasury secretary Steven Mnuchin saying he is hopeful that the trade deal between the. U. S. And china will be reached President Trump between the. U. S. And china will be reached President Trump between the u. S. And china will be reached. President trump and president xi set to meet at the g20 this weekend. G20 . Hould you trade this how do you want to be positioned . Ings head of ethics strategy joining us on set of fx strategy joining us on set. Longer dollar or shorter dollar going into the g20 . Phil dollaryen is a great guest dollaryen is a great risk barometer. We think the dollar is heading lower later this year. Given the risks and the uncertainty, we would favor the safe haven currencies of the yen and the swiss franc going into the weekend meeting. The uncertainty there, there is no guarantee that there will be a deal. Monday morning if there is some surprise package, but i think i would be more defensive going in. Guy how is the relationship between the trade story and the fed . St. Louis fed president jim bullard talking to bloomberg, saying we dont need 50 points. We need 25. If we get aggressive sanctions on china, do we get 50 . Do we get 252525 . Walk me through how that works. Chris donald trump has this year to get things done, so anyway, they are in mutually supportive scenarios here. If the trade tariffs were expanded across the entire range of chinese exports, i think fed funds futures at the moments priced about 30 basis points of. Uts by the july meeting they will probably move out potentially to 40. When it comes to the fed decision on july 31, i think it will be hard for them not to deliver what the market is pricing out of that time, particularly if it were close to 50 if equities have come under heavy pressure and the market had shifted to that pricing. I think it is hard to pull back from what the market demands. Ideally, they would probably like to do 25, listening to the likes of jim bullard yesterday. Vonnie Kathleen Hays also asked him about Forward Guidance. I thought it was interesting that he complained that he didnt like the turned the central bank was taking in not moving this time, but signaling very clearly that they will go in july. His Forward Guidance broken . Chris i dont think so. I think the fed is looking at everything that is available in the data points. Earlier in the year, it wasnt clear that the trade pressure had really come to rest back in the u. S. I think in q2 in the u. S. I think in q2, that has changed. You could say that they are reacting at the right time in terms of turning more dovish. I think what we found with the likes of the bank of japan and ecb was Forward Guidance, the storyet so trapped in a and perhaps you dont have more to offer. But the fed, with rates so high, they got plenty of room to cut rates and perhaps even start kiwi again should they need to start qe again should they need to. Vonnie it is clear that countries on the periphery of china in terms of manufacturing must be very concerned about the down, iffor a slow indeed there is a deal to be made. But what about the United States and europe . If there is a downside surprise, can those economies whether it . Can those economies weather it . Weve seen figures from the Manufacturing Sector still sluggish. Theres a debate to be had whether european to domestic demand is enough to offset that decline in the external environment. I think history would suggest it is a very difficult environment for europe. I think we are seeing a period of low growth around that area, and a proactive ecb from mario draghi. Guy and his successor. Chris is going to stick around. Plenty more to come from chris turner, ing head of fx strategy. Vonnie quick market check. Here in the u. S. , the dow and the s p up about 1 3 of 1 apiece. Little movement for much of the major indices. The dax is the best performer in europe, mostly thanks to i get. S moving higher this is bloomberg. Vonnie live from new york, on vonnie quinn. From london, im guy johnson. This is the european close on bloomberg markets. Lets catch up now with the bloomberg first word news. Here with the details is courtney donohoe. Courtney President Trump lashed out at social Media Companies again today for alleged bias against conservatives. He said the government should sue google and facebook for unspecified wrongdoing. The president spoke on foxbusiness network. He also said that twitter has made it difficult for people to tweets. Is in other news, special Counsel Robert Mueller has agreed to testify on capitol hill. That sets up what should be a dramatic confrontation over the trump presidency. Mueller will testify july 17 before the house judiciary and intelligence committee. In his report, mueller said he couldnt conclude whether President Trumps campaign conspired with russia, and also said he couldnt exonerate the president from obstruction of justice. U. S. Prosecutors at have joined a multinational crackdown on international trading. The investigation focuses on a group of traders in europe and the middle east suspected of having infiltrated banks and companies to obtain confidential information on megadeals. The worlds most expensive city for expats, for the second year in a row, it is hong kong, followed by tokyo and singapore. This according to a report by firm mercer. 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 on global markets. We are just a few days away from that u. S. China meeting. How are markets reacting . Doolittle is with us Abigail Doolittle is with us. Abigail the s p 500 up 3 10 of 1 , breaking a threeday losing streak as investors are looking forward to that meeting between President Trump and xi, and the g20. Possible release around trade tensions. We really had some strength for the energy index on the s p 500 and the oil services index. On a oil up 3 betterthanexpected inventory report, where there was a big drop in inventories to the tune of almost 13 million barrels, relative to the expectation of 3 million. That is the marches that is the largest in many years. These are the weekly inventory reports to the upside and the downside. We see this week a huge draw down, which alleviates the u. S. , the biggest going all the way back to 2016. That has something to do with that oil rally for sure. Cross asset class, it is interesting. We see a bit of a reversal. Gold has been on a tear with some consolidations of those gains. Bitcoin continuing to trade higher, right now at its highest level since january 2017 2018, excuse me. Gets aptocurrency space bit more legitimization from Facebooks Libra recently. Weve also had bonds rallying, but today not so much. If we go into the bloomberg to check on a chart weve looked at a lot, it appears that that could happen more. It has not really happened yet, but it appears as though we are on pace. ,n the volatility of last year investors seeking havens versus yields more recently. On, above 2 , holding suggesting that we could see the 10 year yield climbed back up into that channel towards 2. 3 or more. Perhaps the big bond rally weve had is about to take a break. It could be a really risk on environment going forward. Guy we will see what happens this weekend. We will see what happens with the fed. Mark carney says the bank of england is potentially ready to change its Interest Rates if the British Government changes its brexit policy. He spoke today in parliament. What we have said in the event that there is no deal, the response would not be automatic. It would depend on the impact on demand, on supply, where the Exchange Rate went. Some of us, myself included, have said that on balance, it is not equally weighted. It is more likely that we would provide some stimulus in that event. Guy some stimulus. Chris turner, head of fx strategy at ing, is still with us. You are not a massive fan of either the euro or the pound, but when it comes to eurosterling, you think sterling loses out. Chris we got sterling up to about 92 in q3, q4. It is a very difficult environment as we head towards october 31. Perhaps Boris Johnson, most likely, takes over and brings us closer to no deal. Is there a backlash from the remaining elements of the conservative party threatening to support a noconfidence motion . For international investors, steer clear of this geographic region during that period until there is some sort of clarity. Guy how low would it trade if that were the case . 92, may be aabout bit higher. Maybe about 95. Thats the peak we got just after brexit, so probably in that region. Vonnie what are you anticipating out of Boris Johnson that might change the environment in the markets . Chris i suppose in the runup to whether he change the script on whether we leave on october 31. Does he change his tune in terms of saying it is feasible, but not committing to it as strenuously as he had done during the voting . I think that would be an interesting angle to look at what provides some brief reprieve for the pound. He says we are leaving one way or the other on october 31, the pound could fall. Vonnie so either Boris Johnson changes his tune, or he doesnt. Is there a trade there . Chris we were looking at the options market, which doesnt seem too concerned around that period of late october at the moment. Perhaps you could argue that ethics volatility is a bit too cheap that fx volatility is a bit too cheap there. Guy the president of the United States has become a fan of mario draghi. I joke a little bit, but hes not a fan of the room powell. Lets put this in the context of jerome powell. Lets put this in the context of the spread in the u. S. And europe. The spread between the two has come in priced significantly. If the dollar goes down, does the euro benefit from that . Are we going to see a stronger euro in the face of a weaker dollar . It sounds like we should, but in reality, will we . Chris the first point regarding Interest Rate spreads is certainly interesting. Up to 3 ere very wide, in certain parts of the yield curve. Theyve come in a lot. The first maybe 50 to 75, the dollar didnt react. You can say, that is still huge. That is important for things like hedging costs. If you go into your markets and 2 toebt, and you have pay away in hedging costs, you would leave that out exposed. But leave that unexposed. But if you drop closer to 150 basis points and you have donald trump trying to talk the dollar down or other currencies up, you might think twice about raising your hedge ratios and dollar exposure. In theory, it should look a better environment for eurodollar. Dollar swiss has sold off a lot. Youve got to think of the risk premium later in the year, which is the italy, the budget period, brexit, does trump extend the auto tariffs in europe. Guy the president is also very keen to put some shots across the bow with the chinese in terms of their currency and what they might ultimately do with it. Doing it again today. How easy would it be for the chinese, if they wanted to come at to get their currency through seven . What kind of reaction would you expect were that to happen . We talked about whether the chinese what ultimately end up weaponizing their currency. We could be getting to that point if plan b comes to bear. How easy would the president make that . Chris i think it would be counterproductive for the chinese to devalue their currency through seven. Obviously it benefits the exports side to but the cost of capitaland the risk of outflows, remember, this is a time weve had major progress in terms of chinese asset markets being included in major indices. The bloomberg aggregate, the msci. I think they wouldnt trade that off for a shortterm gain of 10 to 15 weakening in the currency. I think how they do that, the fixing is in a cyclical factor, which really dominates. I think they are controlling around the 69 area. Around the 6. 9 area. Guy we will leave it there. Nice to see you, chris. Our thanks to chris turner, head of fx strategy at ing. Vonnie remember, the function is gtv on the bloomberg. Browse all of the recent charts featured on bloomberg tv, catch up on key analysis, and save your favorites for future reference. That is gtv. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is the european close on bloomberg markets. Protesters have gathered in hong kongs Central Business district overnight to air their complaints before the g20 summit. Joining us with more from the scene, bloombergs david tweed. What was the message these protesters were specifically trying to send in this targeted protest . David targeted is the word. What we are seeing is a complete lead different sort of protest to the huge mass protests, 1,000,001 weekend, 2 million the following weekend one million million the 2 following weekend. We have a about 10,000 people covering this entire square and the streets around it. The protesters morphed into a message to the International Community. Instead of saying that the International Community is interfering in hong kong politics, which is what some local probeijing politicians contest, what the local population here trying to do is they are trying to reach out to the International Community so that their plight can be heard. It has moved on from this idea of getting rid of the controversial extradition bill, which the government tried to run through parliament, and really talked more about hong kongs freedoms and democracy. That is what we heard over and over again. At the end of the protest, there was a rousing song, do you hear the people sing . From les miserables. It was quite a moving event. After that, dissipation. You can see how clear and clean everything is now. No rubbish. It has all been taken home. It was a very targeted, wellorganized protest. Guy will it be discussed at the g20, what is happening in hong kong . David i think it is going to be difficult for xi jinping to not be asked if that was if this will be discussed at the g20. Beijing has said it is absolutely to do it is absolutely off of the agenda. They say that it is just to do with china, but hong kong looks at one country, two systems, the governing method that hong kong is supposed to have underneath its high degree of autonomy, and they want the International Community to go out there and say hong kong hasnt been promised the high degree of autonomy and democracy and universal suffrage it was supposed to have been promised when hong kong was handed back to the chinese 30 years ago. That is the message they want the International Community to ask and International Leaders to ask at the g20 this weekend. Vonnie david, thank you so much for that. That is bloombergs david tweed in hong kong. Guy we are heading towards the end of trading herein europe. The dax was up a little more earlier on. It has faded. The main story in the dax today being driven by the auto sector, which has been affected related to the trade narrative. The closes next. Thats the close is next. This is blue the close is next. This is bloomberg. Guy 30 seconds until the end of regular trading in europe. The earlier rally fading into the close. Much of europe gray. It should probably orange considering the heatwave Continental Europe is experiencing or possibly red hot. From a market point of view, the ftse 100 barely budging. The dax certainly fading. The cac 40 down. 2 . Been what we have seen coming from mr. Mnuchin and the president of the United States. This is where the action is worth paying attention to do give you an idea of the spread we are seeing. The grr function auto sector doing reasonably well. Earlier on up by more but it is the secondbest performing sector. That is why germany is doing better. Upward. Sets trading in aggregate, it is the autos doing well. Oil and gas trading up as well. Banks like deutsche bank, the secondbest performer. Basic resources rising as well. Feels more risk on from a sector point of view that it has for a wild. The expensive defenses are getting the attention they have been getting up last few sessions. The bottom end of the market, that is where they are. This tells you a lot about the flip we are seeing in terms of the market session. In terms of the headline level, absolutely flat. Real estate, health care, utilities, food and beverage. This is the classic defensive story in europe that has been trading so strongly of late. We see the real spread between them and what is happening with the cyclicals. Today that story is reverting. The section stories where the action is. Lets look at individual names. They are worth paying attention to. German the stock trading up. We were talking about this story with emma chandra. The elevator business. We also have brenntag, trading at the other end of the spectrum. There has been an allegation made they shipped temples to syria. Even the whif of impropriety, we still need to find the details, we still need to figure out what is going on. We do not want to point figures point fingers. Rent tank trading down nearly 4 . A little bit of a pop on the back of the details we brought you suggesting maybe h2o outflows are slowing. Natixis trading up 1 . That is look at the european close. Vonnie we start with crude oil because it is a supply story again. We saw inventories three times plus of a dropdown than the market was looking for and that caused crude oil to hold onto it aims despite the even higher earlier on actually. The dollar index is holding in around the 96 level. Plenty of currencies weaker, including the yen. Bitcoin may be an interesting one if you are involved or watching from the sidelines. 42 in the three days of this week alone. It is now trading close to 1300 per bitcoin. Lets move to stocks and see how they are faring. Up. 2 . And dow are. 75 . Sdaq up micron had a great day. Index up 3. 5 . General mills is the second worst performer in the s p 500. Events lows but still down though its newly acquired pet food business did better than expected, extremely well in fact. It sold traditional businesses do not do so well in General Mills will have to find some strategy around that. Guy lets turn to what is happening in india. Mike pompeo met with his Indian Counterpart where they stressed the strength of ties between these countries. Bloomberg has learned that india is offering incentives to attract Companies Moving to china amid the trade war with the United States. Joining us now for more is the executive producer of bloomberg in india. The trade narrative points us toward what is going on in india. The president talking about aggressive sanctions. Thatlks about the plan b can be put in place of the trade narrative does not develop in the way he wants. Walk me through how india will be responding. Walk us through how this new administration will take advantage of this. Thehat you are seeing, proposal to offer incentives to Companies Moving out of china is one indication of what the government is taking is thinking. You want to look at this in the larger context. Prime minister modi is death is [indiscernible] there is a jobs crisis in india and india is hoping it will kickstart the Manufacturing Sector, allowing tax holidays for companies that want to set up shop. Having said that, this is just a proposal state. The larger problem of what is going on with the indo u. S. Relations on one hand President Trump has been wanting india to be a big partner and a partner for security. He wants india to collaborate on fighting terrorism. On the other hand, india is one of those countries where the United States wants to reduce its trade deficit to the tune of 21 billion. What india wants out of this is to deescalate tensions, normalize the relationship , becomethe countries critical in normalizing relations before President Trump meets with Prime Minister modi at the g20. Vonnie there seems to be little progress in resolving any kind of dispute. How does the secretary visit help . There are two aspects. One is deescalation. Washington withdrew trade concessions from india. India retaliated and hiked toiffs on a slew of products a tune of about 200 million. The question is is this an aberration in this relationship or is there a fundamental divergence between relations with india and the United States . The Modi Government is opening is hoping it is the former. There is an opportunity for Prime Minister modi to work his charm with President Trump and see these trade issues are worked out immediately. It would not serve Prime Minister modis purpose to antagonize the United States on issues of trade when there is so much at stake. Indias economy is slowing down. Prime minister modi has begun the second term, he needs money and the United States therefore there is a lot more at stake for india than the United States. Guy you keep bringing up innings. World fancy india for the cup . Walk me through your cricket expectations. I put all my money on india winning the world cup. No two ways about it. Modi one on an unprecedented mandate. The cricket team will also win on an unprecedented mandate. Guy as an englishman, im slightly concerned. Thank you very much indeed. I fancy your chances more than ours. Thank you very much, indeed. Vonnie playing on sunday, as a matter of fact versus england. A. M. At 5 30 i am sure when we all get out it will still be going on. The first of democratic president ial debates start tonight. 10 president ial candidates will battle over who is best qualified to take on President Trump in 2020. Lets get a preview from Kevin Cirilli. Elizabeth warren will take center stage tonight. Will she be the person that comes away with the best pop from the debate . Kevin that is what senator warrens camp is hoping. She will face off against that orourke. She will have cory booker from new jersey on that stage. That is round one. Tomorrow night joe biden squares off against Bernie Sanders, the independent senator of vermont who caucuses with the democrats. There are a couple of policy issues well be keeping our eyes on. How will the democraticsocialist platform play on a debate stage . From a formatting perspective, it will be difficult for the 20 candidates to break out. They do not have opening remarks. They get 60 seconds to answer their question and a 32nd rebuttal if needed. At the end, they will need to make a closing remark. I spoke with linda and lawrence bell, they are in their 60s, retired, they travel 19 hours from texas in order to come here. But they areo still trying to see where they can land. Senator Elizabeth Warren has the policies, they like that she has been giving concrete policy examples. That is the chatter on the ground, but the candidates, not really the toptier candidates, it is the lower level candidates, someone like a , they or Pete Buttigieg have to try to prove themselves that they will be able to crack into the toptier. If they can do that, on friday morning, that is a win. Guy how does Elizabeth Warren make life difficult tonight for those will be debating tomorrow . She has a huge advantage. She is the only frontrunner in tonights debate. She has a huge opportunity to set the stage for tomorrow. Kevin precisely. If you look at her policy proposals, she has double down on her staffing in the key caucus state of iowa. The first caucus state of the election as well as New Hampshire and south carolina. She has also walked a tight political walk in terms of saying she does not define herself as a socialist. She once capitalism with rules. That sets her apart from senator sanders. When i talk to folks working person or warren, they say she is trying to position herself as a more tractable choice to someone like a senator sanders. On the flipside, she is also trying to contrast herself to former president joe biden. His time in the senate has come under scrutiny. Look for him to try to turn the page on that. The bottom line is is it is going to be difficult for 20 candidates to make their messaging point, especially when there are semipeople trying to do it. Vonnie what will be the theme that emerges from tonight in terms of policy platforms . Will the candidates responding Elizabeth Warren and her economic platform . Will Something Else emerge . When i talk to democratic sources in preparation for this debate, one of the things that is an openended question is will the candidates save their fire for each other by targeting President Trump . He just said publicly he has no choice but to be watching the democratic president ial debate. There is also the g20 summit in japan. Will be interesting to see if they go after each other. The donors will be watching to see who they can invest in that will be able to make it to the toptier. Some of these other folks are not even on the stage. Montana governor steve bullock, governor and a red state was not even able to qualify for the debate. A lot of moving parts. A historic event. I have to be honest. The folks that are here, they are very excited ticket got the 2020 cycle. Vonnie our thanks to Kevin Cirilli, bloombergs chief washington correspondent. Bloomberg will have reviews, analysis, and reaction to the first democratic president ial debate as well as tomorrow nights big event. Guy lets talk about where european markets are. We have faded into the close and the settlement is taking us lower. These are the closing prices. London down by a touch. The cac 40 trading down. 2 . The sector story showing us a little bit more of a risk on mentality today in European Equity markets. If you want to continue with the markets coverage, tune into the cable show. It is at the top of the hour or on dab Digital Radio in the london area and around the world on all of your bloomberg devices. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. On is the european close bloomberg markets. Lets catch up with the first word news with courtney donohoe. Courtney Companies Think they have found a way around the u. S. Blacklist of huawei. Micron and intel are among those shipping components to the Chinese Telecom makers. Theyre taking advantage of restrictions exceptions to the export restrictions. Theyre able to classify some of their technology as foreign made. In florida, two sheriffs deputies have been fired for an action in investigation into last year shooting at a high school. 17 people died in the attack at Marjory Stoneman douglas high. Two other deputies were fired for neglect of duty. And how that is the heat wave in europe . Theynough that in germany have imposed speed restrictions on parts of the audubon. The fear is that these High Temperatures could create dangerous cracks. Germany broke its record for june with a High Temperature of more than 101 degrees. Southern france could hit 113 degrees fahrenheit by friday. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am courtney donohoe. This is bloomberg. Vonnie thank you. Time for our stock of the hour. Mike braun is the best performer in the s p 500 today. Sert death micron is the best performer in the s p 500 today. This after thirdquarter results be expectations. This is all about huawei, right . Kailey the huawei story is very important. That makes up about 13 of the revenue. They beat on sales and earnings in the quarter, earnings per share at a dollar and five cents versus the street consensus, . 78. The company thing the resume shipments to huawei disco years ago. Twong a subset to huawei years ago. They found a way that is creating a lot of optimism. The sox index up 3. 5 and nvidia and amd are all up 3. 5 or higher. Seeing a rally in semis. Guy this in spite of the fact that the guidance came in a little light. Walk us through that. Kailey fourthquarter guidance did miss expectations and the street took notice of it. It is a demand picture going forward. Rand prices have been tapering off, usually micron tracks those closely. The question being does that signal prices are bottoming and there is a divergence going on . On the street there is a split to what the narrative is. You have the likes of riley saying micron was the first to warn of the drop that was going to come in prices and that lends credibility to what micron is saying now that things are turning. On the other hand you have Morgan Stanley saying no, supply and demand is very different than what micron is saying. When you look at the inventory levels, that remains an open question. Whether the demand picture is looking up in the longer term. Investors saying today that the results from micron lend support to the idea that things will go up. Vonnie thank you. Micron is our stock of the hour. Thanks to kailey leinz. Time for our latest Bloomberg Business flash. The European Union has launched an antitrust investigation into broadcoms sales tactics for tv box ships. The European Company says the European Union says the makers may be forced to buy the chips exclusively from the company. Broadcom says the concerns are without merit. Elon musk says tesla could be on the verge of a quarterly record for deliveries. Employees a memo to saying they will have to go all out. Buyers may be voted motivated by a that is your latest Bloomberg Business flash. Time. T is that it is nearly that time. Up next, our global battle of the charts. This is bloomberg. Guy 53 minutes past the hour. That means it is climb that means it is time for your global battle the charts. You can find these charts on bloomberg if you run gtv. Eric balchunas here to kick things off. Eric the number one best performing long on the etf is tan, the solar energy etf. Not anyone even that close. That is a bomb of a return. The careful performance chasing this thing. This has a habit of giving it back the next year. I am all enough to remember 2013 when this thing was up 104 . Then it went up 50 in 2016 only to give up 26 . It is down 85 since it came out. The reason it is so volatile is it because it is such a pure play on the industry. Do you need a stomach to take all of this volatility, which means you need a high commitment to the story. Guy tan. Great name as well. Past performance not a useful guide to future performance. Vonnie lets talk about battlers, in which case it is a useful guide. I am looking at chinas interbank lending rates, and all sorts of other lending rates. Remember last month, at that point hibor started to go down below 1 . Interbank, the rate is declining and is looking up and rosie. If you are a nonbank Financial Brokerage or something the shadow banking sector, you can be paying as much is 8 and this is amid lingering credit and Liquidity Risk and obviously the fears in the marketplace. Rate isright that 8 according to a market participant. Guy i will give it to vonnie quinn because the banking story is one we are not talking about enough. It is worth paying attention to. I think theres a trainer tim story. A lot,ed about huawei what about the chinese banking sector. Tan is a pretty good one as well. Vonnie quinn is our winner. Past performance a useful guide to future performance. Remember you can get more on the etf story. Etf iq is coming up on Bloomberg Television with Eric Balchunas at 1 00 in new york and 6 00 here in london. What else do we have coming up . Balance of power with david westin. He will be joined by former Obama Administration economist Austan Goolsbee to talk about the democratic president ial debate and the latest rhetoric from the fed and about the fed from President Trump. A quick look at where the markets are. This is the picture we find ourselves with as we approach the g20 and the end of the first half. 601. Ow average 26 the s p up today. 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. On the brink today, Kevin Cirilli from miami on the president ial debate tonight. From washington, anna edgerson on the upcoming g20 meeting, and from Hong Kong David tweed on new demonstrations. Kevin, down to sunny miami. What can we expect tonight . Kevin two nights. First round, sender Elizabeth Warren takes the central stage as does cory booker and beto orourke from texas and Amy Klobuchar but they have their work cut out for them because tomorrow night is joe biden versus Bernie Sanders and a host of other candidates as well. The thing i will be keeping my eye on his trade policy. How will the candidates try to differentiate themselves on issues of trade . The populistea