The offshore renminbi is trading at 7. 1704 right now, so another significant weakening. The 10 year yield in the u. S. , 1. 47 . It got as low as 1. 45 earlier in the session. The vix above 20 today. Lets get back to brexit. Prime minister Boris Johnson striking a storm of controversy with a plane to suspend parliament for five weeks. The queen has approved the suspension. Labour Party Leader Jeremy Corbyn is vowing to fight the move. When parliament does meet on his timetable next week, the first thing we will do is attempt legislation to prevent what he is doing. Secondly, we will challenge him with a motion of confidence at some point. Vonnie joining us from london is bloombergs jess shenkman. It seems like he has a lot of negative things to say, but never really has too many positive alternatives to put out there. But hes not the only one in this case. The speaker is calling this, and im quoting, a constitutional outrage. What is the likelihood that this gets stopped . Reporter youre are absolutely right, theres a lot of people calling this a constitutional outrage, but the real question is what is anyone going to do about it. In many ways, the moves Boris Johnson has made today is forcing the issue. Hes kind of saying to Jeremy Corbyn, even though he is saying this is nothing to do with brexit, it clearly is. He is saying if you are going to try and stop me somehow, you have to do it next week. So Jeremy Corbyn, as we heard there, is saying that as soon as they come back from recess tuesday or wednesday, we can expect to see some movement from him, and preferences to use some kind of legislative approach. Thats probably taking control of the order paper like they did earlier this year to try and stop the government having control of the legislation so that the majority who oppose no deal can try to prevent it. Vonnie right. It denies them time to pass legislation, essentially. What would the sixweek period be used for . Jess when they are not sitting . Vonnie exactly. And some of corbyn the other mps have even talked about setting up their own parliament in another building and continuing to hold it elsewhere, such as the extent to which they see this to be an antidemocratic move. Vonnie it is very difficult to see that happening. Assuming parliament does get suspended and that goes ahead, what will europe do . We spoke with the deputy Prime Minister for ireland Simon Coveney a little while ago. Heres what he had to say about the whole thing. Y now we have a government that seems to be sibley wiping the slate clean with ireland on the commence theyve made. We can never sign an agreement with with the commitments theyve made. We can never sign an agreement with that approach. Minister andrime the British Parliament must allow that to happen. Vonnie obviously the backstop question is still the door stopper question. How does a no deal brexit get renege on whatever its agreed to in terms of the irish backstop . Jess if you do see this move as a negotiating tactic both to force Jeremy Corbyn or rep. Tories intor rebel that position, it is also to show the eu they shouldnt wait to see what will happen in the u. K. Parliament, trying to show those officials in brussels that Boris Johnsons government is deadly serious about crashing the government out of the eu on october 31, and his own words, do or die. Vonnie how much of a premium is in the pound right now for a no deal brexit . Jess what we saw earlier was it slump on the back of the news. Its a bit of a cliche, but it was a bombshell this morning. Not many people at all were expecting this, and then it did climb up again slightly as the market started to adjust. Vonnie thank you. Jessng coleman shankleman there. We are joined by ben ritchie, seniorn Asset Management investment manager of u. K. And european equities. This was a bit of a development. This makes a no deal brexit a little more likely, does it . Ben i think it makes an outcome more likely. Depending on how this goes, it is much more likely to either trigger a general election or a no deal brexit. I think if we were hoping there may be some middle ground established over the next couple of months, this makes that less likely. It is certainly going to bring to a head some kind of noconfidence vote, and if that passes, some kind of election within the next couple of months. So i think it is ultimately bringing things forward in terms of what we might expect for the outcome. Vonnie how are you gaming this out at aberdeen standard . Is it more likely that we get a vote of noconfidence and general election, or that Boris Johnson gets support for a no deal brexit . Ben overall, we consider it to be fairly finely balanced in terms of the outcome. These are reasonable group centage a reasonable percentage outcome that we could see a no deal brexit, and some kind of election. I think the general view we have been taking in our portfolio is to try and be relatively neutral in terms of our outcome. It could go either way. Its been very difficult to predict exactly what would happen. Thats been the cased not just over the last month, but the last couple of years. If you are not sure whats going to happen and you dont really have any insight, trying to develop neutral position makes quite a lot of sense. Vonnie does that mean staying out of the u. K. Entirely . Does it mean holding cash . Ben what i think it means within our u. K. Exposure being relatively balanced, within our u. K. Focused portfolios, making sure we do also have a fairly healthy percentage of overseas exposure that would benefit from a weaker sterling. I think positioning ourselves so if we did see an agreement over the next couple of months, the bounce we would expect to see in domestic stocks would benefit us to some degree, but if we see more gold outcomes, that exposure to overseas positioning helping us in that regard. It is really about being balanced in our overall position. Vonnie just give me more detail on what you mean by balanced when it comes to the u. K. How can you be balanced . Ben well, its a great question, but if you thing about the fact that if brexit goes ahead on negative terms, the domestic exposed companies are likely to underperform quite significant like. On the other hand, in that same environment, as we saw in 2016 and as we seen in bouts of risk off mentality towards brexit, those with overseeing revenues and if it went sterling overseas revenues benefit when sterling falls. We reverse would be true if do see a more modest outcome as well. Again, it is being in a position where neither of those outcomes is going to seriously negatively affect your portfolio overall portfolio overall. Vonnie if there is to be a no deal brexit or general election, where does the pound go in either scenario . Ben again, i think certainly, if we were to see a general election, i expect it would weaken. Im not entirely sure how markets would take it, but the prospect of a Jeremy Corbyn government would perhaps be seen as an even worse outcome by market is up and. If we were to see significant in that ability, we would see a weaker sterling, which would lead to a more risk off position from investors. We havent seen a lot of polling data. We also dont know exactly what happens with the brexit party and so forth. But if we were to see a general election called, that would be an overall negative for sterling. Vonnie in terms of what you are holding in your european portfolios, do you consider brexit to be more relevant, more pertinent to narratives around those, or Something Else entirely, such as the italian elections . Ben i think its really part of a wider context. We live in a world of increased populism and Political Risk over the last three or four years. Even since the euro zone crisis, we have seen that elevated level of Political Risk investing in europe, and we have positioned portfolios to be relatively through cycle and all weather. We are quite cautious in our positioning towards that, but that is not necessarily sparked by brexit or the italian elections. We want to be in a position where the companies we invest in profit in most environments. Moreover rate in this companies that have more of their own destiny in their own hands, such as pharmaceuticals, consumer staples, and so forth. Not an exciting set of positioning, but a sensible set of positioning for what remains an uncertain outcome in elements of volatility from time to time. Vonnie you are head of european equities. How often do you take a look at eaded . Yields are h does it make you think differently about where you invest stock wise . Ben over my career, there are certain numbers which people pay an inordinate amount of attention to. I remember these levels back during the financial crisis and during the euro zone crisis, we all became intimately acquitted and the bond yields on italian and portuguese debt at that time. Today the market is looking at international yield levels, especially in sovereigns across the u. S. Generally speaking, it is the Credit Investors that tend to be taking a more cautious and prudent approach. They tend to be a better lead indicator than many other things in equity markets. Right now it says to me that we should adopt a more conservative positioning because it investors are prepared to take a return of three basis points on 10 year spanish bonds, that probably suggest their outlook elsewhere is relatively cautious. Vonnie ben is sticking with us. We have a lot more to talk about, including his thoughts on the u. S. As well aberdeens head of u. K. And european equities. The s p 500 is muted in its games, up about 1 4 of a percentage point. The nasdaq has erased all of its games. It was higher by a couple of tenths earlier on, now back to just about flat. This is bloomberg. Vonnie live from new york, im vonnie quinn. This is the european close on bloomberg markets. Lets get a check on the first word news with riddick a group gupta. Ith ritika racing toerto rico is be hit by Tropical Storm dorian, likely to become a hurricane after hitting puertotethe southeastern u. S. This weekend. In the u. K. , it appears in italy, it appears the new government will be headed by current Prime Minister giuseppe conte. The five star party and democrats are heading for a deal that would form a coalition after days of negotiations. Airstrikes came after insurgents launched counter attacks on the edges of it lip in syria of it live of idlib in syria. 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. Urnalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Vonnie lets get a check markets now was taylor riggs. Taylor mostly green on the screen, trying to lock in some of those gains. Leade seeing the russell the gains today. Flip up the board. I want to take a look at crude as well. Energy stocks rising along with it. If we flip up the board, i have some winners and losers. Higher on a slowing Revenue Growth story. Autodesk, you and i will talk about this later on this hour, but autodesk analysts are pretty worried about the macro case with this company, that seems to have made a turn for the worse. Finally, it is all about the twostens for me today. You seem sort of a rally in yields on the long end, and that means we are still inverted by about four basis points. This is the fifth straight day of inversion, something certainly that jay powell continues to look at. Vonnie thank you. Still with us, ben ritchie aberdeen standard investment head of european equities. I want to ask you about the politicization of the central banking question. We have several bloomberg opinions today following bill dudleys opinion piece yesterday we also trump have one talking about how a central bank can exist, and President Trump tweets a few minutes ago saying, are Federal Reserve cannot mentally keep up with the competition. Other countries at the g7 in france, all the other leaders were giddy about how low their interest costs have gone. Germany is actually getting paid to borrow money. Fed. How have your fonts evolved on this . How have your fonts evolved on this . It is becoming a real debate. Does anything change central banking was . Ben i think it breeze central banking wise. Ben i thing it brings the political element to play. Even if it is something in the periphery, clearly i dont think be Federal Reserve is necessarily taking the chance to advise on a daytoday basis, bun issue for them to consider. I think he singlehandedly has managed to turn the conversation to rate cuts at a time when perhaps the traditional data metrics would suggest other policy measures are more appropriate. Vonnie what do you went dissipate the ecb will do at its next meeting . Ben i think the general anticipation is we will see some kind of easing, whether that is a cut of Interest Rates or an extension of qe. But i think the central bank in europe has, perhaps in reverse to donald trump, been making it fairly clear it expects more action from government. It wants to see more fiscal support for the european economy. While it will do its part in terms of monetary policy, it needs to see that that. I thing mario draghi has been pretty clear about that, and im sure Christine Lagarde will continue to make that case in the future as well. In a way, it is almost the inverse of what we are seeing in the u. S. , where the fiscal theort has been there for u. S. Government, but the cutter approach for monetary policy. Vonnie ben, thank you for joining us today and being so generous with your time. Aberdeenen ritchie, head of u. S. Equities. The familyma and that controls it has made an 11. 2 billion offer to declare settle alland opioidrelated cases. For the latest on all of this, lets bring in Bloomberg Pharma reporter Cynthia Koons. Offermily have made this of purdue for 11. 5 billion worth of settlement. Does yesterdays Johnson Johnson finding change anything about this offer . Cynthia they sort of tell two different stories. What j j did in oklahoma is decide to take their case to trial. While it was a good day in the market, concerns that had could have been worse, it spoke to the idea that it might be better to settle. The companies that had settled prior didnt have to pay nearly as much money. It comes a day later that purdue decides we are going to go forward with the settlement and offer something where we do this kind of controlled bankruptcy, and the money goes to settle this case. They decide to put in some of their own cash, probably to get it across the line, and speaks to probably what we would have expected. They may be picked up the pace because of what happened with j j, but it certainly shows that the direction is going to move in the winds of settlement. 11. 5e what would an billion dollars settlement be in context . Is it a large settlement . How many cases, states and people are we talking about . Cynthia we are talking about 2000 cases that puts a lot of this to rest. For purdue, filing bankruptcy would really put it to rest because the proceeds would go to this major case, whose trial date is coming up in october. Where the other companies in this not inclined to settle, they are coming up to the trial phase. It is very substantial. I think the market is trying to figure out what this means for the companies that are left because the big question now is, if purdue exits, does that mean a bigger settlement are going to be extracted from the companies that are left, particularly like j j that are in a better financial position and could withstand a bigger number . Vonnie what happens to purdue if it does declare bankruptcy . Cynthia this is a case where it is put in a sort of public trust, in essence, and the money in the selloff in the wind down all goes towards this settlement , and that is how the company is sort of wound down. Perhaps the remaining entity i dont actually know how it would operate. I think some of those details will be worked out. That areell drugs used. We have lost the fact that opioids are some of the best painkillers just from a strict painkiller perspective, used in hospitals and some procedures in a controlled fashion. There is still a market for opioids, but clearly not to the size and scope of what was happening when it was growing astronomically, so on and so forth. Vonnie we will continue to keep our eye closely on this story. That is Cynthia Koons for us. This is bloomberg. Vonnie take a look at where european markets are trading as we had to the close. We are lower for all but the ftse 100, which is picking up steam now. The ftse 100 up on most half of 1 . The cac 40 down about 3 10 of 1 . We will see where things settle in a few minutes. Just a couple of minutes of trading left in the european session. This is the european close on bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Vonnie stocks finishing up the day in european trading. It has been a mixed session. The ftse 100 on a weaker pound is rising half a percent and the ranger the major indices on continental europe, cac 40 and the dax both down. Upre you have the ftse 100. 6 . The cac 40 down. 25 and the ftse mib has been winding its way toward positive territory as talks continue in italy. The democratic leader backing conde as Prime Minister. That is the latest update from talks around the establishment of a new government in italy. The stoxx 600 down fractionally, just more than. 1 . Broke 1 10year earlier on. The money flowing into the italian bond market and bdp yields less and less as time goes on. We see the weakening in the pound. Brent crude higher. Higher off the back of inventories. He dow is up. 75 the s p 500 up. 6 . Earnings stories and Energy Companies doing well off the back of those Inventory Data we saw. Simmer x energy is the best performer in the s p 500. In italy it does appear a new government could be headed by conde. The fivestar movement and the centerleft emigrants could be headed for a deal. For the latest we are joined by maria tadeo from rome. Bring us up to the moment. It seems like every few minutes things change and we get new headlines. Maria they do. Seem we are entering the final hours of a very difficult negotiation. Pd and the five stars are the parties that have come together to form a new majority. Agree that conde should stay on as Prime Minister. President trump says he would stay in office. The problem seems to be the other cabinet posts. There is disagreement. These are different factions that traded insults. The coalition looks shaky from the start. The markets do like the coalition. It is likely we will avoid a snap election. Market says wee will see deescalation in the tensions that have played out between brussels and rome. They like this idea that conde stays on there is continuity but a willingness to Work Together between the two sides. Vonnie bonds rallying and the ftse mib rallying. How soon could this new government be put in place . Maria that is a good question because we know today is a hard deadline. The italian president has made it clear this is the final day. They need to come up with a clear proposal, a clear yes or no answer, otherwise the country will be headed to a snap election. Condeerstand that if the government were to take place he would be given a week to get a new cabinet in place and therefore there could be a government by the end of the week. Today, and this is what matters, it is the final day. They have to make a decision before the end of today. Headline from from beresnty coni. He has asked the italian president for elections. How likely is this or is this a distraction . Maria at this point it looks unlikely because brzeski only if you get the pd and the fivestar coming together, they do have a working government. Berulsconi is making a good point. This is a government that will be shaky from day one. This is a government made up of two factions that are political enemies. They will have to make difficult decisions before the end of the year. There is already a planned hike for 2020. They need to come up with something to avoid the hike. It does look like this will not be an easy start for the new majority. Vonnie why would this particular combination work when others havent . Maria also a very good question. On the ground what i hear is the glue that binds them together is the fact that they want to keep salvini out of office. This is the only thing that brought them together and could keep them together. They do not want to go into an early election because the polling numbers do not look good and they want to block salvini from being the next Prime Minister. This is why everything has gone wrong for salvini. It lookslling 40 , now like he will go home emptyhanded. He did not think the two could come together to an agreement, but the fact that they want to keep him out has brought them together in away just a month ago we would have said was impossible. Vonnie that is maria tadeo in rome. Now, with everyone from scientists to students marking the 150th anniversary of the periodic table, those elements are more important than ever. It is the subject of a double issue of Bloomberg Businessweek. ,ere with more is peter coy Bloomberg Businessweek economic editor. Apart from it being the 150th anniversary of the table, why does this merit a whole special issue . Peter people do not associate businessweek with chemistry in general. As we delve into it, it became so obvious that matter still matters, to come to the bottom line. The elements are what things are made of. We are constantly talking in our articles about silicon, carbon, phosphorus, uranium, on and on. More than 100 elements. Almost all of them have some use. We are finding new uses all of the time. Some of these are related to china. Some of these are elements we can only get from other countries, right . Peter you are probably referring to rare elements. There are 17 of them used in hightech stuff. And new kinds of wind turbines, lasers, they are a very important. They are not as rare as the word implies, but they are scarce in the u. S. More than 80 of u. S. Production comes from china. Ores. S. Sends rare earth to china for processing before they come back here. Havehat china and the u. S. Much more of a confrontational relationship, this has become a problem for the u. S. , and the Trump Administration has oubled efforts to rotate to locate more processing in the united states. Vonnie the story and Bloomberg Businessweek is extraordinary. It is phenomenal. You go through all of the reasons why you might want to talk about boron. Give us a reason. Peter boron is a funny one because in the 1950s, business week ran a cover story about boron with predictions. We have a long history of caring about the periodic table. The editor on this project, just did an amazing job. This is not a dutiful read like an encyclopedia. The writersy issue together some fascinating details of unexpected usage. Vonnie are all of these elements good . Are some of them bad . It all dependsr on how much or what form they are. Sodium and chlorine separately are dangerous. Chlorine gas was a killer in world war i. Sodium burns in contact with their. But sodium and chlorine together and you have table salt. The periodic table is fascinating. Another example is cobalt. Cobalt in large quantities is a poison. It is part of vitamin d 12, which is in our body. Vonnie is phenomenal. Uses but has fantastic to be of huge detriment to the environment. Peter carbon is a fundamental of human life. We cannot live without it, and yet as we know Carbon Dioxide is a Greenhouse Gas and is damaging the atmosphere. We delve into all of these issues in this amazing double issue, which i am happy with. Vonnie i cannot wait to dive in further and see what each unit of each element is called and how much per unit you can buy these for. Im sure it is phenomenal. I am looking at the online i am looking at the online version. The director just pointed out that your tie is the periodic table. Peter that is correct. Vonnie they will be calling you walter white if youre not careful. That is not walter white, it is peter coy, Bloomberg Businessweek economic editor. Check out the double issue of Bloomberg Businessweek. It is called why the periodic table matters more than ever. Lets check where european stocks have settled. We are looking at a ftse 100 in positive territory thanks to a weaker british pound, settling up. 33 . The dax in germany and the cac 40 both marginally lower, down. 25 for the dax. The cac 40 in paris also down about. 3 . The ftse mib is one to watch as we wait for news of italy. His pretty much flat. This is bloomberg. Vonnie live from new york, i am vonnie quinn. This is the european close on european on bloomberg markets. Lets check in with bloomberg first word news. Borishnson johnson is moving to make it easier to leave the eu. He has suspended parliament from september to october. Johnson says lawmakers will still have plenty of time to debate brexit legislation. A new paul shows a new poll shows all top five Democratic Candidates beating President Trump in a headtohead matchup. Joe biden leads the president 64 to 38. For the first time during the trump residency, more voters say the economy is getting worse rather than better. President trump has told aides he will pardon lawbreaking if necessary to get the border wall with mexico built before the election. That is according to the washington post. The post says the president has directed aides to fasttrack millions of dollars worth to the construction progress and they have also been told to aggressively seize private land and disregard environmental law. In hong kong, there are signs that the recent protests have residents thinking about leaving the city. Applicants for rose almost 14 in the first week of august. The cards certified are person does not have a criminal record and they are needed to apply for residency in another country. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. This is Bloomberg Vonnie . Thank you. Time for our stock of the hour. Shares of autodesk falling after they cut their revenue outlook. Taylor riggs has more. Taylor the macro case is getting worse. The company is calling it a prudent decision to cut therefore your revenue outlook, which sounds defensive. Something about the trade war macro environment is hitting the end of their fiscal 2020 year good they are looking at only 25 to 22 growth, which sounds good but it has been higher than that in recent quarters. Highlighting a lot of the macro and geopolitical uncertainties they are seeing. We have heard a lot from the street about the stocks this morning. You have the share price in te, the average analyts the average analyst estimate has been cut from a 180 2a170. Barclays saying the macro bear case is getting stronger. Analyst noting big slowdowns from china and germany. Then you are looking at a brexit scenario in the second half of the year. All of these events together are certainly hurting autodesk today. Vonnie within trade, there is a lot of questions. Whether one is whether it is hardware versus software. We are seeing a divergence. Taylor if you coming to my terminal at gtv , we talked a lot, i was speaking to art sell qualcomm, by salesforce. Hes out of hardware and by some of the software. You sell out of hardware and buy some of the software. Ever since trade started in march of 2018, youve seen a divergence and how some of the Software Companies have picked up momentum in outperforming the hardware names which are so headline involved. Autodesk specifically. We have a price chart showing all of the industries in which they are in. It is machinery, it is engineering, it is construction. A lot of headwinds for this company. Vonnie certainly providing the s p 500 with a headwind. Our thanks to taylor riggs for that stop of the hour. Time your latest Bloomberg Business flash. Concerns about Foreign Tourists spending persist. Tiffany has cited dramatically lower spending by International Travelers in the u. S. Over the past few quarters and warns that if the unrest in hong kong gets worse it could have an impact on results. That said, tiffany up 3. 7 . Citigroup has raised its minimum wage to 15 an hour. That came after House Financial ServicesCommittee ChairMaxine Waters product the firm to do so. Disclosed the decision directly to Maxine Waters. She asked if he would consider raising wage to 20 an hour. Qantas now barring some apple models from checked baggage. Singapore, have impose their own restrictions. Apple has recalled the laptops involved good toyota and suzuki are strengthening their alliance japans biggest automaker will acquire 5 of suzuki for about 907 million. Suzuki will send half of that amount for smaller holding in toyota. The companies also agreed to speed up elements of selfdriving car technology. That is your latest Bloomberg Business flash. Coming up, it is our global battle of the charts. This is bloomberg. Vonnie time for our global battle of the charts. You can see them on the bloomberg by running gtv. Kicking things off is ed ludlow. The monthly u. S. Light vehicle sales and ive chosen this part because car sales are the ultimate discretionary item. Consumers buy cars when times are good but they can hold off if they see conditions as worsening. It is important because we know prolonged weakness in auto sales is usually indicative that we are later in the economic cycle. You can see in the most recent period, this negative growth in u. S. Auto sales. I want to talk about this chart because it is something we have seen before. Go back to 1985. Here you can see a similar decline, but it did not follow that we had a recession straightaway. That was not the case. Go over to 1997. A down to similar to what we have seen in the most recent period, but no recession followed. Those were both midcycle. We are probably later in the cycle in this time but ive been talking to Bloomberg Economics and they say auto sales may have pete this cycle may have peaked this cycle but they do not see them falling further. Prices may be increasing because of trade wars, but think about the environment more broadly. We have lower Interest Rates that impact consumer borrowing, and acceleration in wages. Consumers are going for this more expensive sub model. I present this data are things as bad as they seem . We talked often about how important the consumers to the u. S. Economy. The question Going Forward is which direction is this chart going . On the one hand you have potential prolonged weakness, but a sharp decline would mean something different. Vonnie thank you very much. That was a beautiful presentation. That is ed ludlow in San Francisco. Now in new york we have eric balchunas. Eric sometimes they say a good defense is the best offense. That is what i am calling this chart. Im looking at three etfs, gold, long data treasuries, and the low volatility factor. All of them are in a real race to see you can be the best riskaverse place to put your money right now. Gold has taken this search and is up a lot but all of them are up way more than historical averages. This is a fascinating year because what we are seeing, especially after august, is it appears as though investors are dealing with trump in two ways. They are staying long stocks because they like market policies in the fed, but instead of selling stocks they are going long cold come along treasuries come along low volatility stocks. To me this is what to watch. Will these hang on or will we see a reversal back to that growth area we have tend to see rebound over and over . For now, this is incredible performance from the suppose it safe haven areas. Vonnie that is a fantastic chart, but there is a but coming good tell us. Are you going to tells more about this on your show, etf iq . Eric absolutely. Gold is a big topic today. Vonnie the winter, that said, is ed ludlow. Congratulations. Bed. Thumbs up from a wild celebration in San Francisco from ed. A wild celebration in San Francisco. Do remember to watch etf iq with eric balchunas. Coming up on balance of power with david westin, they will the iran, oil, china, and interesting day with all of the oil dynamics. 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 brief today, emma chandra from london on Prime Minister johnsons move to suspend parliament, and from london went deep and from washington wendy benjaminson. Again. Back to brexit my simple question is did Boris Johnson outmaneuvered his opponents by what he has done . Emma i do not think anyone was expecting this to happen today. There had been rumors that Boris Johnson was considering suspending the British Parliament in the runup to brexit and then today we heard he would be doing that and he has now had the queens to suspend parliament. Not long after mps returned from the summer break. It prevents parliament from sitting in the lineup