That it will have about 40 upside from here at jefferies. 1. 4 higher. We have norfolk southern, wynn resorts, plenty of stocks higher. The 10 year yield is at 1. 67 . It was twice subscribed, but only 30 billion of liquidity from the fed today. Down 1. 2 . Guy the big story out of europe today is the staggering loss the Prime Minister suffered here in the u. K. At the supreme court. Absolutely a battering for Boris Johnson, probably the worst of all outcomes. The Prime Minister says he will continue to deliver brexit on october 31, but it is becoming harder and harder by the day. The pound pricing some of the no deal risk out today, but not a lot of it. In fact, they reaction from the british pound really quite muted today. You can see the reaction when that came through from the supreme court. Weve climbed a little further since then, but nevertheless, is this a game changer . The sense from the financial markets, absolutely not. Lets take a look at some other asset classes. European stocks up a little bit, not up as much as in the states. We saw a very weak you for reading out of germany a very weak efo reading out of germany. Brent crude down by 1. 28 . Minister. K. Prime boris resisting calls to resign after the u. K. Supreme court ruled his suspension of parliament unlawful. He plans tosays return to london after addressing the you in general a simile. Joining us from outside the court with the latest is bloombergs Sebastian Salek. Indeed, johnson was vocal about his disagreement with the highest court in the u. K. Sebastian he was, but it begs the question, what are his options now . The ball is very much in the Prime Ministers court. He is forced to request an extension to article 50 after october 31. His whole pledge of becoming Prime Minister was to deliver brexit. He says this will happen at the end of october. Now we see mps going back to westminster tomorrow. The antino deal contingent will be very keen to continue to hold johnsons feet to the fire to make sure he cant wriggle out of this one. Weve seen some stunts from number 10. This prorogation is just one of them. Hes shown signs that he will stop at nothing to leave. Theres still no indication of a deal. Indeed, both signs are calling on the other to give some sort of compromise. The clock ticking towards eutober 17 and 18, the summit we have to have that deal by. Hes called for an election. Theyve already said no twice. The threshold his high. He needs a 2 3 majority to get that through. Campaigning is where he really thrives, but the options are looking pretty thin for Boris Johnson. Guy thanks very much indeed. Bloombergs Sebastian Salek joining us from outside the spring court. For more the supreme court. For more on brexit and the on the pound, we are joined by stephen gallo, bmo Capital Markets head of european fx strategy. What today make of means for the Foreign Exchange markets . What does it mean for sterling . Stephen i think what you have to do is look a little more closely at cable implied volatility, especially at the front end of the curve and intraday price action in spot affects. What you see when you look at vol suggests that most investors think this whole process continues to go nowhere. Call it paralysis if you like. Tos our a bit more bid up the threemonth part of the curve, but not hugely so. I think in spots, if youre looking at sterling in isolation , whether it is visavis the euro or the dollar, there is a risk that the momentum is with the topside for the time being because the pound has been trading on the cheapside, and people have generally been short, so there is a risk of more covering by those shorts, but by and large, i think i would go with the fx Options Market on this one. It is highly uncertain where this is going to lead. What we do know for certain is that the broader macroeconomic picture at the global level is still generally dollar supportive versus the major european currencies. Volatilityre those numbers telling you about the summit coming up on the 18th . Is that now the major event . Is that where the market expects the pinnacle of volatility to come from . Stephen yes, certainly some, but the degree to which think are fairly flat across the curve, it kind of signifies that paralysis will last for longer, so nothing will come on balance. Nothing will come out of the 18 meeting. Johnson will request an extension, this will carry on into 2020, and so on. Of course, if you are a Market Participant looking at it from the perspective of brussels, the situation in westminster gives brussels no incentive whatsoever to throw all of its cards down or offer any leeway on the Withdrawal Agreement or the backstop. So the flatness in the implied volatility suggests that the fx market thinks the paralysis continues well into 2020. Level, caution on one and that is the issue of the snap election in the u. K. I think Jeremy Corbyn is going to come under increasing pressure to whip in favor of new elections. They may be able to hold elections off until spring of next year, but we shouldnt underplay the risk that there are snap elections for the end of calendar year 2019. U. S. Is untreatable is untreatable is untr adeable right now, what is tradable . Stephen right now you wait. If you had to go short european currency against the dollar right now, the compelling what would be eurodollar. But the fact eurodollar is trading with a weak tone means eventually, cable will run out of steam on the topside and should respond to the broader economic fundamentals, which are generally dollar supportive. Lets not downplay what we saw in dollar funding markets last week. There is no direct link between shortages of dollars and funding markets in the spot market, and the spot value of the dollar, but it is another downside Global Growth risk. So i would argue that even if the fed eased much more aggressively than what is currently priced into the curve, you still dont have that layer or support for nondollar currencies that you would have given the structural factors and the cyclical factors downside that the Global Economy is faced with. Vonnie right. So given that, and i know you said it is not a concern broadly, but for the moment, stresses like that, do they make any currencies attractive to you, emerging markets or otherwise . Stephen no. I mean, if we have continued distress in dollar funding markets, you dont really want to be in em generally. The fed has arrested the situation. It has reanchored shortterm dollar rates for the time being, but it is not at the point where it has announced a standing repo facility and providing very longterm funding, so we could have a situation around monthend, quarter end, year these dollarre funding issues creep up. You dont want to be in em generally when that is the case. We could talk at length about this, and i dont have a lot of time right now. There are definitely pockets of em i like better than others. For instance, the russian ruble. But em broadly is a space you want to avoid if it looks like the fed hasnt yet fully arrested dollar funding pressure. Vonnie stephen, thank you. We will definitely get more thoughts from you on that at a certain point. That is stephen gallo, bmo Capital Markets head of european fx strategy. Lets get a check of the first word news with ritika gupta. A President Donald Trump says allegations he made inappropriate demands on a call with the leader of ukraine are untrue. The president called it a witch hunt. Pres. Trump i am leading in the polls. They have no idea how to stop me. The only thing they can think of is impeachment. This has never happened to a president before. It is nonsense. When you see the readout of the call, you will understand. bloomberg has learned President Trump ordered his acting chief of staff to delay sending 400 million in military aid to ukraine at least a week before he spoke to that countrys president. Itheldsaid today he w he withheld aid because European Countries were not contributing to its defense. Despite the sentiment gauge for the Current Situation rising slightly, a day after germanys manufacturing gauge pointed to an even deeper slump. The federal Aviation Administration is under fire yet again for its role in the 737 max controversy. According to a new report from a federal watchdog, the faa misled congress about a whistleblowers safetyions that many assessments were not qualified to certify pilots or assess pilot training. The faa calls the allegations misleading. 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. Gupta. Ika this is bloomberg. Vonnie . Vonnie all right. Thanks to ritika gupta. We are waiting for President Trump to speak at the unit a dacians very shortly at the United Nations very shortly. Jair bolsonaro has just finished his speech. It would be a very interesting backstage portion of events with President Trump, jair bolsonaro, russia fair to one and resident erdogan. President trump is approaching the podium. Lets listen in. Pres. Trump mr. Secretary general, distinguished delegates, ambassadors, and World Leaders, seven decades of history have passed through this hall in all of the richness and drama. Where i stand, the world has heard from president s and premiers at the height of the cold war. We have seen the foundation of nations. Ofhave seen the ringleaders revolution. We have beheld saints who inspired us with hope, rebels who stirred us with passion, and heroes who embolden us with to shareall here plans, proposals, visions, and ideas on the worlds biggest stage. Those who met us before, our time is one of great greatts, contests, highstakes, and clear choices. The essential divide that runs all around the world and throughout history is once again thrown into stark relief. It is the divide between those whose thirst for control deludes them into thinking they are destined to rule over others and those people and nations who want only to rule themselves. I have the immense privilege of addressing you today as the elected leader of a nation that prizes liberty, independence, and selfgovernment above all. The United States, after having spent over two and a half trillion dollars over 2. 5 trillion dollars since my election to completely rebuild our great military, as also by far the worlds most powerful nation. Hopefully it will never have to use this power. Worldans know that in a where others seek conquest and domination, our nation must be andng in wealth, ian might, might, and itin spirit. That is why the United States defends the traditions and customs that have made us who we are. Like my beloved country, each nation represented in this hall has a cherished history, culture , and heritage that is worth defending and celebrating, and which gives us our singular potential and strength. The free world must embrace its national foundations. It must not attempt to erase them or replace them. And all over this large, magnificent planet, the truth is plain to see. If you want freedom, take pride in your country. If you want democracy, hold on to your sovereignty. And if you want peace, love your nation. Wise leaders always put the good of their own people and their own country first. The future does not belong to globalists. The future belongs to patriots. The future belongs to sovereign and independent nations who protect their citizens, respect their neighbors, and honor the differences that make each Country Special and unique. We in the United States have embarked on an Exciting Program of National Renewal. , we arething we do focused on empowering the dreams and aspirations of our citizens. Thanks to our progrowth economic policies, our domestic Unemployment Rate reached its lowest level in over half a century. Fueled by massive tax cuts and regulations cuts, jobs are being produced at a historic rate. 6 million americans have been lsded to the employment rol in under three years. Africanamerican, hispanic american, and Asian American unemployment reached their lowest rates ever recorded. Nationsrshaling our vast energy abundance, and the United States is now the number one producer of oil and natural gas anywhere in the world. Wages are rising, incomes are soaring, and 2. 5 million americans has been lifted out of poverty in less than three years. As we rebuild the unrivaled might of the american military, we are also revitalizing our alliances by making it very clear that all of our partners are expected to pay their fair share of the tremendous defense burden which the United States has borne in the past. At the center of our vision for National Renewal is an Ambitious Campaign to reform international trade. For decades, the International Trading system has been easily exploited by nations acting in very bad faith, as jobs were small handful grew wealthy at the expense of the middle class. Fourerica, the result was point 2 million lost manufacturing jobs and 15 million lostas 4. 2 manufacturing jobs and 15 trillion lost. The United States is now taking Decisive Action to in this grave economic. This grave injustice we want balanced trade that is both fair and reciprocal. We have worked closely with partners in mexico and canada to replace nafta with the brandnew and hopefully bipartisan u. S. Mexicocanada agreement. Tomorrow i will join Prime Minister abe of japan to continue our progress in finalizing a terrific new trade deal. As the United Kingdom makes preparations to exit the european union, i have made clear that we stand ready to complete an exceptional new trade agreement with the u. K. That will bring tremendous benefits to both of our countries. We are working closely with Prime MinisterBoris Johnson on a magnificent new trade deal. The most important difference in americas new approach on trade concerns our relationship with china. China was admitted to the wto. Our leaders then argued that this decision would compel china to liberalize its economy and strengthen protections to provide things that were acceptable to us, and for private property, and for the rule of law. This theorylater, has been tested and proven completely wrong. Not only has china declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property, and also trade secrets on a grand scale. Example, i recently met the ceo of a terrific american company, micron technology, at the white house. Chips produces memory used in countless electronics. To advance the Chinese Governments fiveyear economic plan, a Company Owned by the Chinese State allegedly stole microns designs, valued at up to 8. 7 billion. Soon the Chinese Company obtains patents for nearly an identical product, and micron was banned from selling its own goods in china. But we are seeking justice. The United States lost 60,000 entereds after china the wto. This is happening to other countries all over the globe. Change. Needs drastic the second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at others expense. For years, these abuses were tolerated, ignored, or even encouraged. Globalism exerted a religious leaders,pass causing them to ignore their own National Interests come about as far as america is concerned, those days are over interests, but as far as america is concerned, those days are over. I placed massive tariffs on over 500 billion worth of chinese made goods. Already, as a result of these tariffs, supply chains are relocating back to america and to other nations, and billions of dollars are being paid to our treasury. People aren absolutely committed to restoring balance to our relationship with china. Hopefully we can reach an agreement that would be ,eneficial for both countries but as i have made very clear, i will not accept a bad deal for the american people. As we endeavor to stabilize our relationship, we are also carefully monitoring the situation in hong kong. The world fully expects that the Chinese Government will honor its binding treaty made with the british and registered with the United Nations, in which china covets to protect hong kongs freedom in which china commits to protect hong kongs freedom and ways of life. How china chooses to handle the situation will say a great deal about its role in the world in the future. We are all counting on president xi as a great leader. The United States does not seek conflict with any other nation. Cooperation,ce, and mutual gain with all. Defendill never fail to americas interests. One of the greatest security threats facing peaceloving nations today defend americas is the repressive regime in iran. The regimes record of death and destruction is well known to us known to us all. Not only is iran the worlds number one state sponsor of terrorism, but irans leaders are fueling the tragic wars in yemen. Ria and yemen. At the same time, the regime is squandering the nations wealth and future in a fanatical quest for Nuclear Weapons and the means to deliver them. We must never allow this to happen. To stop irans path to Nuclear Weapons and missiles, i was through the United States from the terrible Iran Nuclear Deal i withdrew the United States from the terrible Iran Nuclear Deal, which has very little time remaining. It did not allow inspection of important sites, and did not cover ballistic missiles. Following our withdrawal, we had, lamented we have and limited severe economic sanctions we have implemented severe economic sanctions in the country. The regime has escalated its violent and unprovoked aggression. In response to irans recent attack on saudi arabia and oil facilities, we just imposed the highest level of sanctions on Irans Central Bank and sovereign wealth fund. All nations have a duty to act. No responsible government should subsidize irans bloodlust. Menacings irans behavior continues, sanctions will not be lifted. They will be tightened. Turnedleaders will have a proud nation into just another happensry tale of what when a ruling class abandons its people and embarks on a crusade for personal power and riches. For 40 years, the world has astened to irans rulers they lash out at everyone else for the problems they alone have created. Chance ofct ritual death to america ritual cha death toual chants of demonstrate antisemitism. America will never tolerate such antisemitic hate. Fanatics have long used hatred of israel to distract from their own failures. Thankfully, there is a growing recognition in the wider middle east that the countries of the region share common interest in battling extremism and unleashing economic opportunity. That is why it is so important to have full, normalized relations between israel and its neighbors. Only a relationship built on common interest, mutual respect, and religious tolerance can forge a better future. Irans citizens deserve a government that cares about reducing poverty, ending corruption, and increasing jobs, not stealing their money to fund and massacre abroad and at home. Failure, itates of is time for irans after four decades of failure, it is time for irans leaders to step forward, stop threatening other countries, and focus on building up their own country. It is time for irans leaders to finally put the iranian people first. America is ready to embrace friendship with all who genuinely seek peace and respect. Many of americas closest friends today were once our greatest foes. The United States has never believed in permanent enemies. We want partners, not adversaries. America knows that while anyone can make war, only the most courageous can choose peace. For this same reason, we have pursued bold diplomacy on the korean peninsula. Moon id kim girl have told kim jongun what i truly believe, that like iran, his country is full of tremendous untapped potential, but to realize that promise, north korea must denuclearize. Around the world, our message is clear. Lasting. Goal is americas goal is harmony. Americas goal is not to go with these endless wars, wars that never end. With that goal in mind, my administration is also pursuing the hope of a Brighter Future in afghanistan. Unfortunately, the taliban has chosen to continue their savage attacks. We will continue to work with our coalition of afghan partners to stamp out terrorism, and we will never stop working to make peace a reality. Here in the western hemisphere, we are joining with our partners to ensure stability and opportunity all across the , one ofand that mission our most critical challenges is illegal immigration, which undermines prosperity, rips apart societies, and empowers ruthless criminal cartels, mass illegal migration criminal cartels. Mass illegal migration is unfair, unsafe, and unsustainable. The countries become depleted very fast, but the youth is not taken care of, and Human Capital goes to waste. The receiving countries are overburdened with more migrants than they can responsibly accept , and the migrants themselves are exploited, assaulted, and abused by vicious coyotes. Nearly 1 3 of women who make the journey north to our border are sexually assaulted along the way , yet here in the United States and around the world, there is a growing Cottage Industry of radical activists and nongovernmental organizations that promote human smuggling. These groups encourage illegal erasuren and demand the of national borders. Today i have a message for those open border activists who cloak themselves in the rhetoric of social justice. Your policies are not just. Your policies are cruel and evil. You are empowering criminal organizations that pray on innocent men, women and children that prey on innocent men, women and children. You put your false sense of virtue ahead of the wellbeing of countless innocent people. When you undermine border security, you are undermining human rights and human dignity. Many of the countries here today are coping with the challenges of uncontrolled migration. Each of you has the absolute right to protect your borders, and so of course does our country. Today we must resolve to Work Together to end human smuggling, endhuman smuggling, human trafficking, and put these criminal networks out of business for good. For our country, i can tell you sincerely your working closely with our friends in the region, including mexico, canada, guatemala, honduras, el salvador, and panama, to uphold the integrity of borders and ensure safety and prosperity for our people. I would like to thank president Lopez Obrador of mexico for the great cooperation we are receiving, and for right now putting 27,000 troops on our southern border. Mexico is showing us great respect, and i respect them in return. , we have taken very unprecedented action to stop the flow of illegal immigration. To anyone conducting crossings of our border illegally, please hear these words. Do not pay the smugglers. Do not pay the coyotes. Do not put yourself in danger. Do not put your children in danger. If you make it here, you will not be allowed in. You will be promptly returned home. You will not be released into long as i ams president of the United States. We will enforce our laws and protect our borders. For all of the countries of the western hemisphere, our goal is to help people invest in the Bright Futures of their own nation. Our region is full of such incredible promise, dreams waiting to be built, and national destinies for all. Also to beiting pursued. Throughout the hemisphere, there are millions of patriotic young people eager to build, innovate, and achieve, but these nations cannot reach their potential if a generation of youth abandon their homes in search of a life elsewhere. We want every nation in our region to flourish, and its people to thrive in freedom and peace. In that mission, we are also committed to supporting those hemispherehe western who live under brutal oppression , such as those in cuba, nicaragua, and venezuela. According to a recent report from the u. N. Human rights council, women in venezuela stand in line for 10 hours a day waiting for food. Over 15,000 people have been detained as political prisoners. Modernday death squads are carrying out thousands of extrajudicial killings. The dictator maduro is a cuban puppet protected by cuban bodyguards, hiding from his own people while cuba plunders and is whalers wealth plunders sustainas wealth to its own communist rule. The United States and our partners have built a Historic Coalition of 55 countries that recognize the legitimate government of venezuela. To the venezuelans trapped in this nightmare, please know that all of america is united behind you. Has vastd states quantities of humanitarian aid to and waiting to be delivered. We are watching the venezuelan situation very closely. We await the day when democracy will be restored, when venezuela will be free, and when liberty will prevail throughout this hemisphere. One of the most serious llenges are countries face serious challenges our countrys face is the specter of socialism. It is the wrecker of nation and destroyer of societies. Let venezuela remind us all that socialism and communism are not about justice. They are not about equality. They are not about lifting up the poor. They are certainly not about the good of the nation. Communism are about one thing only, power for the ruling class. To the repeat a message world that i have delivered at home. America will never be a socialist country. For the last century, socialism and communism killed 100 million people. Venezuela,e see in the death toll continues in this country. These totalitarian ideologies combined with modern technology have the power to excise new and disturbing forms of suppression and domination. For this reason, the United States is taking steps to better screen Foreign Technology and investments, and to protect our data and our security. We urge every nation present to do the same. Must beand democracy constantly guarded and protected , both abroad and from within. We must always be skeptical of those who once conformity and control who want conformity and control. We see alarming signs and new challenges to liberty. A small number of social media platforms are acquiring immense power over what we can see and over what we are allowed to say. A permanent Political Class is openly disdainful, dismissive, and defiant of the will of the people. A faceless bureaucracy operates in secret and weakens democratic rule. And academic institutions push flat out assaults on our histories, traditions, and values. In the United States, my administration has made clear to social Media Companies that we will uphold the right of free speech. A free society cannot allow social media giants to silence the voices of the people, and a free people must never, ever be enlisted in the cause of silencing, coercing, canceling, or blacklisting their own neighbors. As we defend american values, we affirm the right of all people to live in dignity. For this reason, my administration is working with other nations to stop criminalizing of homosexuality, and we stand in solidarity with lgbtq people who live in are put in jail or executive based on sexual orientation. We are also championing the role of women in our societies. Nations that empower women are and muchthier, safer, more politically stable. Vital not only to a nations prosperity, but also is vital to its national security, to pursue womens Economic Development. Guided by these principles, my administration launched the Womens Global Development and prosperity initiatives. P is the first ever governmentwide approach to womens economic empowerment, working to ensure that women all over the planet have the legal right to own and inherit property, work in the same industries as men, travel freely, and access credit and institutions. Yesterday i was also pleased to host leaders for a discussion about an ironclad american commitment protecting religious leaders, and also protecting religious freedom. This fundamental right is under growing threat around the world. Hard to believe, but 80 of the World Population lives in countries where religious liberty is in significant danger, or even completely outlawed. Americans will never fire or tire in our effort to defend and promote freedom of worship and religion. We want and support religious liberty for all. Americans will also never tire of defending innocent life. We are aware that many United Nations projects have attempted to assert a global right to taxpayerfunded abortion on demand, right up until the moment of delivery. Bureaucrats have absolutely no business attacking the sovereignty of nations that wish to protect innocent life. Like many nations here today, we america believe that every we in america believe that every child, born or unborn, is a sacred gift from god. There is no circumstance under which the United States will allow International Entities to trample on the rights of our citizens, including the right to selfdefense. That is why this year, i announced that we will never ratify the u. N. Arms trade treaty, which would threaten the liberties of lawabiding american citizens. The United States will always uphold our constitutional right to keep and bear arms. Our secondays uphold amendment. The core rights and values america defends today were inscribed in americas founding documents. Our nations founders understood that there will always be those to believe they are entitled real power and control over us. Here any advances under many names and many theories, but it always comes down to the desire for domination. It protects not the interests of many, but the privilege of few. Our founders gave us this system designed to restrain this dangerous impulse. They chose to entrust American Power to those most invested in the fate of our nation, a proud and fiercely independent people. The true good of the nation can only be pursued by those who love it, by citizens who are rooted in its history, who are nourished by its culture, committed to its values, attached to its people, and to know that its future is theirs to build or theres lose or theirs to lose. Patriots see a nation and its destiny in ways that no other can. ,iberty is only preserved sovereignty is only secured, democracy is only sustained, greatness is only realized by the will and devotion of patriots. In their spirit is found the strength to resist oppression, the inspiration to forge legacy, the goodwill to seek friendship, and the bravery to reach for peace. Makesve of our nations the world better for all nations. So do all the leaders here today , join us in the most fulfilling fulfilling the most mission a person can have come of the profound contribution anyone can make. Lift up your nations, cherish your culture, honor your histories, treasure your citizens, make your countries strong and prosperous and righteous, honor the dignity of your people, and nothing will be outside of your reach. ,hen our nations are greater the future will be brighter, our people will be happier, and our partnerships will be stronger. With gods help, together we will cast off the enemies of liberty and overcome the oppressors of dignity. We will set new standards of living and reach new heights of human achievement. Truths,rediscover old unravel all mysteries, and make thrilling new breakthroughs, and we will find more beautiful friendship and more harmony among nations than ever before. My fellow leaders, the path to peace and progress and freedom and justice in a better world for all humanity begins at home. , god you, god bless you bless the nations of the world, and god bless america. Thank you very much. [applause] President Donald Trump speaking at the 74th United NationsGeneral Assembly in new york. He began as anticipated on the theme of authoritarianism, contrasting the socalled first for rule with liberty and independence. The president talking about u. S. Economic growth and trade, at one point saying we are working closely with Prime MinisterBoris Johnson on a magnificent trade deal. Markets erased some gains. Said thethe president u. S. Is ready to embrace all with french of and respect. And evil tos cruel undermine border security. After comments on venezuela, he called socialism the wrecker of nations and destroyer of societies. He talked about minorities and women, and in a section on guns, said the u. S. Will always uphold the second minute. For context the second amendment. For context, we are joined in andington by kevin cirilli, in our studio, Marty Schenker. Who was the intended audience here . Kevin President Trump taking this opportunity to speak in much more reserved stones then perhaps many of his foreign count more reserved tones then perhaps many of his foreign counterparts are to hearing. Taking on china as it comes to trade policy, saying he believes that they have used unfair intellectualproperty tactics, highlighting a very specific case here in the United States. The president urging the chinese to back off in terms of their intellectual property tactics. The president then pivoting to iran, trying to build a global consensus on that. This is the president who stuck to the script. This is a president who stuck in who spoke in a more measured tone. This is a president who struck a very different cord then he did just moments before the speech, in which he was pressed and asked by reporters about ukraine. But this was a president very much on message on the global stage. Guy marty, did this change the direction of anything . Did it change the direction on iran . Theres been some talk of the possibility we could see the europeans in the u. S. Coming back together to find a cause on iran. Did it change anything when it comes to china . The attacks, as kevin says, may be upped the ante a little bit, but not by much. All . His change anything at is there anything i can take away if i am trying to position myself around this . Think kevin was quite precise in describing President Trump using a teleprompter well and using subdued tones, but he basically gave use to his doctrine, his worldview, which is inward looking, and hoping that this will prevail in his battles on trade and immigration and other things. So it was a wellcrafted speech, but it didnt change any of his policies. Vonnie on trade, he talked about negotiating with Boris Johnson. Britainlly, isnt even allowed to negotiate. Marty Boris Johnson has a few other problems than dealing with a trade accord. He may not even be Prime Minister in a short amount of time. There was clearly some contradictory parts of what donald trump was talking about. For instance, his view that he wanted to help the conditions on immigration when his own administration has been talking about rescinding aid for Economic Development there. Like i said, it was a wellcrafted speech, but it didnt change policy at all. Vonnie did we learn anything about iran and how willing the president might be to do something . There was a bit of a contradiction there, too. Marty he said hes more than happy to embrace iran should they abandon their terrorist butort and other policies, at the same time, he said he is ready and willing to keep sanctions in place and actually increase sanctions on iran. So it doesnt look like there was much changed there. Guy kevin, where does this leave us . Where does this take us in terms of the clues as to what is going to happen next . If i look ahead to the bid meeting with the chinese to the big meeting with the chinese next month, is there any idea of how that is going to turn out . Is the iranian situation going to develop in a meaningful way . If i am trying to take a position on any of these areas that the president is focusing on, what can i do today as a result of what i just heard that is going to change the direction that im taking . Iran, nothing. China, nothing. Tell me why the president just did what he did. Kevin intellectual, look. When the president was talking about china, he was talking about intellectualproperty. You are trying to make sense of the canceled foreign trip from the chinese delegation. The president offered a clue. He said intellectualproperty is something he would like to get done in a shortterm deal. He doesnt want to use the term shortterm deal, but in terms of deescalating the tension, he wants to have china work with the United States on intellectualproperty. That is a nonpartisan blanket statement. There is bipartisan consensus on capitol hill. Democrats and republicans support it. They want to see something moved on intellectual property. I would come back to something that marty pointed out with regards to iran. The president said hes not in any way, shape or form owing to lift sanctions. He is not in a position where he believes tehran has acted in anyway for the u. S. To lift sanctions, despite the fiery rhetoric, to put it mildly, coming out of tehran, especially from the foreign minister. That type of rhetoric really did not get the response that the iranians arguably had been hoping for, which is some type of political temper tantrum on behalf of the United States. You didnt see that. Finally, we heard President Trump speak about something in that speech that we dont hear him talk a lot about, and that he doesnt talk about a meetings with foreign leaders, and that is the issue of foreign rights. I was struck to hear that from the president. It is not some thing hes physically does. Something he didnt talk a lot about was israel, given the dynamics of that election still playing out. But i can tell you the administration is keeping close watch on the elections of israel. Vonnie our thanks to you both, Marty Schenker with me here in studio in new york, and of course, kevin cirilli, chief washington correspondent from d. C. Climate week running alongside the United NationsGeneral Assembly in new york, bringing together business and World Leaders to discuss the future on climate action. The president present at a climate session yesterday, that he did not speak on that. We are joined by ignacio galan, the ceo of iberdrola. It has interests all over the globe, including in the United States in new england, and also offshore wind energy. Your reaction to the u. S. Position on Climate Change and energy right now . Beenio i have just listening to what President Trump has commented, and i think it was a very well structured speech. That it was his electoral platform, but i have been surprised that no comment was made on Climate Change, pollution, etc. I think the position in this is that things are changing worldwide. Ive seen the present situation [indiscernible] to make ready the changes in the shortterm. It is not only business leaders, not only certain political now we have to protect the future lives and the planet. Your new england interest has been waiting for permission on some projects, and that permission has been delayed. Do you put this down to the Trump Administration policies surrounding energy . Ignacio i dont like to make this. Largest offshore wind farm in this country. There are always some sort of potential delays. We requested to redesign the layout of the windfarm. We expect that that will be ready by the beginning of next year. All the New England States are fully supportive. The numbers of congress are already supporting the project. Thousands of people, depending on what this project will be our implement it. I do not look to put that in the basket of a political dispute. I am sure the technical aspect will be solved. Guy guy in london. Are we failing to tackle the environment as quickly as we should . If so, why are we failing . What needs to happen . Ignacio i try always to be optimistic. Ive been attending most of the climate summits in many years, and i am seeing in this moment that the people is moving for goals and targets to action, action. It was repeated in the United NationsGeneral Assembly, it is time for action. That is an important change in this moment. So people is aware that something has to be done abruptly if we would like to protect the planet. The fact that in the last 100 have, ninee data we of the 10 highest inverters have already occurred ring this century nine of the 10 highest temperatures have already occurred in this century. I have seen that sense of weency for all the people had dissipating yesterday