Leading economic indicator. David the big question is what can be done about the slower pace. We will come back to you and talk about that. First we want to go to david powell in london because we have German Service numbers not encouraging. David p. there was a downward revision to the servicing pmi for the month of september on top of an initial decline we already knew about. Evidence of a slow down in the Manufacturing Sector is spreading to the Services Sector , affecting the entire economy. David how much of this is trade , and if so what can Angela Merkel do about it, if anything . David p. germany is more exposed than any country in the world to international trade. It has one of the Worlds Largest trade surpluses. It is affected by the trade wars. The blow to confidence that is having not only on trade itself but on investment plans. Fortunately, germany also has another record. That is for fiscal responsibility, fiscal rectitude, and there is a lot of room for germany to spend if it chooses. We are not at that point. The German Economy is not in a period of crisis. It is merely slowing down. If the crisis were to deepen, there is plenty of room for the German Government to spend. That is an option. We have not seen brexit yet. If that is a hard brexit, what will that do to germany . David p. exactly. We have not seen brexit. That is one additional knock to the economy. It will not be catastrophic, but it could deepen the recession and that is bad news. In berlin, they are standing ready. They are looking at the finance ministry. They are looking at plans to increase Government Spending and they are reviewing those options. We are not there yet, but that is an option if things get worse. David thank you so much from london. That is david powell, our colleague in london. Now lets go to Steven Dennis in washington. The impeachment inquiry is proceeding in pace. We had an interview of the special envoy to ukraine. What we know about that . Stephen we know the democrats are pressing him on the question of what he knew about the reasons for holding up that military aid crucial for ukraines existence at the same time, or right before the president made this call to the ukraine president calling on him to look into the bidens. This is what some democrats are part of their impeachment inquiry, whether , the was a quid pro quo ukraine president knowing this a had been withheld, that he had not done it yet and the yet and the president saying can you look into the bidens. Volker resigned last week. He could theoretically be a straight shooter and say what he knew as the special envoy to ukraine. Resigned and did not require a subpoena. He appeared voluntarily. That is the easy part. When does it become harder . Mike pompeo has made it clear he is going to be resisting this inquiry. He thinks there is a democratic effort to intimidate state Department Employees and try to get them to testify in ways he does not want them to. Fight, and the real question is whether the white house and the administration will see some virtue in being more transparent, like they were last week, releasing the call transcript or pseudotranscript, or are they going to go to the theon stonewalling and hope republicans in congress have their back . That is a real question in the senate. No it is calling for impeachment, but Senate Republicans want to know more facts. It is hard to get them of the white house and the state department are not copying them up. David thanks to reporting from capitol hill. Now we go back to carl riccadonna. We talk about numbers weakening the United States. Guy johnson had a chance to talk to the president of the chicago fed about what could be done. This is what he said. We have repositioned policy from being headed for restrictive policy to one that is accommodative. The question is how accommodative we need to be. At the moment it is still Risk Management. I would say the weakness in ism and manufacturing is something that increases concerns. David is this a matter of degree or of kind . If we cut the rates more, it will fix the weakening, or does he have the wrong tool . Carl i think it is a matter of degree. If the fed draws a line in the sand and decides not to ease policy further, it will not be Risk Management, it will be responding to a downturn in the u. S. Economy. Because of this, and as we highlighted, the ism are not running in recessionary territory, they are running in territory with growth below 2 . If growth is below 2 , the fed should be looking at the landscape. With your plunging deeper into the mistake of negative interest japan china slowing, increase increase,tax essentially evaluating that landscape and looking in a slowing momentum in the u. S. And taking additional insurance against that. Even though evans has suggested he is not in favor of easing policy further, my team is of the belief we need to cut rates again at the october meeting and again in december. David two more rate cuts projected at this point . Carl if the yield curve is still inverted, the fed needs to continue taking this Risk Management approach and easing policy further into 2020. David getting close to the zero bound at some point. Carl we will be getting close to the zero bound, and it is better to get to the zero bound early and avoid a recession than wait till a recession is in place and have a much more substantial accommodation. The big way to the story is the the strongest dollar since the plaza court in the mid1980s. Strong dollar is damping u. S. Economic activity. We see that in the manufacturing ism. David the dollar has been stubborn in its strength. Thank you so much for joining us. Carl riccadonna, chief u. S. Economist with bloombergs economic. Lets get to the markets. We go to kailey leinz. It has been a roller coaster. Kailey roller coaster is good way to put it. We are off the lows we saw on the week ism services print. The dow flat. The s p up. 2 , and in the nasdaq, tec the big upper former, up. 4 . Traders dealing with the prospect of a slow down and greater odds of the fed cut in the next meeting. Investors looking for direction. Where you see conviction is in the treasury market. You can see that since the recent highs in the past two weeks yields have come down 35 basis points. Investors seeking the safe haven assets that is u. S. Treasuries. The u. S. 10 year yield 1. 54 . Lets look at the sector picture and where investors are finding safety within the equity market. If you look at the past year, the s p 500 has gone nowhere. Down slightly from back in october of 2018. The big upper formers have been the traditional defensive sectors. Each utilities, and of those sectors up 20 . Finally i want to take a look at movers in the food and beverage space. On the Positive Side pepsi beating on earnings yet again. That stock up 4 . It has been on earnings every single quarter since 2010. That has coke higher in sympathy by 1. 5 . You also have frozen potato maker higher today, positive earnings on that. On the flipside you have constellation brands, a beer heavy company. What is weighing on them as their stake in a canadian pot company. That stop is the worst performer in the s p 500. Down nearly 7 . What does the impeachment inquiry mean for the business of washington . I will talk to Libby Cantrill of pimco. Starting monday, balance of power will be live on Bloomberg Television and radio, followed by a radio only balance of power our. That starts monday on Bloomberg Radio and television. We hope you will watch and listen. Live from new york, this is bloomberg. David this is balance of power on Bloomberg Television. We turned to Mark Crumpton for first word news. Mark a stunning attack at the Police Headquarters in paris. An employee armed with a knife killed at least four officers before he was shot and killed. It is not clear what the motive was. The killer is described as an administrator who worked in the intelligence unit. The paris Police Headquarters is located across the street from the notre dame cathedral. European Union Council president donald tusk says he is still unconvinced about the new british proposal to unblock the stall brexit talks, but he says he told Boris Johnson the eu remains open. The eu chief says he told irelands Prime Minister the eu stands fully behind ireland. Britain is set to leave the eu on october 31. President trump china should consider investigating joe biden and his son. Speaking to reporters as he left the white house for florida, the president reiterated his claim 11. 5 billioniden dollars from a Chinese Investment fund after a company his father from china. I am sure president xi does not like being under that kind of scrutiny, where billions of dollars is taken out of his country by a guide to just talk kicked out of the navy. He got kicked out of the navy, all of a sudden he is getting billions of dollars. They call that a payoff. Claimede president also joe biden tried to shield his son from the ukrainian investigation of a company that employed him. Hong kong is set to do something it is not done in more than 50 years. Local media say the government banned the use of facemasks in response to those protests. It will invoke an emergency law that has not been used since 1967. 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 Mark Crumpton. This is bloomberg. David . David President Trump the impeachment inquiry is nonsense, but democrats have a different view. We are not fooling around. Is unworthy of the constitution of the United States to do what he did in the call, and he said it is perfect. It is not perfect. It is wrong. This is a hoax, this is the greatest hoax. David we welcome Libby Cantrill, pimco head of Public Policy. I will not ask you to take aside on that, but it is occupying a fair amount of time and effort in washington. You are a Public Policy expert. What does it due to the business of washington. What can and cannot get done . Lets start with trade with china. Carl we think there libby we think there is bad and good on the trade front. It does relate to u. S. China relations. The china delegation is coming to washington next thursday or friday. My view is this weekends the u. S. Negotiating power, at least the perception of their negotiating power. You know we have been negotiating, this will be the 13th round of trade negotiations. The things on the table are big structural issues that the chinese have been reluctant to make any concessions on. Our view is this makes them even more reluctant to make those difficult structural concessions. Ofid this 13th round negotiations comes against a larger backdrop. This has been going on for more than 13 months. The u. S. Ramping up tariffs on more goods. More scheduled october 15 and december 15. This is getting worse in some respects. Libby that is our view. The market has become sanguine with the hope that President Trump will reverse those scheduled tariffs, or at least not follow through with them. I think the bar will be high for him to postpone those decisions. Just based on this view of President Trump that has been very longstanding, that the United States is getting short trip on trade and he believes he needs to rectify that. At this point, the genie is so far out of the bottle i think a reversal seems unlikely. David u. S. China trade is not the ma trade issue. We also have the usmca. President trump went out of his way to say nothing will get done as long as nancy pelosi is pursuing impeachment. This is part of what he said. I hope the president is saying that in terms of other actions as far as upholding the constitution of the United States, he cannot work with us, because i think he wants this u. S. Mexico canada trade agreement, and we wanted when it is right in terms of enforceability and we can work together. That was not the president of the United States, that was nancy pelosi. President trump did just say that nancy pelosi will not do anything on usmca. Is he right . Libby i think the reality might be different from the rhetoric. I think Speaker Pelosi is correct that President Trump has said this. His number one legislative golf al, roberttive go lighthizer has been working behind the scenes with democrats to meet them in the middle. We have the view that nancy pelosi will not want to deliver a victory to President Trump, but i think that impeachment changes that calculus. The reason is there are 31 democrats who one in President Trump districts, and they will need to show their constituents they can deliver with this president on something outside of impeachment. David i wondered if the president call them donothing democrats, if he was hitting the button, those people will go back to their districts and said they have done nothing. It in her pelosi have power to deliver usmca . We have always heard it is the Democrats Holding it up. Libby lets see where negotiations resolve. There are some things around pharma. I think the political calculus does change. There was reluctance to bring up this, but now there will be a lot more incentive and more appetite on Nancy Pelosis part provide cover to those 31 democrats. David lets talk about the democratic race for president. This is taking a lot of the oxygen out of the race. Everyone is talking about impeachment in washington and not the candidates on the trail. There is been some speculation that Vice President biden might be heard from this. Does it help Elizabeth Warren and does that mean we should be taking a look at what an Elizabeth Warren candidates he or presidency might mean from a policy point of view. Libby there is definitely a scenario where this hurts the Vice President. Everyone knew these things about hunter biden. They were on variably going to come up in the campaign. This shines a spotlight much earlier than Vice President biden would have liked. There is also another scenario, say he responds well to this, he can also make the argument President Trump fears him the most out of the democratic field and that is why there is a much focus on Vice President biden. I think this is helpful for Elizabeth Warren. The markets have not priced in the potential. David we are reminding of President Trump running for office in 2016 and all of the things he said of the banks. Even if, and we are way ahead of ourselves, even if Elizabeth Warren were the candidate, are we sure it would the world it would change the world . Libby will we see policy changes under and Elizabeth Warren presidency . Of course. A lot of what she is talking about on the campaign trail relates to financial services. Fracking, medicare for all, the great new deal, all of those things require congress. At this point the congress looks much more moderate than what it Elizabeth Warren presidency would bring to the white house. Do not put too many aches in the congressional basket, but at this point it is fair to say congress would slow down that agenda. David libby, always great to have you here. That is Libby Cantrill, pimco head of Public Policy. Constellation brands is the worst performer in the s p 500 and it has to do with the marijuana that gone wrong. That is next and this is bloomberg. David you are watching balance of power i am david westin. Constellation brands is the worst performer in the s p 500, dropping around 6 . Normally when this happens, it is because of bad results. Not necessarily. Kailey they actually beat on earnings this quarter. They came in higher than the consensus and they raise their Earnings Guidance to nine dollars and 9. 20. You can thank beer for most of that. It makes up nearly two thirds of the revenue. Where we run into problem is the beer depletion rate it is the rate at which beer, which has already gone from constellation to the distributor, then goes from the distributor warehouse to the user and drinker. That is the key metric the market watches and that messed. That rate was only 6. 2 . The street was looking for 7. 7 . That was a disappointment. As you alluded to, a lot of this is about marijuana. The company took a 36 stake in Canadian Cannabis company, but they have a big stake. It was a 4 billion investment. That stock continues to fall and continues to struggle. They took almost a 500 million loss on that investment. David explain cannabis. It shot up dramatically. We had you on before saying how it was doing, now it has come down. Why . Kailey it is incredibly issue it is a credibility issue. The market may be got ahead of itself and how realistic probability was for the cannabis companies. The path to profitability seems to have slowed, particularly when you think about the regulatory environment. In the u. S. , that has not been a meaningful deregulation of marijuana. Also in the past couple of weeks, this vaping hysteria. In the court of public opinion, jewel has become the poster child, a lot of these mystery illnesses have been related to cannabis. 77 of these illnesses have been related to thc. David that is a powerful point. Nothing to do with regulation. Just has to do with health. At the same time, cannabis is illegal. In the United States. Has it taken off in canada like we thought it would . Kailey this is an issue we see with many companies. It is not that the growth is not there, it is that the profitability is not there. That is an issue we are running into. That stock down 17 . Constellation is seeing that way on them. Constellation is trying to diversify. They are getting rid of their wine business to focus less on pr. Less on beer. Cannabis does not seem like it was that big of a growth opportunity. David it certainly seems that way. Thanks to kailey leinz. Markets are facing another rocky day. We talk with lanhee chen of the Hoover Institution about the state of the economy and what the Trump Administration can do. A breaking story Boris Johnson has a plan b for brexit if the eu rejects his deal. This is balance on Bloomberg Television on david westin. Lets go to Mark Crumpton. In paris, an attack at Police Headquarters has killed four officers. Employees say an employee attacked the officers with a knife for he was shot and killed. It is not known the motive. The employee was described as an administrator who worked in the intelligence unit. At the Police Headquarters is located across the street from notre dame cathedral. Two years after the deadliest mass shooting in modern history, a settlement has been reached for those who sued over the las vegas massacre. Attorneys said the Mgm Resorts International will pay between 1730 5 million and 800 million to victims and their families. Hundreds of lawsuits have been filed against the owner of the mandalay bay resort where a man opened fire against an outdoor concert in 2017. 58 people were killed and hundreds more wounded. The impeachment inquiry moves into a new phase today. House democrats interviewed their First Official as special the ukraine, cargill did he played a key role in connecting Rudy Giuliani with ukrainian officials. Clashes between Security Forces and protesters have killed more than 20 people over three days. At the 24hour four hour curfew has been imposed in baghdad. Rounds andd live teargas today to disperse antigovernment protests that have ripped the country since earlier this week. Authorities have also cut Internet Access across more of iraq. Day onthese 24 hours a air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton, this is bloomberg. Economic data has been coming and soft around the world this week. The nonmanufacturing index hit a three year low. The former policy director for mitt romneys president ial campaign. He comes to us from washington. Give us a sense of where you think the economy is. Manufacturing a recession may spill over into services. Now we have this nonmanufacturing i. S. M. As they give you concern on that front . I think the nonmanufacturing number is a greater concern. Manufacturing is about 11 of gdp. In that sense, probably less of a concern. The issue i think more broadly goes to uncertainty. The question around how the headwinds, broad are affecting the u. S. Economy. What it comes down to is we have global headwinds and those are a concern but i think you see markets and the economy respond to an uncertainty around policymaking and where we are going. The lack of certainty about were the rest of the worlds. That is beginning to reflect in these numbers. The its too early to press panic button, i think there are signs that are troublesome and clearly going into 2020 worth watching. David lets talk about the cause of the uncertainty. Some say its because of the u. S. China trade negotiations. Is that good news in this sense . With eight. Nty even he absolutely could with respect to the u. S. China situation. The policy dimension we are all curious about. Where the nature of the conversation negotiations are headed. Are we really talking about the same kinds of systemic reform dominated the conversation over the last several months or have we shifted to a more narrow scope deal which is where i tend to think things will end up. Politically for the president , hes got to be aware of the fact that going into an election year, a principal promise that he should probably fulfill on is getting tough on china but coming up with some sort of agreement that he cant trumpet. Clearly, 40 to come up with an agreement even a limited one i think the economy would cheer that. Obviously, we would all welcome that removal of uncertainty. David how much of it is the Political Uncertainty following the impeachment inquiry . Is that possible . Is that increasing the uncertainty as far as you can tell . I dont know if its increasing the uncertainty but it is reminding people of how uncertain of an era we are in politically good to a certain degree, i always thought impeachment was priced into market activity in the sense that i truly believe that the democrats were always going to end appear one way or another. I think a lot of people who watch this closely would have made the same prediction. The question now is not so much what happens with impeachment. I think we can all see that over the next couple of months, we will probably have a rapid process where this goes forward. The house will vote to impeach the president and the senate will not convict him and next and worry we will be talking about something else. I returned to the fact that the political and Economic Uncertainty of the time is what is driving this. Been in mores have of a range including your old boss mitt romney has said he is concerned about it. Then you have Lindsey Graham from South Carolina saying is so outrageous. If you were advising a republican in the house or senate, what would you advise of the position they should be taking . Would you say they should take it seriously or be out front . The reality of it is there is a lot we dont know about the investigation. To be too far out in front is probably politically not a great idea. The challenge is, how do you balance the president ns, remains extremely popular. To base is most important most republicans who will be running for reelection in 2020. You pay balance not wanting to appear to be too far in front of the investigation, to supportive of the president with the reality that if you are not supportive or if you expressed some consternation about the situation, you might get a 20 or something that could impact your political fortune. Its a delicate a la thing act that i think republicans in the congress have to face right now. David thank you for being with us. Lets go back over to london where we have breaking news out of the u. K. Boris johnson is said to have a plan b if the eu rejects his brexit deal. We are in london with the latest. A headline just crossing the bloomberg and the last five minutes or so saying that Boris Johnson according to people familiar with him as a plan b. This is very different from what we have heard from the Prime Minister in recent weeks saying he would present the deal and hes working for a deal but if the eu would not accept it, eu comewould leave the what may. Now we are hearing that those close to him are saying he is conflict contemplating a plan b should the eu rejected the deal or the blueprint he sent to them yesterday. It is understood that the plan b would be to retain the backstop. Thats one of the sticking points that has caused problem for the government and for various Opposition Mps but to retain it with a time limit. This of course is something that we understand is something the Prime Minister has not ruled out but still wants to negotiate with the blueprint he sent to your yesterday and that he outlined to parliament today. The more i hear the less its clear to me. A was aerstand it, plan soft border with customs checks somewhere around of the border with Northern Ireland. The time limit on the backup plan is something that theresa may try to get and couldnt get it. Is the eu moving . Whats and just think about the timelimited backstop is it something the eu hasnt rejected in the past and both france and germany havent been open to it. Its whether or not ireland would accept a time limit because there is the argument that if you have a time limit, you can use lose the insurance policy that is the backstop. I would hope that with having a time limit and a longer time limit on the backstop that you would and find alternative arrangements for Northern Ireland and the border. That would mean the backstop is no longer needed over time. That is something that is controversial within the eu as well as the u. K. All against the time limit of the end of october. Much for great reporting from london. Coming up, the house impeachment inquiry is in full slang. President trumps former special envoy to ukraine talking with Committee Staff behind closed doors today. We talked about the law underlying all of this drama. Thats coming up next and this is bloomberg. Youre watching balance of power im david westin. Democrats are defended the whistleblower and the president yesterday once again venting. Makehe president wants to this all about the whistleblower and suggest that people come forward with evidence of his wrongdoing or somehow treasonous and should be treated as traitors and spies. This is a blatant effort to intimidate witnesses. He wrote a vicious conversation. He either got it totally wrong or made it up or the person giving the information to the whistleblower was dishonest and this country have to find out who that person was because that person is a spy. Lawsw an authority on the protecting whistleblowers is our guest. He was the Deputy Assistant therney general for department of justice. He joins us today from washington. Thank you for being with us. Give us an insight into the situation of a whistleblower. Now you have this back and forth between the democrats and the president about protection. This is page one from the trump labeled. It doesnt matter who it is or the merits of the claims. Be james comey, it could be Robert Mueller he just wants to dirty them personally. I am a whistleblower lawyer and its no longer about the whistleblower. The whistleblower has come forward with information including words out of the president s mouth. The congress or the department of justice will look into the evidence to see if its justified. Now the whistleblower recedes from the scene. The only reason he continues to be alive in the dispute is of dirtyingumps mo up anyone who has the nerve to criticize him. He has made him out to be an agent of the deep state not even knowing who he or she is. Give us the benefit of your experience. You represent whistleblowers. At thismost inevitable point that sooner or later were going to find out the at identity of this individual . Theefore if they are in intelligence community, their career might be over. Its not inevitable in a runofthemill action but i think it is inevitable here. I think that the whistleblower understands now if he didnt before that he has crossed the rubicon. I think he will be protected from any criminal repercussions by law and in terms of making his life and job and career miserable, i think he will put himself outside that now. He has taken the big step and he will shortly become a public figure whether that was something he wanted at the time, i think its now beside the point. We are going to be hearing from him seven. By all accounts, this we just found out yesterday he wrote this or she wrote this themselves. It is a wellwritten lawyerly piece of work. I think we will find an oppressive person in front of america in the next few weeks. As a recovering lawyer, i would say i am sure thats a lawyer that wrote that. Lets talk about the target on President Trump right now because clearly the democrats are targeting him. That the House Democrats want to subpoena the white house for documents related to one or two conversations between the president of United States and the president of ukraine. To what extent has the president privilege . Tive he is out on the white house lawn saying all kinds of things. Rudy giuliani was on his own personal mission and he doesnt have privilege. There is a question that the courts havent decided whether there is a special privilege for leaders talking to leaders of a foreign country. Bigtime legal constitutional law question, doesnt matter here. We know what all the words are and there were many people on the call. That pompeo was on the call. Its going to come out. The transcript that was missed toward in the classified system. If he can actually resist and we question mr. Ow the president what did you say to zelensky . It doesnt matter we are going to know. Who else has potential , now we have bill barr dragged into it including allegations about australia as well as ukraine. Certainly Rudy Giuliani. Who has potential legal exposure . There are dozens of witnesses in the process of acquiring lawyers throughout washington. It seems to have been done prudently. Brigade took a whole with him to the ukraine. Theres all kinds of people in the state department that giuliani is saying were actually giving him authority to go to the ukraine almost certainly going to prove to be not true. A lot of people would have potential criminal exposure including pence and pompeo although thats beside the point. The Justice Department will not green light a prosecution and we are now in the political sphere of impeachment. Thats where this is all going to play out. What pence is going to look at his fortune to be president rather than a criminal term. Inexorably in a political process. One quick question, give us a timeline. How long is is going to take . For the house . To the extent they go to court, it will be a few months. Nancy pelosi is playing it smart and wanting to harness the momentum of this. I expect that by the end of the year, you will see a vote on two articles of impeachment. One on this episode and one about general obstruction on this whole inquiry. Thank you for joining us. Check on get another the markets. We still have a couple hours left of trading. Now you have the dow up 2 10. The s p up half a percent. The disappointing i sm Services Data being slightly shrugged off by the market. Investors are really looking ahead to the jobs report tomorrow. One note of underperformance is in the dow transports. They are really being led by the airline delta. I want to look at the winners and losers today. You do have most sectors within the s p higher though the thensive are outperforming likes of real estate and Consumer Staples each of 1 . Lower today you have the financials. The financials are down by 3 10 of a percent. Lets get a check on yields because you are still seeing buying coming into the treasury market with the disappointing economic data. The yield are falling for six consecutive days down nine basis points today. In the last six days. The shorter end of the care is controlled by the pet fed. Lets look at the expectation for the next fed because with the data we have gotten all week, the odds of the fed cutting at its next meeting are up. And 87 chance that we get another cut. Up, there is a new gambling giant in town. Just as more states are jumping into the game. That story is next. This is bloomberg. David this is balance of power im david westin. Now a 6 billion deal to bring together the biggest names in sports gambling. Just as states increasingly get into the game. Here to join us is bloombergs sports reporter. Thank you for being here. Tell us about the big deal. A Company Called flutter bought the stars group which is gamblingased another company. Together combined they would have done for . 5 billion in revenue. By far the biggest Gambling Company in the world. Does thet extent movement of state into betting help them . Likes pretty much everyone in the gambling world has their it is athe u. S. Area massive growth opportunity. All of these brands are trying to figure out how i do it. The combination of all these , all of these things are now coming together and they are going to attack the u. S. Market. Box is involved. Fox and the stars group, they have a product called box that. It is essentially a licensing deal for fox. This new megacompany, they are doing it with two brands. The Fantasy Sports brand that everyone is familiar with and fox that being the other one because the brand name of fox and fox sports is good enough in the u. S. That they think it will draw consumers. How big can this be in the u. S. . Once a number of u. S. States come on board, it could be a vibrant marketplace. 15 billion is the number that gets tossed around. This is a big business opportunity. We were told not to long ago that the new York State Attorney general, there was a headwind from state regulatory authorities. Is it a headwind or now a tailwinds . That headwind was for Fantasy Sports and whether that was gambling. Thatnot a coincidence these are the two biggest players right now in u. S. Sports betting. Those companies amassed a huge database of customers who would like to put money down on sports. They were doing it on Fantasy Sports at the time. The minute the Supreme Court allowed the u. S. To put the switch, those companies immediately changed the bulk of their business model. Bettingt do a lot of but i do watch a lot of tv. We heard the gloom and doom reports. Ratings are up and these two stories are connected. 13 states now offer sports betting. People care more about games. Ratings are up for the nfl and thats great for the league and the broadcasters. Sports betting plays some role in a boost. Not just the teams beating the spread. Coming up, commodities edge with alix steel. She will be looking at gold and whether it will continue to rally. Starting monday, balance of power will be live on Bloomberg Television and radio followed by a radio only balance of power. Thats starting monday. Signup for the balance of power newsletter. Also, check out this is bloomberg. Sometimes your small screen is your big screen. And with the Xfinity Stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. Download your dvrd shows and movies on the fly. Even record from right where you are. Keep what you watch with you. Download the Xfinity Stream app today and get ready for Xfinity Stream tv week. Watch shows like south park and the walking dead october 7th through 13th. Alix the gold trade. Goldeak to a ceo about the price of mining in south africa. Britain embraces climate change. Why the russian leader joins the parasite the paris project accords. Indias commodity flashpoint, onions. The government wants lower prices and farmers need the extra income and the vegetables caught in the middle. I am alix steel and welcome to commodities edge