Expedia up 6. 3 , after the ceo ceo both out at the company which signifies potentially a shift in strategy. Not even a month from the last earnings which caused the stock to drop 20 that day. Salesforce. Com ceo both out at t performers right now, down 2. 5 . Guy, what is happening in europe . Guy stoxx 600 up by a percent. The pound trading 1. 31 on the cable rate. A 2. 5year high. Brent crude up by 3. 5 . Vonnie lets get back to trade, the one story that markets are moving on. The u. S. And china moving closer to the amount of tariffs that would be rolled back in phase one of the deal. Meanwhile, President Trump saying the talks are going well. We have made progress but we will make a lot of progress. We just want fairness. We have to have fairness in trade, not only with the eu, but many other countries. Talking to china, those discussions have been going well. Will see what happens. Vonnie we are joined by ash alankar from denver this morning. If there is a phase one to the deal, what happens to markets, do we stay where we are or is there something that happens to reconcile fundamentals or the Economic Situation with the price of stocks . Deal, if it one transpires, a lot of optimism has already been priced in. I would think that you are going to think a very positive reaction to phase one. But with that said, the good news is, you are not going to give up the gains. Your intuition is correct, you stay about where you are, and that people will focus more on fundamentals. We saw adp numbers, this morning while below expectations. The economy, the u. S. Is still hiring people but with lower expectations. We all know that what is keeping the economy here in the u. S. A float is the consumer. Posed todangerous risk that u. S. Consumer is it they start losing jobs. We are not at that point yet, but the trajectory doesnt look so good. If the consumer takes a step back, the only other ballast we have to support the economy is it corporations step in and start spending, engaging in ca pex, and that will not happen given the uncertainty. Helpully, phase one will to stimulate and catalyze spending by corporations, but we cannot forget we have a u. S. Path, anotherthe source was uncertainty and a binary event. We have to path, another source was start paying more attention to fundamentals and had run risk, where it has whats on the markets throughout 2019, more than any other market i can remember. Note, mohamedt elerian says the nearly 2 selloff raises interesting questions as to the best Tactical Response to what i think will be increased volatility leading up to the 2020 elections, if not beyond. What are you thinking about tactically to deal with the increased volatility . This increased volatility is coming from headline risk. That is the type of risk that i like to call the known on the levels. Predict no way you can the direction of headline risk, forecast were that headline risk, or how it will unfold. So you cannot structurally position a portfolio against headline risk. As he mentioned, tactical hedging is the right way to go about it. The way i think about it, a couple ideas come to mind. Mplied volatility is sure, they have gone up over the past few days, but implied volatility is still below longterm averages. If you can buy protection in the form of puts at average prices, risk, which isne abnormally high, sounds like a pretty good trade. Other ideas which come to mind, when trade optimism has unfolded in the marketplace, u. S. Equities haveabnormally high, sa pretty good trade. Other ideas which come to enjoye greater positive returns than their foreign counterparts. If trade starts to sour, uncertainty starts to grow on the u. S. Election side, u. S. Equities are likely to suffer a larger pullback than nonus equities. Today might be a time to start thinking about moving away from u. S. Equities and toward nonus equities, potential cushion against this headline risk. Back to theircle phase one deal and what happens if we get it . You said that we hold onto our games. I would like to explore that a bit if i might. You talk about the data not being great. That is part of it. Phase two will be really hard. If that is out of the game so we wont see the same multiple expansion on lower rates. It looks like we also have political risk. Why do you not sell on a phase one deal . Buy on the rumor, sell on the fact. Ash this is a really important fact. Financial conditions are still very accommodative. The price of money is still very cheap. If you look at the overnight real rate, simple proxy, take your threemonth treasury yield to track off cpi, that real yield to lend money over a threemonth period sits at 70, 80 basis points today. With money so cheap, multiple expansion can be supported. I think it is kind of a simple Macro Economic guy we have had a 25 gain this year in equity markets in the United States driven largely by multiple expansion. You are saying we can still continue with that trend . I forgot they, name of the company, but one company in particular that it mentioned, they are increasing their buybacks, increasing their dividends. Corporations are still sitting on massive amounts of cash. That cash can either be put to work by a capex, or it can be used for buybacks. It can be used to increase your dividend. Dividend, buybacks, those are all accretive. I dont think now is the time, unless you are clearly seeing signs of recession, to reduce your equity exposures drastically. I agree with you, now is not the time to overextend yourself. Risk is high. The idea of tactical hedging might be the route to go, but i think that if people think about reducing their risk drastically, they really expose themselves to that error of missing out on the upside. We have to remember, do be successful investing, you not only have to reduce the risk of suffering that large loss, you also have to reduce that risk of missing out on the upside. Years, thest 5, 6, 7 risk that many people have experienced is they failed to participate. They sat on the sidelines as the markets ripped up. You have to think about that risk as well. Vonnie we have to leave it there, thank you. Ash alankar joining us from denver. Lets get a check on first word news. Years, the risk that many people have American Companies adding that he was jobs to payrolls in six months, according to the adp report. This as hiring is rising by six he 7000 in november. It is the Second Lowest figure since 2010. That underscores pullback in corporate investments and points to a fourthquarter slow down. Donald trump firing back at Justin Trudeau at the nato summit. Captured on video, joking about the president s extended remarks to reporters. Here is how the president responded. He is two faced. He is a nice guy, i find him to be nice, but i called him out on the fact that he is not paying 2 . I guess he is not very happy about it. The president is returned to the amount of canadas gdp that is devoted to defense. The European Union saying it will likely miss its target for reducing Greenhouse Gases by 2030. American companiesthat will dee effort to be a leader in the fight against climate change. European Environment Agency today saying its on course to cut emissions of Carbon Dioxide and other planet warming pollutants by 30 in the next , compared with 1990 levels. The target had been a reduction of audio percent. Global news 24 hours a day, onair, and on quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Still ahead, a conversation with the london mayor, sadiq khan, ahead of next weeks general election. What does he say about the labour partys prospects in london . Find out next. This is bloomberg. Live from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Lets get a check on the markets with abigail doolittle. We have some risk on tone this wednesday even with some trade hopes, possible deal between the u. S. And china. Those hopes have been stoked by a bloomberg report. The s p 500 and nasdaq up about. 7 the stoxx 600 up 1. 1 . Its best day since the middle of october. The nikkei and Asian Session done 1 , in sympathy with the selloff we saw yesterday. Lets take a look at a fourday chart of the s p futures. Worstle of down days, the since october on trade. We are still down. Where we are seeing more of a recovery, chipset her. The stocks are up 1. 6 . Some notable movers. If we take a look at this chart, the possibility of a little more consolidation to the downside. There is a beautiful uptrend. Generally the buyers in control. Late september come early october, when we had negative trade headlines, dips lower, consolidating. Perhaps today a bit of a reprieve. There could be more selling for chips. Guy thank you very much. The pound trading at a 2. 5year high. The fx market starting to price in a big win for Boris Johnson in next weeks general election. Earlier, i caught up with the mayor of london, sadiq khan, and asked how he expects his labour party to do on the 12th. Days still have a few before the general election. The pound is not looking great for a labour landslide. But we saw in 2017, the polls were wrong. We saw it again get closer. Im not going to endorse every day. The choice of this election is simple, between a brexit backing, austerity loving government led by boards johnson, hard brexit, possibly no deal by december, with a party that will give the british people the final say. Do you want to leave on those terms or stay . But also ending the authority. Except the poles, i hope they are run again, and we will see how it pans out. You put Boris Johnson in the same group as matteo salvini, duda, trump. If you would create a Similar Group for jericho Jeremy Corbyn, who would be in it . Sadiq there are a group of left of center politicians around the world. Unfortunately, we tend to lose more elections and me when. Is those on the far right are running on a playbook that place to peoples fears. Us on the left, progressives, have to realize that people have problems they need addressed. You see in canada, trudeau winning again this year. You see macron and france. Seeen on the far right, you what is happening in spain recently. Portugal results not long ago. Around the world. New zealand. I accept the challenge because one of the things we felt as progressives is to understand, around the world, there are lots of people who are just not enjoying the fruits of globalization, that have seen their quality of life not improve. They see a sense of unfairness that some are doing really well. What people like trump and boris pen, farageduda, le are doing is playing on the peoples fears. It could be the fault of the mexicans, the European Union, and we have to make sure that us progressives understand that an address that. Guy you would compare Jeremy Corbyn to those kinds of names . Sadiq i think he is a progressive, he is left of center. When is important is we persuade enough people in this country to look at the evidence over the last 10 years. This austerity was a choice made by a conservative Prime Minister , and its not working for us. Guy you say is not working for you. If Jeremy Corbyn fails to deliver a majority again, should he step aside, let somebody else lead the party . Sadiq lets see what happens over the next 7, 8 days. John mcdonald said it better than i did. What normally happens is, if a party loses a general election, there is usually a leadership contest taking place. Lets see what happens in relation to the general election. Im hoping and working for a labor victory or hung parliament. That will lead to the British Public getting a final say, do you want to leave or remain . Now we know what the alternative is. Guy if you were to step aside, would you return to parliament, westminster, would you consider putting your name forward to leave the labour party . Sadiq no. I have a big jump to do as the mayor of london. Importantother election going on around the world in 2020, but as far as im concerned, the most important is the one in may, 2020. Guy as you think about your job, you have to reflect on what happened last week, the terrible took twice just over there. Having seen what happened, do you think, under any circumstances, that a convicted terrorist should be released early . Sadiq thats a really big question youre asking. We are still coming to terms with the events of last friday. I have asked many questions that need answered, with relation to this man. My thoughts are with the families struggling at the moment. The debt of these two wonderful individuals. Some of the questions i have, was parliament right to get rid of this really important tool, to give an indeterminate sentence to protect the public . That is important for all judges to have. I also have concerns as it relates to cuts to the police and prisons and probations. When somebody is sent to prison, it is like a warehouse. Are they being properly reforms and rehabilitated . It is a separate issue once someone is released. Are they properly supervise, are the right people being tagged on license . There were two separate issues. One is an investigation into this case. , second more general issue making sure that as a city, we stay as safe as we can. Im interested in both of those things, but you are bringing up an important question. My view is for violent and serious offenders, like terrorists, a judge should have it in their toolkit, all the range of sentences open to him or her. That could include a life sentence, that could include an indeterminate sentence. You have to persuade the not a dangerou are to the public before you are released. One of the reasons it is complex, often, the Prosecution Service and the police often use a tactic against terrorists. They cannotone of the reasons is get a terrorist offense, so they will use other ways to keep this person off the streets. We have to be careful making a generalization. Guy im not sure how to make the pivot, but lets do it anyway. What does uber have to do to keep its license in london . Sadiq play by the rules of the game. We are a probusiness city. I am the most probusiness they are the city has ever had. I welcome innovation, disruption, tech companies, big businesses, but play by the rules of the game. It is clear to me, our regulator found a number of concerns with uber. There were 14,000 journeys were a passenger got into a car and the driver they thought they had was not the actual driver. Others where a driver was suspended or dismissed, were allowed to use somebody elses identity to drive people around. There are other concerns. The message to uber is the same message i get to any business, whether a big anthony or small company. You are welcome in london but you have to play by the rules of the game. Guy as the ceo reached out to you . Sadiq not to me. I saw the comments he made in the media in relation to his response to the decision. The point i would make to uber, they said the same thing two years ago when they refused to license. They went to the court and put their hands up andthe point i wt it right. They were right to call us out on this. We have now made these improvements. Two weeks ago, when we turned them down, they were quite brash, aggressive. Lets see when they go to the court, whether they change their tone. I hope they do. When you speak to londoners who use private vehicles with the app, they like it. Im not going to compromise the public safety. Sadiq khan, the mayor of london speaking to me earlier today. This is bloomberg. Bloomberg. Guy lets get guy 25 minutes past the hour, its time for a Bloomberg Business flash. Things kicked off. A shakeup at expedia. They clashed with the board over the companys direction. Barry dillerthey clashed with tr the companys direction. Barry diller and vice chairman peter kirn will take over while directors look at longterm leadership for the company. Linkedins top Human Resources executive has also stepped down. Christina holt left the company break to compliance rules, according to people familiar with the matter. She oversaw hiring and benefit programs at linkedin. Bloomberg has learned saudi aramco may price its ipo at the top end of the range. That could result in a deal. Aising 25. 6 billion there has been speculation that strong domestic demand would lead aramco to price at the top. That is your Bloomberg Business flash. Live pictures from the House Judiciary Committee, discussing the constitutional grounds for impeachment is the next of the inquiry into president donald trump. Chairman nadler saying there is president and the panel must move swiftly. We are live in washington next. You can also follow along at live go. Im all about my bed. This mattress is dangerously comfortable. When i get in, i literally say ah. Experience deeper rest with the awardwinning leesa mattress. This bed hugs my body. Im now a morning person. The leesa mattress is designed for every body. Providing strong support, pressure relief and optimized airflow to keep you cool. Hello bed of my dreams. Order online, well build it, box it and ship it to your door so you can try the leesa mattress at home. Love it, or get a full refund. And rest assured, returns are free and easy. I love my leesa. Today is gonna be great. Find out why so many people love the leesa mattress, then try it in your own home. Order now to get big savings but only for a limited time. Just go to leesa. Com today. You need this bed. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Vonnie we are getting Weekly Crude Oil inventory numbers. Wti up 3. 7 in advance of those inventories. 5818 is that we are learning opec may be recommending further cuts. As for the weekly oil inventories, the market looking for a drawdown of almost 1. 5 Million Barrels for the week ending november 29. That would be following last weeks build. We are getting a much larger drawdown than anticipated. 5 million, 4. 80 6 Million Barrels of a drawdown. That has wti ripping even further. 58. 27. A lot of utilization relatively speaking. Gasoline inventories, a build of 3. 8 Million Barrels. The headline, lower supply. Lets check in on first word news with viviana hurtado. The u. S. And china moving closer to a trade deal despite the heated rhetoric. U. S. Negotiators expect a phase one agreement to be completed before november 15. That is when american tariffs are set to rise. Outstanding issues remain, including how to guarantee how china buys American Farm products. Democratic president ial candidate joe biden has a way to pay for 3. 2 trillion of policy proposals. New and higherr taxes on the multicorporations. He will include a measure targeting Companies Like amazon and that lex. They paid no federal taxes in recent years. He also plans sanctions on countries that help corporations avoid taxes. Over to hong kong, where the government is taking more steps you stimulate the economy, that it by six months of political unrest. It unveiled a package worth more than 500 million. Among them, subsidies for water and sewer bills, as well as waivers for businesses. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im viviana hurtado. This is bloomberg. Even lets go to san francisco. Taylor riggs, over to you. Taylor joining me today is black rocks head of the medicinal strategy, sean carney. I have to start with the massive increase in taxable supply that we have seen this year. Does all of that new supply make you a buyer of taxable munis over taxexempt munis . Good morning. I wouldnt say it makes as a buyer of taxables over taxexempt, but it makes as a buyer of the market, including taxable munis. Issuanceer, we saw 25 come in in the form of taxable munis. This has drawn in some overseas demand as well as some crossover demand in the market, which we have not seen much of since 2017. Taylor we usually see some lighter supplies. Heading into the end of the year, typically december having a good month. Are you holding onto munis as as you head into part of the year to capture that performance, are you taking your gains in getting out . Sean we are going into the are constructive and longer duration. Typically, january accounts for 40 of the market, under annual return. Not ainto december, its time that you want to be holding a lot of cash or even become short duration, especially when u. S. Treasuries are trading in such a tight band as they are, going around the optimism of a potential trade deal. The calendar may have been larger than in past years. Know a quarter of that is attracting a bigger audience. The taxexempt portion has been well spoken for. Subscription rates have know a s attracting a bigger audience. Actually ticked off into this increased supply, as opposed to backtrack. Taylor how do you take that view and push it forward to january . Usually, you have selling pressure in january. Do you expect that looking into 2020, or are you looking at historical norms that weve seen . Question, is a good that is what we are spending time on now. Do we turn the calendar and come into a january where issuance is down a bit, more activity in the secondary market to begin the year . Or do we turn the calendar and see similar issuance patterns in january, potentially elevated february went typically you have muted supply. All signs right now are pointing to some elevated supply continuing to the new year. Perhaps not to the figures we have seen recently. Saw 100 billion dollars price tag october, november, another 40 billion on tap for december. Potentially we dont get those numbers coming back from the holiday but we anticipate the supply will remain healthy. We look for demand as well. Over 47thceived consecutive week of inflows. That is verified air. As long as demand continues, the supply will be well digested. Taylor always a pleasure. That was sean carney, head of municipal strategy. Vonnie thank you, taylor. Lets get back to the House Judiciary Committee impeachment hearing underway on capitol hill. We are joined by Kevin Cirilli live in washington, d. C. Chairman nadler speaking earlier, saying there is precedent for recommending , and that the panel must move swiftly. Who do we hear from today, and like me get a decision in the next day or two . Kevin law professors. The House Judiciary Committee chairman jerry nadler calling who do we hear from today, and like me get a decision in the next day or two . Three legal scholars, constitutional folks to testify publicly. The republicans chose one individual for the panel. The president pushing back sayinglly against this, they want to hear from hunter biden, joe biden, for the investigation into the bidens to continue forward. Saying meanwhile, rudy giuliani, the president s personal attorney, taking to twitter to defend himself from what he says are unfair attacks from the House Intelligence Committee report. The mere facts, i had numerous calls with the white house does not establish any specific topic. Remember, i am the president s attorney. Meanwhile, rudy giuliani, the president s personali can tell s , republican advisers to congress are growing increasingly more skeptical of giuliani. They say they would defend President Trump, but not so much rudy giuliani. Beyond that, the timetable getting more interesting. Mitch mcconnell forecasting that he would try to negotiate with Chuck Schumer on a timetable for a senate trial, but all likelihood would indicate that he will have to get legislation passed on a partyline vote. You are looking at a 6008week trial in the senate, which puts this into next spring. Guy Financial Markets continue to watch but ignore this as a market risk. Simply premised on the idea that if the house impeaches, the senate will not convict. Is there anything to dissuade us from that being the base case here . Kevin as of now, absolutely not. Every republican has continued to stand by the president. As of now, there doesnt seem to be much constitutional risk for the white house. Always a pleasure, thank you. Kevin cirilli from washington. Tune in later on today. Well be speaking to president ial candidate senator elizabeth warren. That conversation at 6 15 p. M. New york time. Also coming up, will be speaking about hisrobras ceo companys fiveyear strategic plan. On that yet to come. This is bloomberg. Always a pleasure, thank you. Pleasure, thank you. Not just dollars, extra dollars. Guy the italian Prime Minister. Lets take a listen. Extremely generous in his good whatt it was not was going on with nato, which is very important. Nato is very important. It was not good and now its gone to a very strong position, the strongest its ever been. Speaking to the president of france yesterday, we had a good meeting. His commentsback very much so on nato. I think he feels strongly, he sees whats happened, how other countries are stepping up. So we had a really good day today, good day yesterday, a lot of positive things have happened. Again, mr. Prime minister, and honored to be with you, thank you. Thank you. A pleasure for me. Now we have a good occasion to exchange views about trade, defense, issues. Its a pleasure. That is very good. Thank you. I will see some of you on the plane, some of you elsewhere. This was a great two days. Steve, go ahead. Do you want to comment on the House Democratic impeachment report that came out last night, the hearing today . I saw it and its a joke. I watched reviews, i watched sean hannity, lori ingram, tucker carlson. I watched a lot of other legal scholars, frankly, some people with great legal talent, highly respected, alan dershowitz, and many more. Terrific former special prosecutor, you know ken. Ken is a talented man, smart man. Statement pretty much write down the road, that what they are doing is bad for our country. It is of no merit. The Republican Party has never been more unified, ever. They had never been more unified than now. I have never seen anything like it where you have 1970, where the senate is very angry about it. The senate is angry. The Republican Party is angry. Poll came out, 95 Approval Rating for me in the Republican Party, which is a record. Ronald reagan was at 87 , second. It is going good. I have never seen anything like it where the parties come together. It will stay that way for a long time. I think we will have a tremendous 2020. Im sure you have seen the polls coming out especially in the swing states. We have gone way up in the polls. I think its a disgrace. , a stone cold a loser, has been all his life, adam schiff, and then you have nancy pelosi who agrees with what he said, which put her in jeopardy, said on a certain show, stephanopoulos. A bad thing for the country. Nato,ere meeting with meeting with italy, great countries, very important countries, we are doing a good job, and they scheduled nato, meeting it the same thing happened a number of months ago when they put the unga, theyons, the had a hearing with somebody on the same day. Now they do it with nato. People, you almost question whether they love our country. And that is a very serious thing. Do they, in fact, love our country . Ill never forget, walking into the united nations, and i start hearing all the things they were talking people, you almost about, exactly at that time. Literally walking through the front door. You folks are screaming to me about whatever. You know what you were screaming. Now i do nato, and this was scheduled for a year. In the same thing happens. They schedule a hearing. It is a total hoax. With thegreat call president of ukraine, a great call. Not just a good call, a perfect call. About, exactly at that time. In fact, two perfect calls, and Everybody Knows it. Waspresident of ukraine 100 honest, all you have to do is listen to the call or read call we had a transcribed perfectly. But he said no pressure, no nothing. There was no nothing. They dont even understand what you people are talking about. I think they probably consider it disgraceful. I think its abut he said no pro nothing. Disgrace that we could be wasting time. In the you meantime, usmca, the greatest trade deal of them all, is sitting on nancy , itss desk, drawn dusk been there many months. Farmers, manufacturers, union, nonunion, everybody wants it. And nothing happens. Its a very sad thing for our country. The word impeachment is a dirty word. It is a word that was only supposed to be used in special occasions. High crimes and misdemeanors. In this case, no crime whatsoever, not even a tiny crime. No crime whatsoever, and they know it. They go into those rooms and close the doors in the basement, and they say ill tell you what they say they just laugh. To them its a joke. They think they are doing well. Now they are saying, how do we get out of this their poll numbers are way down and they will have a tremendous loss in 2020. And that is whats going to happen. You cut it, its been interesting. But to do it on a daylight this when we are in london with some of the most powerful countries in the world, having very important nato meetings, and it just happens to be scheduled just happen to be scheduled on this day. It is honestly a disgrace. Thats it. Thank you. Rudy giuliani . I dont know anything about it. Rudy is a great lawyer, crimefighter, best mayor in history of new york city by far. He stopped crying in u. S. New york city. Respected. Y somebody said he made a phone call to the white house. What difference does that make . Is that supposed to be a big deal . I dont think so. Rudy is a great gentleman, and they are only after him because he has done such a great job. He was very effective against mueller and that whole hoax. First we had mueller. Before i even got elected, this was going on. Respectednow the ig report comt will be very interesting. We will see what thats all about. As you know, the big one coming down is the durham report. I dont know mr. Durham, never spoken to him, but he is one of lawmost respected enforcement or u. S. Attorneys anywhere in the country, tough guy, had an incredible track. Ecord he is actually sort of nonpartisan, from what i hear. But the big one that everyone is waiting for is that. And the ig report. They say its coming out on monday. Tuesday. Whatever. I think its going to be a very big thing. We will see what happens. This should never happen to a president again. But it shouldk, never happen to a president again what has happened here. Its a disgrace to our country. Its an absolute disgrace to our country. Sad actually. And itits a disgrace to our co. Is done by, frankly, losers. Look at the cast of characters nancyn nadler, schiff, pelosi, nervous nancy, an absolute disgrace to our country. A lot of democrats, by the way, i think will vote against it. If they dont, they will lose their race. They went back to their districts, and they are getting hammered by their districts. If they dont, they will lose their race. In many ways, i hope they dont. We will get a fair shake in the senate, assuming whatever happens happens. We will get a fair shake in the senate. But we have already been given today, i a look understand it obviously, ive been with all of these World Leaders, done conferences with World Leaders so i havent been watch, but think of it. They get three constitutional lawyers, and we get one. What is that all about . They get three, we get one. We had no representation. We could not call witnesses. We could not do anything. Watch, but think of it. It is the most unfair thing that anybody has ever seen. They would have done much better if they gave us equal representation. Because the public gets it. Thinkt today i dont too many people will watch because it will be boring. Guess were here i are here, and we will supersede it, but not a lot of people will be watching today. Think about this. Constitutional lawyers, they get three and we get one. What kind of a deal is that . You dont need a constitutional lawyer because there was nothing done wrong, zero done wrong. Read the transcript and then listen to what the president of ukraine said. He said there was no pressure whatsoever. Listen to what the foreign minister of ukraine, highly respected man both of them very respected. Listen to what the foreign minister said. He said there was no pressure whatsoever. That is the only one that counts. Then listen to all of their witnesses, and not one of them said anything that was meaningful, other than positive for me, like the one said there was no quid quo pro. That is what he said. He said i actually told him that, that there would be no quid quo pro. I said that. I said other things that were Even Stronger than that. It is a disgrace that they are doing this. And they are doing this because they think they cannot win in 2020. They are doing it because you take a look at their candidates, and they are not doing too well. They figure this is their only shot, and its a disgrace. This process was not supposed be used that way. Any other questions . Why do you feel like there is a need for a separate 2 event . They are friends of mine, they are countries that pay the full amount. 2 of their gdp. They pay the full amount, and im proud of them. We had a total of nine. When i first came here, we had virtually none. If you look at nato today compared to three years ago when i started, we built up a dont nato. Stoltenberg will tell you it is because of trump. You have to pay. Other president s came, they sit for two hours and then leave. I said, you have to pay. Because of that, nato has become strong again. I think your president of italy would tell you that. Much stronger than it has ever been. With that money, they are buying new equipment. These companies are buying great airplanes, great everything. Hopefully, we never have to use it. And i dont think we will have to use it. But the stronger we get, the less likely it will be that we have to use it. Thank you all. See you back in washington. [inaudible] we talked about it a little bit. Youll be hearing about it. Thank you. See you later. See you on the plane, steve. Guy questions ok, you been listening to the president of the united dates answering questions less about nato, more about impeachment. 2 gdp target that he thinks many countries failed to achieve. That has certainly been a factor during this nato summit, the president making it clear everybody has to pay their way. But its been a summit dominated less about nato and more about other things, trade, certainly has been a very big feature of what has come out of this nato summit. The president addressing that yesterday. Remarking significantly on the relationship with china, certainly continues to be a focus. Also what been going on with the impudence story in washington leading back into the nato summit. Maria tadeo has been covering the summit in london. Talk about what we have taken away from the summit. It is wrapping up now. This was meant to be the central focus, nato, this was the 70th of nato,ry celebration the forming of it. Yet, it has played second fiddle to so many other stories in the news cycle. How has that got done with other leaders . Area you are right. This was supposed to be a celebration of nato, the 70th anniversary, and is really been two days of meetings, overshadowed by the trade story. If you look at those two days, its become very clear, when you look at President Trump him he does not see a clear distinction between the geopolitics and the trade. For him, it is one big unit. That was his message us today. , referring to nato members that are rich, we are not going to pay up, and they need to hit that 2 target. If they dont, perhaps a way to deal with this is through trade. Again, trump hinting at possible tariffs. He also said when it comes to American Companies operating in europe, i will not let them be taxed by other governments. That is a clear reference to the french government to introduce additional tax which the u. S. Tech world does not like. Trunk made it clear that the only person that will tax them is me. Ball, we willplay have to retaliate to the french. Ith more additional tariffs guy the u. S. And china continuing their dance around the tariff rollback in a phase one trade deal. Stocks are higher after yastremska losses yesterdays losses. A big win for Boris Johnson in next weeks election. Uberayor of london says needs to play by the rules if it wants its license back. London andhnson in vonnie quinn is in new york. Vonnie we are seeing a nice balance on u. S. Markets after three down days. Trade headlines for the most part the cause of this. Already 117 on s p 500. 177 on the 10 year yield. Some equities higher. The highest in the s p 500 up