Minutes into the trading session already. Julie hyman keeping an eye on things. Reached the0, we level yesterday, closing just below it with the doubt hitting and other record dow heading another record. S p 500 at another record. Nasdaq not quite there, little change but to the downside. For thebeen ramping up anniversary of black monday, october 19, 1987 is the date we have been watching. And that is when we saw the market crash. We want to put things into prepress into perspective. This looks at percentage changes in point changes in the Dow Jones Industrial average. You see it, it shows how big of an anomaly it was. To put it into perspective, if you would see the same change today in the dow jones, the same magnitude, it would be about 5000 points coming off of the Dow Jones Industrial average. So to show how unusual it is. The moves we have seen recently are much smaller, not just in the dow but with the freedom but with the three major averages. Withve seen point moves, the s p 500 be in the tightest. All year. Why is the dow outperforming today . Look at three stocks in particular, the leaders. Ibm out with their earnings, the best reaction to the Earnings Report from ibm going all the way back to january of 2009 when it reported a fourthquarter 2008 numbers. Of the company predicting that sales will be growing and it will be coming from the legacy hardware business business, rather than cloud and data, the new services. Unitedhealth group rising. Earnings continuing into the upward momentum. Goldman sachs bouncing back after it fell in response to earnings yesterday. And we are looking at financial movers, the financial industry movers. Northern trust coming out with numbers that beat estimates. Now looking at cutting the about 250 rate, million in savings by 2020. Shares higher good Interactive Brokers and Interactive Brokers group in their estimates. Pg e want to group from for two point 3 billion shares are up 4 . Mark 5 below our record that we set in april 2015, 2. 5 years ago. Black monday, the stock 600 falling. It was at a record. But we are up today, the highest level since june 19. Busy day for corporate. Dutch down by 1. 9 , the company exporting capital. And abandoning the target for proper growth this year after challenging markets with high raw material prices, thirdquarter profits missing estimates. A pretty turbulent 2017 good and thented bid from with attention of the investor leading to the departure of top management. The new chief executive facing the task of rebuilding shareholder confidence. Today. O novell is lower pfizer looking at Health Businesses as pins hope for growth on brands like baby formula after a second cut in the Sales Forecast this year. What will happen, it will create two autonomous units, creating rb health and home responsible for their own accounts. They came after the quarterly revenue missed estimates because of a cyber attack, lackluster demand for new products, and other worries. Down by 2. 1 today. And unemployment here in the u k holding to 42 year low in the three months through august, a number of people in work approaching a record high. Wage growth with little changed, just above 2 . That is the blue line right there. It is well behind the rate of inflation, the white line, which came out yesterday. It is higher. We are no signaling longer prepared to wait for a pickup in inflation or a wages, should i say, before tightening the policy. And 4. 2 in the latest period, below 4. 5 rate regarded by the boe as the equilibrium rate, the pressure on Living Standards continuing into the latest three months with regular pay growth falling in real terms for a sixth consecutive month. Inflation, 3 , paid 2 . That is the big story. Vonnie we will be following that throughout the morning. And the afternoon. Ok, check in and out first word news. Here is emma. Emma the president of china kicking off a gathering of the communist party expected to cement his influence for the next decade. He spoke for more than three tors, laying out a roadmap turn china into a global power by the middle of the century. He called for more reforms in the industries, also promising to open the door to foreign businesses. In the u. S. , senator alexander said that President Trump called him to prop up obamacare. He and patty murray have reached a deal to give it subsidies. The agreement still facing Republican Opposition in both houses of congress. Meanwhile, President Trump willing to compromise on the key components of the republican tax plan. According to a white house official, the ministers and is open to the deductions for state and local taxes, instead of ending it altogether. Lawmakers in high tax states pushing back against ending the reduction. And European Union countries keeping hope alive i trade deal with the u. K. According to officials, the trade talks should begin as soon as they decide the u. K. Has offered enough in brexit negotiations. The negotiations, however, remain stalled for now. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. Vonnie . Vonnie thank you. Coming up, a billionaire activist on the defensive about his stake in adp. Carlos rodriguez getting his chance to push back. It is an interview later this hour. Right now on capitol hill, the u. S. Attorney general Jeff Sessions testify before the judiciary panel. It is likely to be a wideranging testimony. You can follow on the bloomberg. And this is bloomberg. Baltimore is on pace the top the number of homicides over new york city. Vonnie live from world had coded headquarters in new york and london, im vonnie quinn. Mark this is bloomberg markets. Gold sliding for a fourth day. The likelihood the next fed chairman will be more hawkish. Climbing back about 52 april for crude oil. Joining us to discuss. Todd, how are we positioned . How should we be positioned ahead of the Oil Inventory data in 19 minutes time . Guest i think the data has been priced into the market and they are expecting slight declines. I think over all the numbers we have seen have been supportive of the higher prices, but the real one that stands out is not the tension in the middle east, those come and go like the wind. The rising demand expectations component we are hearing out of the middle east, that will keep the prices on the rise as well as opec can maintain the cuts beyond what the current settings are. Extend theec does production cuts, what is the upside for oil . Todd i think 54 is a tough level to get to. Not only has there been technical resistance, but it will bring in more producers. When we talk about the cuts being status quo, that is where the demand component will offset the rising production and exports for the u. S. , as well as nigeria. So there is a lot of things, so if all the pieces do not come into place do not be surprised to go back toward 50 despite the cuts. Mark gold is waking up from the summer slumber. The volatility is back in the market . Todd i wish i could say yes. In moments, yes. With gold pricing we have seen the ascension from mid august 1360, of 75, to around two where we are now. I think a lot of it is about the position move. Yes there is tension and defense inherited in the gold pricing and there is a dollar component as well, but the dollar has been sliding all year, so i do not atone to that with the price action we see. It is about fed policy and the government and confidence in the dollar. It is still waning. The gold shift we have seen is a liquidation trade from the highs. I am bullish, despite the moves we have seen, it until we get a trade below 1275. Right now, a tough one to hold onto. If you are adding on the way down, you will be well rewarded if and win the fair ted comes out and volatility fed chair comes out in volatility comes into the market. Mark with the fed chair, where is your money . Todd i think it went on the former governor kevin marsh. Now you see it shifting to governor parnell. He is an extension of the current administration, and i think he brings hawkishness that would bring volatility to the markets, something maybe the rates market has been searching for. I think it is a two horse race between those two. I think janet yellen already said farewell. Mark thank you for joining us, todd. Futures in focus. Vonnie good stuff. Time for the latest business bloomberg flash, the biggest stories right now. When of the Largest Health insurer is pp one of the biggest publisher is setting up their own management unit. And them says it will use the new unit to grow the business. They have expressed that express scripps has overcharged them by billions. And teaming up with apple to make mobile devices. Managinggned for plants and factories, part of ges efforts to ramp up sales of services. Ford recalling 1. 3 million of their trucks because of a defect in the door. They say they are not aware of any accidents or injuries blamed on the problem. The recall will cost ford over 200 million in the fourth quarter. And that is your latest Bloomberg Business flash. Ofnas president has warned challenges as he laid out a roadmap, turning the country into a global power by 2050. Paul wraps up the first day of the twice a decade communist party congress. Speech bys a sweeping the chinese president , he is the most powerful leader china has had in generations. He was laying out his vision, touching on everything from military reform, cultural reform, to the economy. On that subject, he talked about the need for the greater role of state companies to play here. He talked about real estate spectators, and the need for the reform of the Exchange Rate and Interest Rate regimes. Take a listen. Systemfoundational formation increased the percentage of management used to deep in the interests of read formation based on this market reformation based on this market and risk. Tom less of a mention of des pite concerns from the governor himself that the debt level in china is too high. We also did not hear very much about Capital Market reforms, and there was a previous pledge to double per capita income by 2020, that was removed from the speech, and it may have implications for the gdp target Going Forward. It was a framework for china for 2022, very much within the prism of a stronger and more robust communist party with president xi at the center of the organization. Tom mackenzie, bloomberg beijing. Vonnie and mark, this was a three hour long speech. The previous speeches may be 75 minutes, 95 minutes, this was 180 minutes for the president. Mark yes, and what stood out for me was the fact he dropped, quietly dropped the gdp doubling by 2020, which tao said we needed that by then, equating to about 6. 5 . Instead, he reiterated and replaced it with a big vague commitmenta with building a Prosperous Society by 2020. Still, the goal could be reached. Vonnie conservative on state owned enterprises, something people were looking out for. Insisted on the place of the communist party and the social a strategy when it comes to actually embracing some of the market reform. Anybody thinking that could change, that is not changing anytime soon, at least on the outside. Coming up, an exclusive interview with the ceo of adp, Carlos Rodriguez and the battle ongoing with his board and activist investor bill ackman. That will be later this hour. This is bloomberg. This is bloomberg markets. Im mark barton in london. Vonnie from new york im vonnie , quinn. The oil market, executives gathering for a conference in london. We are there. We are looking at the ceo of the largest independent oil trader. Reporter thank you. We have the ceo of joining us. Nice to be here. Reporter lets go over the big issues. We have geopolitics in kyrgyzstan with iraq. The question for the market is, how confident are you that the traders will be repaid . Think theent do you market should be on repayment at this stage . For the market they probably do not care about repayment, they care about what will the barrels come out to be. And obviously, it is uncertain. I think we do not know. I think there is probably, it is looking uncertain whether it will carry on in the shortterm. I think the greater risk for the market is we will not say 5000 barrels, we may see a lot less. It is a concern for the market. And there will be shortterm price pressure. Reporter well that be about 60 a barrel . It was 55 a barrel . That was for something different. It is where it will be next year, not the next couple months. Reporter take kyrgyzstan out. I think it will push the market of. I think we will see the magic 6. It will make the saudis happy. Reporter lets talk about the trading business, what you do the best. And vitol. You are a veteran dealmaker. How close are you to purchasing the noble group and Trading Operations . That is one i cannot give you a good answer on. Obviously, we are engaged and we have been talking with them. It is not a secret. Im not sure. We are confident we will have a deal. There are some technicalities which make it obviously we have many businesses and they are looking for a deal, so it is difficult to know how it will end up. Reporter is the stumbling block price . Um. You are leading me on. You must not do that. Reporter indeed. Im sorry. [laughter] i think it is more the overall terms and conditions. Reporter i want to understand, you say with the kyrgyzstan issue we could have a provocation above 60 in the near term, opec or nonopec, do they need to extend . They said this morning, there must be a twoyear deal. I think if they want to get agency the market moving up they probably want to extend, you know, i think it will be increasingly difficult for them to do, because there is upward pressure on production in many of the countries. But yes, i think for the price to continue moving in a northerly direction, they need to extend. Reporter the men you are sitting with, they know more about oil compared to everybody else in the world. Everybody wants to know, what can you tell me about the physical draw on the market, thinkers dropping tankers dropping, can you confirm it is physical . There is physical the stocks are below where they were. And you know, i think the market has tightened up. Remember, it was in substantial links, now we have moved to a modest acquisition. Reporter finally, the factors. They are frackers. They are pesky. Do you think they will come out and cap the market. What is your view on them in the states . That is probably one of the biggest downside in the market, the fact that we still see huge amounts of the production coming from the states. We are moving a lot of oil, even more and more from the u. S. All the way over to the far east. I think it will have an impact. That is one of the reasons in the shortterm i think i could be bearish. Reporter i hope you come back and have a longterm conversation with us. Is taylor in london, he quite the rockstar of the event. He has people following him. I am happy about that. We have the right guest with the right view. Back to you. Vonnie all you need is bickering m ms the green m ms. Thank you. We will have Oil Inventories in london, bringing those to you. Plus, our exclusive interview with Carlos Rodriguez, ahead of the companys annual Shareholder Meeting in november. The crucial vote could decide the fate of the board. Bill ackman is demanding change. I will speak with Carlos Rodriguez, coming up next. This is bloomberg. Mark live from World Headquarters in new york and london, im mark barton. Along with vonnie quinn. This is bloomberg markets. Were moments away from the release of the weekly Inventory Data in the united states. Ofling for a mild drawdown 4. 8 million barrels, crude trading higher today on the geopolitical risk. Julie is here. Julie we have a draw down considerably larger than estimated, 5. 7 million barrels. You said the estimate was for a drop of 3. 8 5 million. Gasoline inventories are climbing. And on the downside, the negative side for oil, the 9008000 barrels in gasoline, the job000 barrels there drop there. We have an Immediate Reaction here that is somewhat negative. Take a look at the bloomberg. It is more clear, take by take. And here we have oil coming off the highs of the session, still higher i about a quarter of a fit of a 1 . Becauseng a downdraft, even though we had the drawdown in Oil Inventories, the gasoline perhaps problematic in the minds of the traders. And as always, we will get monitoring the numbers to see how they shake out. And also, you can always monitor the reaction to this on the bloomberg. Vonnie thank you for that. Well, adp handles the payroll for roughly one in six americans. We usually talk about adp here on bloomberg. But recently, the company has been in focus because of a battle. Bill ackman pushing for three board seats at the next board meeting. Adp with a letter to shareholders, urging them to reelect the current 10 directors. Part of the difference is maybe a lack of appreciation for how much risk there is the client retention. We are joined by the president who wrote that, the ceo Carlos Rodriguez. Thank you for joining us. Bill ackman said he could help drive the share price to as much as 255 from where it is now in the 120 range. He contends he could improve the margins by 12 basis points. And with new directors and possibly a new ceo, but that is upper question, that the company would do better for the shareholders. Do you think you got off to the wrong start and this has gotten more nasty than it needed to . Carlos i think we have moved on. We obviously have a different idea about the pace and risk involved in moving as aggressively as bill is suggesting. He has had Prior Experience with different companies, like with jcpenney, and we want to make sure we do not make the same mistakes here. Vonnie we can totally get into the impact his position of valeant had