First here is what is brand new at this hour. Wooing the heartland. Democratic 2020 candidates in iowa today, making their pitch to americans including farmers who have been hit very hard by the trade war. Were live in des moines taking the pulse of voters. White house hopeful, new york city mayor, bill de blasio calling for corporations to pay their fair share. Where have i heard that before . Vowing to tax the hell out of the wealthy, what he said during a heated interview with fox newss sean hannity. The highlights you have to see. Outrage on the left, outrage a growing boycott for a fundraiser for President Trump. Outrage on both sides of the oil. Ashley fox Business Team coverage and Edward Lawrence from the white house, phil flynn from the cme and Jackie Deangelis from the New York Stock Exchange. Well begin with the latest from the white house and edward. Reporter china actually rebounded in exports, 3. 3 , growing from june to july. That was good news for the market. The deficit with the United States shrank about 2 billion. 1. 95 billion. The chinas positive news, as the country shows signs the central bank will continue to devalue its currency. The bank sent Reference Point of the u. N. For lower each day of the trading day of august. Now with no indication that trend will slow down. White house Economic AdvisorPeter Navarro downplayed the importance of this. The yuan has gone down 12 . We put on terrorist at 10 . The yuan goes down 12 . Basically theyre trying to offset the effect of the tariffs but it does have ripple effects but this is not, this is not something thats threatening to the global economy. Reporter still as the dollar strengthens, other countries possibly could cut Interest Rates because of what chinas doing. That in turn makes our products more expensive to others overseas. Now President Donald Trump says he does not want a stronger dollar, in fact tweeting this about the federal reserve. They have called it wrong every step of the way. We are still winning. Can you imagine what would happen if they actually called it right . He is frustrated with the lack of progress over the trade talks. Trade experts say that the legal language in the trade agreement spooked the chinese. Their main problem they apparently thought this could be an agreement in principle and it wouldnt be legally binding in courts inside of china or inside america. Bob lighthizer explained to them, no, this is legally binding. Well have an enforcement mechanism. Youre going to get tariffs, other measures against you if you violate it. That seems to have shocked the chinese. Reporter experts say looks like a prolonged dispute. Our trade sources say chinese not only expect 10 tariffs to go on, but those 10 , theyre prepared for them going to 25 . Back to you guys. Ashley edward, thank you very much. Lets bring in todays market panel, lenore hawkins, thematica, and paul dietrich. Thank you both for being here. Lenore, let me begin with you. What happened the last 24 hours . Yesterday we were down 600 points. Almost 1000point turnaround. Are we focus on the chinese yuan . That is really what is doing it. The market, i love it when we talk to the market, as if it is some guy to say how are you doing today . The Market Participant today are feeling a bit of relief the renminbi, the chinese yuan is not crashing as it was expected. But it looks like they will use this to help fight the trade war. Ashley paul, let me bring you in. Investors have to be queasy, not only volatile, very fragile, each headline sparking another fall or perhaps a rise. How do you play this as an investor . I think you have to look at effects ashley im sorry, paul. Breaking news. Uber reporting Second Quarter results. Lets look straight to susan li for numbers. Susan loss bigger than expected. 4. 72. Analysts were looking for a loss of 3. 12 was the estimate. As for revenue, also a miss here as well. Were calling it 3. 16 billion. 1. 66 billion. Lets round it up to 3. 71 billion. Analysts were looking for 3. 36 billion. Speaking to uber. The reason they missed here i got off the phone, because the analysts did not anticipate the ipo rewards that they gave to their drivers. So in this earnings report, uber says they have included 298 million driver appreciation award. That was made in connection with the ipo which they also announced as well. What that is, they doled out stock compensation based on tenure to those drivers that have been with uber for a long time. Still some pretty strong. Pretty strong bookings. They made 15. 75 billion. The growth rate is slowing. Were looking at 31 growth. We saw close to 40 over the past few quarters this is something im sure that analysts and market will take another look at as well. As for drivers and trips, still pretty strong numbers out there. Im still trying to sift through this to look at other Business Revenues as well. That includes uber eats. Ashley yes. Susan you know they shipped about 10 billion in food orders over the past year. I will hand it back to you for now but i will keep looking through this report card. Melissa let me ad a little cover, a little color as well. Uber eats revenue at 595 million, up 72 . Ashley wow. Melissa for ubereats. Also another stat folks were looking for in july, the uber platform reached over 100 million in monthly active platform consumers for the first time, hitting that 100 million mark. Ashley lets get back to the panel. Paul, so sorry i enter rapted you there. Just as i ask you a question the uber results come out. Lets talk about uber if we can. Big miss on earnings. Big miss on revenue. Theyre losing a ton of money. Is this an attractive investment . Well in the long run the answer is yes. Theyre using the amazon model. You know, it took amazon an awfully long time to make any money. Theyre putting all of their money into basically expanding services, expanding riders and they do have, because theyre cheaper than most of the taxi services, and they have been competing with lyft, if they, now that lyft and uber are both publiclytraded companies at some point they will get a lot of pressure to increase revenues. They actually have the where with all to do that because theyre underpricing the market in terms of the rides and they can still raise prices without, with still staying a little bit under the taxi companies. Melissa i dont know. Lenore, let me ask you, i disagree with that. I dont know how, the reason why uber is so popular is because it is so cheap. The moment that they raise their prices, all of sudden you have a whole bunch of other options. So the only reason why it is so dominant is because theyre willing to lose money on all of thisthese rides. When they try to leverage it, have a higher price, lyft comes at you with a coupon, you get them right back down. Lenore, i dont know how they become the amazon because it doesnt seem like, the thing that makes them attractive is the low price that makes them lose money. Exactly. You have got to decide whether this is the amazon model or more for those who remember the webvan model. Melissa right. As a consumer i love these guys. I love the ability to have an app, anywhere i travel, theoretically i can go use it. The challenge is insane amount of money that they are spending to really blaze this trail. Theyre having to deal with unbelievable regulatory problems. For example, in italy where i spend the majority of my time, uber doesnt exist in any small towns. All you can get in major towns are uber black, using already professional drivers. Just another way for them to compete. Where will you have margin pressure . 2 doesnt exist. Ireland, another place i spend a ton of time. Uber in ireland barely exists. When you call uber, all you get is taxi . Where is the moat . Where will uber maintain the really big margin when it is becoming easier, easier with low al area comp with an app that calls all local drivers. Melissa i loved webvan. I loved it right out of the gate. Totally. I loved it as a consumer. Not so much as investor. I disagree. Youve got basically, if youre still under the taxi prices, no ones going to switch over to taxis. Ashley thats true. Both lyft and uber are now melissa theyre really not under taxi prices in new york. We have to do some other earnings. Go ahead. Ashley lenore, susan, paul, thank you. Cbs reporting Second Quarter results. Lets get down to Jackie Deangelis at New York Stock Exchange with the numbers. Reporter good afternoon to you. It was double beat here. 1. 16 a share. That was higher than 1. 12 expected. Revenue 3. 8 billion, up 10 year on year. Higher than 3. 71 billion expected. Cbs showing a good number on the top and bottom line. They said cbs allaccess, showtime, fueled a 13 increase in affiliate prescription fees. People will focus on that. They said theyre on track for 25 million subscribership by 2020. That is for the cbs allaccess, showtime subscription. Back to for now. Ashley the stock pretty much unchanged in afterhours for now. Melissa Oil Rebounding closing up 3 , snapping a three session losing streak. Lets go to phil flynn for all details. Phil . Reporter some people are calling it the saudi put, basically saudi arabia yesterday at the lows came out and said, oil prices at these levels were unacceptable. Part of that is what the rally is about today. Part of it is is the stock market coming back. Those two factors bringing expectations demand will be strong, supplies will be tighter. Were getting details what saudis might do. Theyre warning customers, hey that oil you were expecting next month, you might not get it. Theyre talking about sending empty tankers to the u. S. , buy u. S. Oil, store it to lower our inventories. Even with a big rebound weve seen in the stock market, the apparent less fear about the global economy, gold prices held up pretty darn well. If you look at a lot of the bond market, the stock market, sure looked like confidence coming back, not so much for gold. Part might be donald trump talking about the dollar. He is saying he doesnt like the dollar being that strong. You dont usually hear that from a u. S. President. Gold traders are keying off that, the currency, talking down the dollar may be good for gold. We also saw bitcoin of course, it pulled back a little bit today as well. Were seeing some of that come back a little bit on concerns that the dollar might get talked down a bit by the president. Melissa phil flynn, thank you so much. Ashley all right. Business backlash. The billionaire owner of soulcycle and equinox under pressure for hosting a fundraiser for President Trumps reelection campaign. Celebrities calling for a boycott of his businesses. So is this feud going too far . Melissa plus hitting a new low. Robocallers targeting a new group of phone victims. It is putting our Health Facilities at risk. Ashley yikes money in the wrong hands. New york city mayor bill de blasio sounding off about the minimum wage, policies he says hurt the middle class but is his bark bigger than his bite, and why that move could backfire on the 2020 stage. We are next. I say there is plenty of money in this world. There is plenty of money in this country. It is just in the wrong hands. How did it get there . Because of federal policies took from working people and gave it to the 1 . Okay. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. 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November 5th is when we expect the lockup period to end. The driver appreciation award made in connection with the ipo, uber says accounts for larger than expected loss, and why the shares are down 12 . As you said looks like we have big numbers when it comes to monthly active platform users. Growth rates of over 30 . Cost in currency terms around 37 . Pretty much the average weve seen the past few quarters. Bring it down to gross levels around 31 . There are still concerns here in terms of slowing growth, the path to profitability, guys . Ashley key question, susan li, thank you very much. Now this. I want working people to get their fair share. Okay. Should anyone working for less than 15 an hour . I dont like the minimum wage. You dont think, you, you described your life as working man i respect that you didnt wash dishes people should get 15 an hour in todays economy. No. Because it hurts kids that get jobs. We have record how youth unemployment. Talk about people trying to support their family. You dont think folks who are working hard to get 15 minimum wage mr. Mayor. Come on. Melissa i dont know that the minimum wage when youre working at mcdonalds, youre supposed to be supporting your family. President ial candidate, new york city, bill de blasio going headtohead with fox newss sean hannity. Very owned david asman. The response to that, when you raise the minimum wage to 15, are you going to stand there and choose which million plus people get fired and which get the 15 minimum wage . De blasio would probably say yes, i would love to stand there to pick the one that gets fired, the one that gets the money. You and i talk about economics all the time. Were kind of geeks. It is one of the few things cross over party lines. Most economists, not all, certainly all conservative economist, even a lot of liberal economists agree if you raise the minimum wage, certainly double it, the way he want to, you lose jobs. It is not people that are supporting families. It is the entry level jobs, the people who learn how to do work, you know, people still living at home. Kids and so forth. There is a question about taxes. You know, he kept, de blasio kept asking sean, why are the 1 paying less in taxes. Well, hello, in fact since the tax reform, the percent of the total income taxes paid by the 1 ries ren from 37 , which is still a lot, 37 of all income taxes paid by the 1 , since the trump tax cuts it is now over 40 . 40 or more of all income taxes are paid by the top 1 . So if you want to soak the rich, if that is your goal in life as it is for de blasio, then you have to vote for trump instead of obama. Melissa i mean i would ask him why the city is vacant . We have some empty storefronts and, how that has happened under his administration . Why that would be good for the nation, and what his answer to that is . His answer is spend more money. That is his answer for everything. Melissa were out of money. Increased excepts of new York Mayors Office by 30 , 30 more were paying the city. And the services are not as good as they used to be. The streets are dirtier than they used to be. Melissa yeah. The subways are running less on time, more decrept it than they used to be. I think were spending 30 more, getting 30 less. Melissa lets not talk about the billion he gave to his wifes charity. Okay. There is that. Melissa let me ask you about stephen ross, billionaire owner of, well, he is the the founder of, related which is the owner of equinox and sole cycle. He is not the guy that owns equinox and soulcycle. Facing a massive backlash hosting a fundraiser for President Trumps 2020 campaign. Theyre saying irony, can sell soulcycle, cancel equinox. I met the ceo of soulcycle number of types, she is very liberal. She has nothing in common with President Trump. Her backer happens to be someone who supported the president , when they cancel soulcycle, cancel your membership, youre hurting this business that is super liberal. What do you make of this . One word, backlash. I think, all of the backlash to what this is, represents to what, Joaquin Castro did in terms of trying to shame all of these trump supporters, turn them into some kind of White Supremacists whether theyre all decent american citizens as far as away from white supremacist as castro is, it is failing. It is not only failing but creating a lot of discontent among democrats, as you mentioned in this case, there are a lot of liberal democrat affiliated with equinox soulcycle. It is creating more problems for democrats than helping them. They will learn to regret it. Melissa yeah. I wonder, of course i have asked members of the rnc, have they seen a dip in