Maria we have a big show this morning. Joining the conversation, Deirdre Bolton is here this morning, real clear politics cofounder and president tom bevin and pwc partner, mitch rochell. Thank you for being here. We have a market under pressure as a result of some i guess digestion over this trade deal. Take a look at the markets where were looking at a triple digit decline this morning for the dow industrials. Bloomburg is reporting that china wants more talks before signing phase one of the strayed deal. The u. S. Trade deal. The u. S. And china made progress on friday. China agreed to buy 40 to 50 billion worth of Agricultural Products while the u. S. Will suspend a planned tariff increase set to go into effect tomorrow. Beijing addressing currency and Financial Services concerns but setting aside issues like intellectual property and forced transfer of technology. Senior counsel to the president Kellyanne Conway spoke with me yesterday and heres how she saw it. That would be two andahalf, three times what china had purchased at its highest point thus far, so they were purchasing 16 or 17 billion at the highest point and that will be brought up to 40 billion to 50 billion corks i so id se farmers have to go buy more land and get bigger tractors. Maria can this deal stand with the chinese just buying more stuff wit from america . What about thelowing, because trade was off. So if we chip away at it, i think its a good thing for businesses so at least they can plan. The problem is that big thorny issue is forced transfer of technology and ip theft is a really thorny issue and no one knows if thats going to get resolved. Maria heres what i got yesterday. Apparently there was an entire chapter on intellectual property theft in the first deal back in april when the chinese reneged. Theyre working with that chapter. To me, this doesnt look like theyve made a dent at all in the intellectual property theft, nor in the forced transfer of technology. Dont forget, the chinese have to go back on their own soil and get this, as the president calls it, papered, in other words, down on paper. We havent seen that. Were going to wait. Thats just time will tell. And i guess the interesting stuff about this is the Financial Services industry. No longer will foreigners be forced to take a 49 stake in a joint venture. They can own their company out and out. Those limitations are being taken out. So thats certainly a positive. But overall, it looks to me like this is a deal but nothing that you want to celebrate. I was in dc as we know on friday, and so when we were talking about phase one deal, one of my friends said deirdre, just so you know, this is translated as pause, as in pause in the trade war. And that was right as soon as the headlines started to hit. I think thats basically backing up what youre talking about and then with this Chinese Securities Regulatory Commission saying, yeah, if youre a Financial Company and you set up on shop on the mainland january 1st, 2020, were not going to force you into a joint venture which is how the ip theft happens. I was wondering if that was not in a way an effort to hurt hong kong, right, because hong kong is really the western Banking Center in asia. So if china makes it much easier for American Financial institutions to be on the mainland, i dont know if theres just as much reason then to be in hong kong Going Forward. I feel like it killed two birds with crossed into north korea. We are seeing this spread. It is a lot worse than anybody understands in america, in my view. Look, i think what you saw was both parties wanting to come to the table. In fact, needing to come to the table and announce some sort of victory. Obviously trump is looking at his reelection bid and the farmers are a big part of that thats why i think he went out of his way to make this phase one and you announce this and promise more down the road so people have the sense that things are getting done, big issues will be tackled at some point. He needed a victory, he needed to show he would deliver for the farmers and it looks like thats the case. Maria well see. In the next couple days and weeks, we will get a better understanding of where china is on this, if in fact they put this stuff down on paper. And where is phase two. So weve got that. Thats whats pressuring the markets today. On friday, i think the news of a deal got everybody excited, market rally, up 600 points by the close. Were seeing selling continuing this morning. Progressive democrats battling it out. Senator Bernie Sanders sounding off on senator Elizabeth Warren, trying to differentiate himself from her views on the economy. Watch this. Hell is deat elizabeth cof iherselfto be a capitalist to t. I will not tolerate for one second the kind of greed an corruption and income and wealth inequality and so much suffering a that is going on in this country today which is unnecessary. Maria tom, your reaction . It gives you a sense of where the Democratic Party is and bernie is. Capitalist is a dirty word, thats an insult hes throwing against Elizabeth Warren. Elizabeth warren, if you look at the most recent polls, the early states, the Real Clear Politics National average, he ims she is basically tied with biden. She is going to receive the kind of scrutiny and attacks from biden and from sanders that she hasnt received up to this point. So it will be interesting to watch that play out. Maria i would like to see if theres one word mentioned about the economy tomorrow night. So far, its not a subject. No matter which party youre in, if youre independent, you cannot deny that so far i mean, the stock market has had amazing returns, unemployment is near historic lows, theres tons of factors that support that. Maria theres also conversation about a recession happening, you should be able to hear some economic proposals from one of these guys on stage. We havent heard it yet. Im kind of curious as to Elizabeth Warren, looking at an independent vote for example. She seems too far left as it stands now for the people who i dont know whereby den is or where hes going to be but the people who could have gone for biden, she is far left of him. If bernies attacking Elizabeth Warren, does Elizabeth Warren have to more more to the left to justify that shes more progressive or does she tack towards the middle and say you know what, theres a place for business and theres a place for profits and so far, her message has been aggressive towards the Business Community. Correct, 100 . Maria how about joe biden. What will happen to joe biden tomorrow night. Will he get questions about hunter biden. The news of course yesterday was that 00 deer biden is going to hunter biden is going to be stepping down from the private equity firm that is backed by beijing. Will bernie im sorry, will joe biden be asked about this tomorrow night . What do you think . I dont know. Unless the mo moderators do it. The complaint with biden isnt about hunter biden, the attacks on hunter biden, most democrats think its not true, nothing was done wrong. Theyve been critical of biden for not pushing back harder against those attacks by trump. This was seen as an opportunity to stand up to trump and he failed that test. It took him a couple weeks before he came out strongly against. Now hes calling for impeachment. Unless the moderators ask, i dont expect the democrats to bring it up. Maria does the fact that hunter biden says im going to step down, does that indicate there was wrongdoing there . Is this basically admission of what President Trump has been saying . Remember, if youre going to say, well, look, im not going to have any Foreign Ownership if my father becomes be president , if you think thats improper, then what do you have to say about taking 1. 5 billion from china while hes Vice President or 50,000 a month from ukraine. Dont forget, biden said chinas not a problem. Why is everybody making a fuss over china. Now hes got china right in his family. I think from a pr standpoint, his son is probably like okay, this is just cleaner, im not going to comment on whats legal and not legal but its cleaner if im not involved anymore, period, paragraph. Maria maybe. We want to get back and come right into earnings. Were Getting Started this morning. Also on deck, Washington Examiner hugo girden is here talking about key testimonies on cacapitol hill this week. The ceo of cisco joins us. Mitchell hursto m this here on the partial china trade deal and Steve Scalise joins us on the impeachment inquiry. Were going to take a look at Third Quarter earnings which are going to begin this week in earnest. Coming up, syrias army moving troops to confront turkey as the u. S. Pulse out of the region. Pulls out of the region. Weve got details. Soft bank looking to support wework with strings attached. Thats when we come back in a minute. Can you turn around. Can you turn around my way. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Imagine a world where nothing gets in the way of doing great work. 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Syrias army deploying troops near the turkish border. This sets up a potential clash between turkey and syria. The u. S. Appears to be moving towards a full military withdrawal from syria. Hundreds of protesters after a woman is shot and killed by a Police Officer in her own home. Officials say the texas officer responding to a welfare check did not announce himself as a cop before firing. Body cam footage capturing the moments leading up to the death. Police say the officer felt threatened. A gun was recovered inside jeffersons home. The officer has been placed on administrative leave. Jeffersons family now calling for murder charges against that officer. And softbank may rescue wework after all. The wall street journal reporting that the Japanese Company is drawing up a financing package that would give it control of the struggling office space rental company. Wework is facing a cash crunch after the paint company canceled Parent Company canceled the plants for an initial public offering. Wework asked jp morgan to look into how the company could raise billions of dollars in debt. Maria lauren, thank you so much. I guess if you are going to get softbank to rescue this company, that further sidelines newman. If youre an Equity Investor in a company, youre going to put debt in ahead of your equity to save the company, just logical, makes sense many theyre doing what they have to do to protect their equity investment. That will probably give them more control and theyll have more say over who is running the company and how the company is being run. A rep you pe reputational hg at this company, 10 billion the original valuation was 47 billion, three months ago. This is a pretty quick trajectory down and i think this may change a little bit the culture of silicon valley. We looked at these founder as just, okay, they cant be questioned, this is his style or her style but i think actually wework really calls into question at this point i think it challenges some of the unicorn valuations. Maria for sure. They are up there. Theyre up there. Maria well take a break. When we come back, earnings season is kicking off, many banks are reporting this week. We take a look at the numbers as we are expecting them for the major banks and the impact on markets. Plus this, the end of fortnite, gamers worry what the explosive Season Finale could mean. Well tell you all about when we come back. Stay with us. Mama said there would be days like this, thered be days like this my mama said. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. We can help you plan for that. Start today at principal. Com. 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Look, i think as they have in the past handful of quarters, theyre going to come in better than expectation. I believe consensus right now is for down 4 and we might even get a positive handle maybe up 1 for s p 500 earnings. But frankly, the markets know this. I dont think theyre going to be there are going to be many surprises and in this low Interest Rate environment, low inflation environment, we dont think Quarterly Earnings are as important as often they are. Maria and of course in a moment in time where youve got the china story which is moving markets every day, friday we had a 300 plus point rally, today were down, its a partial u. S. China trade deal put together on friday, china wants to talk more before signing off on it. Theyve gone to go back to china to try to get this on paper but its not on paper yet. Theres uncertainty over the next round of tariffs which are set to go into effect in december. But the chinese were effective in getting those tariffs to pause, the president was going to put them into effect beginning tomorrow. Whats your reaction to this trade deal . Well, look, the markets were pretty positive at the end of last week but they need more clarity and trade and tariffs are the number one issue thats driving this market and hopefully we are going to see more certainty replace uncertainty as we move toward the end of this year and beyond china, we also have the european auto tariff as a potential headwind. And trade agreements with india, we did ink a mini trade agreement with japan. But this market and by the way, the economy as well needs some more clarity and the fog of uncertainty regarding tariffs and policy and then i think you can see the economy pick up in 2020 and the market right along with that, which is perfect for the election coming up. Maria to get that uncertainty out of the way. Because the u. S. Is planning to ramp up tariffs on european goods and thats actually this month. The tariff being used as sort of a wedge to get the negotiations started, knowing that if counterparties start talking, we can pull the tariffs off. Hank, im curious about the uncertainty you mentioned in the eyes of corporate managers, because one of the things that we may see with the Bank Earnings is an increase in lending. We lowered Interest Rates by half a point so maybe that gets businesses to borrow more. Do you expect