Dagen joining the conversation dierdre bolton, former economic adviser to president obama, robert wolf is here. And president ial candidate steve forbes. Great to be here. Maria optimism pushing futures higher, markets up 152 point, s p up 14 and nasdaq up 44, unchartered territory as china and the United States agree to roll back tariffs as part of phase 1 trade deal, two sides to eyeing the december signing with various venues being discussed including london, perhaps President Trump and xx jinping could meet there after next months nato summit. Interesting development, the fato summit, apec summit we expected the signage which was november 17th. We also have British Election at the time, who is going to be the Prime Minister presiding at this wonderful signing, but this gets to something that weve known for a year and a half, maria, that is get the trade worries out of the way, get the trade scrimmages knocked down, you will see the market react and you will see the economy react in a positive way when people know what the rules of the road are. Maria spokesperson for the Chinese Ministry of commerce says in the past 2 weeks lead negotiators have had serious and constructive discussions on resolving issues of core concern, both sides agree to remove the additional tariffs imposed in phases as progress is made on the agreement, robert, do you think this is enough to get a signage going . I think any time we are moving towards a deal is a good thing, we have been up and down as steve said for a year and a half, theres been incredible market volatility, every time we get good news the market goes up, i totally agree with steve, i mean, we have seen contraction in Business Investment for the last 2 quarters, we can deal with good news or bad news of businesses but we cant do with uncertainty, we dont know how to budget for the next year, we dont know where to spend capital and resources and i think that we have seen incredible choppiness and its time, you know, gdp has been slowing and, you know, we are expected 3 to 4 , we are now expecting 1 and a half to 2 , this would be a real pop for 2020. Maria im just wonderings if this is the accurate story, we keep getting headlines similar to this, markets react to it and then we are following the bouncing ball of expectations of china, if they remove tariffs, should we assume that china is agreeing to enforcement mechanism that they wont steal intellectual property. No, i mean, we were talking about the language that was different, we were saying, deal and phase 1 of a deal and their press were interpreting the same word, i had a friend with me who is translator, they are calling it a pause, a pause in trade war, that enforcement mechanism, that is one of these points that has been the most difficult to get over, but what i think from what hearing this morning is tone, sentiment wise is great, as far as what it means going forward, i think theyre following what Henry Kissinger said about negotiations, start with the things you can get done, save the tough stuff for later, try to get the momentum going, the easiest making agreement on soybeans and others, throw in some natural gas, in terms of intellectual property, i think its going to be the kind of thing where enforcement is going to be our taking individual actions, i dont think youre going to get a grand agreement on it but you dont need one to get a deal going. Im not overly optimistic on what the end result is but every time we make positive movement is a good thing, to steves point, weve had two two bailouts in the farm sector, larger than larger bailout that in 09 that we argued about back then, 28 billion of farm bail bailouts, this new phase gets them buying like steve said and dierdre said, it gets them back to the table, going back to them buying also goes thank what they offered 2 years ago before it all started, even the amount of aga products that china said they would buy pretty much the same thing 2 years ago that we said no to. Sentiment 70 billiondollar agreement to buy stuff. The white house said no and now he now that looks like thats where we are going. Maria nothing is different than what was on the table. We are not going backwards. The other thing to watch out european tariffs, are we going to put tariffs on european auto and auto import, auto parts import that would be devastating, we take that off the table that would be a boost. Its a little bit but says itll grow 3. 1 , not a huge difference, it is because of global trade tensions, difficult for businesses to make decisions, what you were saying, they are just stuck. Europe unable to generate much growth, goes beyond any trade deal because its about structural issues in europe, we will see, if the certainty of no tariffs on european autos, that certainly would drive markets and perhaps drive an economy, we dont have that certainty, though, at this point. Lets get onto this, Elizabeth Warren versus bill gates, billionaire sounding off on president ial candidate to use on wealth, asked he would like to meet with Elizabeth Warren, hes not sure, quote, how openminded she is or if shed be willing to sit down with somebody who has large amounts of money, warren responded in a tweet saying, this im always happy to meet with people, add bill gates, if we get a chance id like to explain how much youd pay on well tax, its not 100 million. Ly start to do the math and sort of said, okay, just kidding, but hes paid almost more taxes than any other person, right, if we think about it, she is really going hard, listen, im not representing bill gates but he does have foundation and giving away tons of money, by all extent a very responsible billionaire. Maria he would have given more money away in terms of creating a legacy and that would be his legacy as opposed to creating microsoft which, of course, is huge enough. I was at the event yesterday and as you know ive given to about 10 Democratic Candidates of 2020, ive not given to an Elizabeth Warren and im not supportive of the wealth tax, any time shes in an argument with a billionaire or wall street guy, it benefits her, this type of news benefits her. Most people in the country dont real what bill gates has done for our country, they see him as a billionaire and anybody who is a billionaire is a boogieman, with respect to Elizabeth Warren, this plays well, whether we spoke about steves piece, whatever it may be, these types of things place to the base, primary season which we all have said whether you like Elizabeth Warren or not, if youre not in harmony, theres nothing to talk about, this is all about her primary season. Maria this is confiscation. Im not for it. Maria businesses are looking at this and wondering how you can even value stuff. Lets say you have art, lets say you have collectibles, how it is, how do you value that to come up with 50 wealth tax. This is about tyranny, the irs, new agents have the right to go in your home, find out what you have to make sure you dont have a hidden painting or Something Like that, its very 1984 authoritarian and thats what they should attack her on, she wants to get her into your home, keep her out. The truth this is about her way to argue about income inequality, we have incredible income inequality. This is not the way to handle it. Shes doing it in a way where she will hurt the left, now that shes putting on the table, unlike bernie who had mythical stuff, we will be happy land forever, shes put numbers on it in a way people are going to say, oh, my gosh, this is not good. Maria thats why businesses are shaking in their boots. If its Elizabeth Warren, i would have to vote from donald trump. 20 to 30 seats they help today capture, with her at the top of ticket going after value of 4011k, watch out. Theres no way an independent will vote for her, period. We spoke about this a bunch of times, 40 of Financial Services are not moving, 40 of republicans are not moving, 20 independents move one way, in 08 it was obama, 12 it was obama and 16 is clinton. You will see shift back to trump. Maria cochairman as well bill is here on wework and the state of real estate, talk about his new development in brook lip, michigan congressman Debbie Dingell on the china trade story as well as usmca. Peter joining us on impeachment inquiry, former speaker of the house Newt Gringrich on china trade and impeachment stories, dont miss a moment. Big 3 hours coming up. Slip in a short break, spy gate, two former employees accused of spying critical on saudi government, details next. Policy online, google changing up political ad policy taking cue from others, ask maria, be sure to send me questions on instagram and twitter, i will be answering them tomorrow and every friday in our new segment, dont forget about that, back in a minute. 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. Liberty mutual customizes your Car Insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Cologuard colon cancer and older at average risk. Ive heard a lot of excuses to avoid screening for colon cancer. Im not worried. It doesnt run in my family. I can do it next year. No rush. 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Lauren good morning, maria, federal prosecutors charging two former employees spying on users critical to riyadh, paying twitter employees in various ways including cash and watches, twitter shares under pressure this morning down 2 , take a look at this, roku trading sharply lower the premarket even after latest Quarterly Results did top expectation, the stock down 13 and a half percent, here is why, rokus net loss more than doubled as companies sent more money to increase the number of the subscribers, so the year looks much better, roku shares are actually up more than 300 , thats parent of our company, fox business reporting better than expected earnings thanks to higher fees coming from affiliates, revenue rising 5 from a year ago, fox announcing buybacks. Google is considering changing political ad policy, wall street journal reports google has been holding internal meetings of potential changes, twitter would stop accepting political ads later this month, they are trying to figure out as we push closer to 20, how the tech giants deal with the influx of advertisement. Maria twitter has pushed back saying we will not take any of those ads. Makes sense what google is looking at after we chatted last week, after Mark Zuckerberg couldnt answer almost anything on political ads, seemed clear to me that facebook is becoming more the outlier, theres a higher probability that they become more possibility of being regulated and i think google and twitter are saying, you know what, probably not worth it. During facebooks earnings it was twitter that came out, by the way we are actually not going to do political money, not Political Campaign and facebook cant control it if i may say. Facebook doesnt move needle for earnings. Maria we will take a short break, broader averages up big this morning, china and the United States apparently agree to go roll back tariffs, now they are talking about early december for signage of the phase 1 deal, coming up, tesla goes cyber, elon musk teasing the new electric pickup truck, the release date has significants for movie fans as well. We will be right back. The game doesnt end after that insane buzzer beater. Because with Nba League Pass on xfinity you can watch the out of market games you want all season long. And with the allnew xfinity sports zone, you get everything nba all in one place even notifications about your favorite teams. Watch the dropped dimes, monster blocks, and showstopping dunks. Plus get instant access to your teams with the power of your voice. Thats simple, easy, awesome. Say Nba League Pass into your voice remote to upgrade for a great low price or go online today. Maria welcome back we are in unchartered territory, we are looking at a rally, futures indicating a gain right out of the gate on the dow industrials, nasdaq up 40 points, we are watching the trade story with china closely this morning, the u. S. And china apparently have agreed to roll back tariffs as part of phase 1 trade deal, this is coming from China Foreign ministry, the two sides set to be eyeing december on signing phase 1 deal. Where are you seeing the flows in terms of moving into stocks . Well, obviously investors arent really that affected by the trade wars because markets hit new highs but the market weve had over the last 10 years, big shift on, recently we have seen more money going into value than growth and actually more money going into International Stocks when you check fun flows and etfs versus domestic, sounds right, investors are looking for value, and when you look at value, a lot of stocks have been beaten up, theres a lot of opportunities there. Well, youre seeing, europe, for example, brexit is the clued hanging over everyones head, investors have to continue and invest, companies are doing a great job from a profitability standpoint and compare today higher prices in the u. S. , they are much cheaper. What about small cap stocks . Absolutely, steve they have underperformed and we are starting to see nibbling going on, i think thats probably going to pick up, as you know things always revert back to means and small stocks tend to outperform large stocks but that hasnt been the case in in the t 10 years. Lets say tariffs aside, we keep reaching new highs, talk about the fed, theyve been accommodating this year after making some mistakes last year so weve had, you know, weve had 3 moves so far, now we have a neutral stance, what do you think happens with the people coming in, new money into the market . Well, they havent got hurt by going into equities, youre not paying to go into bonds right now because yield are horrendous, really, when you look at it, if people are shopping around, getting back to the original point, if youre looking for value, value stocks in the u. S. Are really attractive because the disparity between Growth Stocks and value stocks, its been the worse than we have seen in 30 years, that gap will close and when you look at opportunities overseas, most investors have had this huge home country bias in their portfolios are so much correlated to s p 500 as we know from diversification standpoint, thats not always going to hold, emerging markets, for example, theres a lot of opportunity on sale. Maria what has been the impact of zero commission . Thats great, maria. Makes it easier when you look at brokerage platform, i just got back from San Francisco, im sorry, san diego yesterday, the international conference, it was great because advisers can invest their clients money for zero trade, zero commissions, stocks etfs, when clients see little trade commissions in their portfolio, that doesnt make them feel good, now its down to not only low cost etfs that are a fraction but also not trading, it gives them that added confidence. Dont they usually end up doing better despite the roller cost e aspect of it . They do, steve, absolutely, its one of those things where a lot of folks, smart people on wall street have been betting on emerging marketing but its been tough to beat, s p 500, thats the thing, eventually that will come around, one example is you look at greece and its not really an emerging market but should be considered an emerging market, its up 45 year to date. Maria coming from such a low level some people have lost their shirts, i remember vietnam was hot trade and so many people got blown out, where specifically you like for emfs . Theyll be great opportunities with shares in china, india has been really, really strong and great opportunities. Maria they just cut taxers there in india. I want to take you back to the u. S. , weve had a very strong earning season, although, i dont want to say really strong, today we are waiting on disney expected to report after the bell tonight, your reaction to earning season so far . Well, 70 have outperformed expectations and i think thats been consistent, i think we are very comfortable with companies these days, they are being more honest than ever, less surprises, more confidence for investors. All right, we will leave it there, tom, we will thanks for your insight. 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