Alan Bryant Belsky is chief investment strategist at the mo capital market we're crisis rates now we've only just begun to feel the cue the carpenters music to come up from these crisis levels in terms of Fed funds rate is still very early so the mechanisms of of how the Fed is working is still very much at a low low for longer crisis type management So again I think it's she's probably better equipped than a hawk because at this point from our view because maybe hawk might be a little bit too aggressive the 10 year up 930 seconds the old now 2.31 percent gold is up $690.00 the islands are by 5 tenths of one percent a pullback for crude oil down one percent down $0.54 a barrel to $5150.00 Brant crude is that $5735.00 stocks lower s. And p. Down 722554 down 3 tenths of one percent the Dow down 57 down 2 tenths of one percent Nasdaq down 48 a drop of 7 tenth's of one percent I'm Charlie public that's a Bloomberg Business flash Thanks Charlie I'll take it from here this is Dave Wilson with your market drivers report looking at the s. And p. 500 industry groups you see at the moment that only 4 of them are higher at today's trading technology stocks and makers of consumer staples food beverage tobacco have the biggest decline in terms of individual shares he have 3 stocks down in the s. And p. 500 for every 2 that are up the s. And p. $500.00 steepest decline belongs to a stock you mentioned earlier Charlie United Continental down a Levon percent concerned about their 3rd quarter results results and 4th quarter forecasts driving the decline other airlines lower as well notably American down 4.3 percent at the moment genuine part has dropped 9.2 percent the auto parts retail the report of Turk order earnings that trailed analysts lowest estimate in a Bloomberg survey genuine parts cut its full year profit forecast yes. By the hundreds because again belongs to Adobe Systems up 11 percent the maker of design software gave earnings forecast for next year that exceeded estimates Adobe plans to increase prices in March and in vision health care is gained 7.8 percent the activist investor starboard value suggest that the surgery center owner may be sold Star but c.e.o. Jeff Smith also disclosed at a conference that his firm has a stake in vision Charlie thank you very much Dave Wilson again worth repeating what's going on with us parent of United it is down 11 percent right now plunging the most in 18 months airlines profit outlook disappointing investors recapping stocks lower s. And p. Down 7 to 2554 pulling back from records down 3 tenths of one percent I'm Charlie Politan that Amy and Peter is a Bloomberg Business flash Guy thank you Charlaine Now Spain's prime minister Mariano Rajoy has invoked Article $155.00 of the Spanish constitution and what that effectively does is revokes Catalonia has autonomy the prime minister trying to deal a decisive blow to the Catalan separatist movement now Luxembourg's Prime Minister's a.v.r. Badler says the Spanish constitution matters. There is still a little to be respected there is a constitution if you like I think that's enough to move. To give it a feeling that they don't care about anyone overnight singer from them was right idea now Bloomberg News Madrid Bureau Chief Charles Petty in Madrid now watching all of this unfold and joining us now by phone Charles thank you so much for taking the time with us and I'm wondering about Article 155 if that is the final blow is there anything beyond did this that he could do. Well it's you know what people have been calling here the nuclear option you know for a whole it's the most powerful tool that he has under the Spanish constitution to intervene in counseling in Catalonia and you know he's taken his option you know he's decided to act after. A response by the Catalan president Connors pushed him on today you know really didn't in the government's opinion. You know. Meet their requirements to to. To clarify whether or not they Catalonia had declared until the Catholic woman had declared independence last week so this is you know this is his big. Big Gun that he's pulled out and he's kind of laid on the table and I guess we'll we'll find out in the next few days how they intend to use it Charles so far the impact on financial markets seems to be isolated to Spanish financial markets is there any risk here if the situation gets worse or is or becomes more uncertain that any risk of contagion. And financially when as you say you know we have seen not just today but in previous days you know the financial markets were you know taking notice of this problem you know an interest in relation to Spanish assets we had a bond sale today in Spain where we saw you know certainly a yield rising for Spanish that we've seen the stock market affected to. It say it hasn't as you say you know spread you know we haven't seen as contagion in the wider markets yet but you know just remind ourselves I guess of. You know what's underway here you know it's an attempt by a region which accounts for you know a 5th of the Spanish economy to you know to break away and you know there are some people would say that you know it might add well given current you know Joe Other parts of Europe where you know there are you know similar. Fishnets movements in May May Give it may give them a card which of those in that sense you know if they did it is a wider because a wider issue for York even though at the moment we haven't seen that reflected so much in the markets beyond Spain and I wonder and I'm all about looking forward in trying to figure out exactly where just maybe going what people should be buckling up for so what would the next move be the ball is in who's court now and is the u.s. Just sort of being quiet and kind of watching this unfold Well the bull by case is you know in some ways isn't going both culturally because I mean you know both sides can respond you know we're waiting for a Cabinet meeting on Saturday where we expect to learn more about how the government intends to. Intenser an anxious article 155 to have a lot you know it's a it's a loosely would it calls in a constitution or it's a tools of command interpreted widely or acted widely so we're waiting to see how that plays out but also you know the Kaplan There is a common response you know could be made to. You know in his letter today a call is Putin. The Catalan president you know he did. Use this language sort of saying that he may suspend you know you know he may lift a suspension on cattle an independence or Declaration of Independence you know if Spain continued with its in his words aggression. Or his you know you know this kind of what they consider to be an aggressive attitude from French or so we could expect you know movements about science. Any signs of any in a last 20 seconds or the police clashes civil disobedience any protests anything like that going on. Any protest I'm sure we'll see more of the weekend they have so far been peaceful and disciplined and. We will be monitoring events closely is are going to recount All right Charles Pente the Madrid bureau chief for Bloomberg News Now coming up on Bloomberg politics policy in power Congress marching toward a December shutdown deadline lawmakers still divided on some key issues but 1st we check the latest world the national headlines and the Lions in our Bloomberg 99 when newsroom in Washington thanks Amy The Senate is poised to take a final budget vote today Republican Senator Pat Toomey of Pennsylvania believes they have the votes for passage but he tells Bloomberg even with approval today they will still need to reconcile their budget plan with the House version before they can look at doing anything with taxes this is an absolutely necessary pretty condition to tax reform because the budget resolution. A while's subsequent tax reform to pass the Senate with a simple majority vote and we have to assume that we will need that 50 both threshold in order to get this done so big day today. Certainly not the end of the process but a really important milestone the Senate Armed Services Committee has been hearing testimony on defending the nation from cyber attacks has Senator John McCain asked Department of Homeland Security under Secretary Christopher Krebs about our current cyber security program are we winning or losing sir this is a battle that is going to be going on for many years we're still put trying to get our arms around it this is not resolve it my question Are we winning or losing sir it's hard to assess whether we're winning or losing I would say that we are fighting this battle every day working with the private sector it is a complex environment and I enjoy I look forward to working with the Congress senators say they want to learn more about how Russia use cyber tactics in an attempt to influence the u.s. Election British prime minister Theresa May is issuing a message of urgency as she rides at an e.u. Summit she says as brags that negotiations continue she wants some sort of agreement on rights for each new citizens in Britain Global News 24 hours a day powered by more than 2700 journalists an analyst in more than 120 countries. Thank you Nancy from the Bloomberg 960 News Room I'm Charlie palate and once again good morning in this update is brought to you by sector spider e.t.f. So why buy a single stock when you can invest in the entire sector visit sector s.p.d. Or a stock column or call 1806 sector the t f while Northern California continues to burn lawyers are already calling through the destruction to make a case that p.g. And e. Is to blame they are not waiting for state regulators to investigate as they hunt for proof that power lines down by a strong gust of wind or a malfunction of utility owned equipment set off the worst fire storms in California history what's more the attorneys may not even have to show p.g. And e. Acted negligently to seek billions of dollars for property damage if you can get your hands on a bottle of Napa Valley 20 $7001.00 you are likely to be in for a treat that is hard to find Carol Moscow explains since wildfires broke out this month in Northern California as iconic wine country $47.00 members of the Napa Valley vintners and wine makers group have reported direct damage that means that the region's premium lines which already make up a tiny fraction of the state's production but I count for an even smaller slice this year while scarce The group says the quality of 27000 winds will be excellent the association represents 530 winemakers it's still unclear how much of volume will be lost from this year's vintage but inventories from previous years are said to be mostly unharmed Karen Moscow Bloomberg $960.00 and $1.00 of $3.00 f.m. . Vast majority of those who died in the wildfires were in their seventy's and eighty's including several couples who died together many couldn't move fast enough to escape the speeding flames some likely never heard the frantic calls of friends or honking of neighbors cars possibly their only warnings of danger Bay Area business time is 913 time to focus on what is moving markets in. And around the Bay Area Apple shares lower this morning after a report that the company cut orders to its Asian suppliers for the i Phone 8 the Economic Daily News in Taipei says Apple slashed orders to some suppliers by more than 50 percent over the past over the year we've got Apple lower now by 2.6 percent even a shares lower after last night's earnings report a down 2 percent Bay Area business time at 913 traffic and weather coming up next. The business of sports where the money is flowing inside sports from the fund I'm Scott Simon the nominee has gone to the World Series champion New York minutes a night 6 now he's on the t.v. With broadcaster Keith Hernandez about the world of baseball a state of the game today for business of sports tomorrow at 5 pm on Bloomberg 961 on 3.7 of m h t to the Bloomberg Radio blogs and Bloomberg Radio dot com. Podcast. If you are looking for global futures contract with cutting edge trading technology for sophisticated risk management systems and low cost per trade Interactive Brokers is careers. Bay Area business time 915 it is time for the Bay Area's best traffic and we do have it every 15 minutes right here on Bloomberg la 960 let's get the latest back we go because once again here is Laurie Olson new accident clearing out Pittsburgh Charly west bound for oral road Ave couple of cars mixed it up there in the 2nd lane from the left westbound 4 was already pretty thick from railroad over to the 242 interchange around the way and one a creek 600 out that South Main Street one of my favorite off ramps it's a 2 car crash in the left lane traffic heavy from the 242 let's close up the slowing on 60 south it's going to be heavy down and doubling from $588.00 to the $84.00 West Calaveras exit westbound a little heavy from Richmond Park way over the Bay Bridge where the lights are on it Bloomberg 3 day weather forecast Cloudy With a Chance of rain today rain's going to stick around overnight Sunday and reason i'm are mostly sunny Saturday but the Bay Area's best traffic and Larry Olsen Bloomberg got 63.7 f.m. H.d. To Charlie Ok thank you very much Laurie Olsen We'll see you in about 15 with the latest right here on Bloomberg 960 stocks lower across the board volatility back we've got our Bay Area index down 7 tenths of one percent Apple is down 2 and a half percent alphabet is lower by one percent Twitter down 1.3 percent and Yelp tumbling by 1.3 percent we'll have a check of the markets next to this is Bloomberg 960 or 103.7 f.m. H.d. To. Move business news 24 hours a day at work on the radio plus mobile on your radio. Business Plan Bloomberg world headquarters signed Charlie stocks are off their session lows it is a down day stocks retreating from records Apple is lower after a report that it is dialing back its borders reversing the sentiment that has sent benchmark gauges to records only yesterday right now Apple is down 2 and a half. Sent s. And p. Down 522-5558 drop of 2 tenths of one percent the Dow down $39.00 also down 2 tenths of one percent the Nasdaq down $43.00 a drop of 7 tenth's of one percent 10 year up 930 seconds the yield 2.31 percent gold is up 5 tenths of one percent to 1287 the ounce West Texas Intermediate crude down 1.3 percent to 5136 a barrel Brant is at 5719 I'm Charlie pellets and that's a Bloomberg Business flash and I thank you Charlie Bloomberg politics policy and valor brought to you by New Jersey Institute of Technology generating $1700000000.00 in economic activity annually as the states premier public technological research university learn more at n j i t dot edu u.s. Lawmakers are just a few weeks away from a potential government shutdown as they remain divided on several key partisan fights in particular funding for the president's border wall and the future of the Affordable Care Act speaking to A.B.C.'s this week this past Sunday House Minority Leader Nancy Pelosi criticized lawmakers brinksmanship they say unless I get a wall I'm going to shut down the government is totally irresponsible for a president of the United States and it's part of his war on the middle class Joining us now for more on the story is Kevin Whitelaw Bloomberg News Congress Senator from our Bloomberg 991 studios in Washington and Kevin the president is just on the on the Bloomberg just this headline just crossing quote I think will be successful tonight and pass the budget in the Senate the president telling reporters Is he right. Well whether it's tonight or the early hours of tomorrow morning I think everyone is expecting the Republicans will manage to take this 1st necessary early step to try to with and get to their tax bill so yeah that this should go through as expected with Vice President pence sitting in the chair in the in the. At the Senate Yeah that about right still be necessary we're not quite sure but but now that this is short of too important for that for the party and this isn't the place where it's going to get bogged down where is it going to get well I mean eventually in the details of the tax bill is where it would get bogged down so it's some point they still have to actually agree on a plan and get 50 votes to search for a final tax plan we haven't seen that house has to agree etc etc But they're not going to this is a procedural step that sort of unlocks their ability to pass it without Democratic votes in the Senate and that's that that was never were where this was going to going to fall apart now this is through budget reconciliation right tool and that's why it's so it's a nonbinding resolution but it doesn't lock this key tool they need and it has I believe what one and a half trillion dollars in it for a decade allows for a while it allows for a wanted to have trillion dollar tax cut it doesn't mean that the plan will necessarily result in that the House version actually is would have a revenue neutral tax plan so they still have to reconcile the House and Senate versions of the budget resolution and vote again on that so you know this is this is one step aside again there's a there's more steps here well we've seen this movie that well and we've always seen this laundry list of brinksmanship issues that are never going they're never going to see eye to eye on some of these things there have to be some sort of compromises when it comes to the budget because December is closer than you think well this is the you know the what they're talking about right now is just the budget resolution and so this is really a partisan exercise this is just a straight on partisan exercise among Republicans to get on the same page and it's not binding what really is going to be complicated is the spending bill debate which is actually bizarrely enough entirely separate from this and that's where all of these other issues are going to collide into just a giant mess so you've got troubles border wall you also probably have health care with the sort of questions of of the insurance subsidies for the Obamacare exchanges aimed at low and. People you've got several other issues all potentially colliding in December December 8th as when sort of government funding runs out under the current bill so Trungpa said he's not going to sign that without a border wall funding Democrats are opposed there's going to be the health care stuff you've got questions about Planned Parenthood the effort to defund Planned Parenthood which is going to come back since they didn't get the Obamacare repeal bill done which defunded Planned Parenthood you've got the question of additional hurricane relief hanging out there because there's going to be a need for more hurricane and wildfire relief funding and on top of that there's the debt ceiling which probably doesn't need to be dealt with until early next year but could still get wrapped into year end discussion so you've got that plus of course the actual funding levels for the federal government so Ok let's flash flash forward to December and right now you know what's running through my head. A little Christmas tune it's beginning to look a lot like Christmas right. You know the way they way they they try to resolve this is such a laundry list of stuff they have to do do they just package it up and do a Christmas tree bill and and try and you know give everybody what they want and so that's well there's not just no way in the end to give everybody what they want you know what I mean I have but it's going to be a really really complicated tradeoff it's got the potential for brinksmanship that could result in a government shutdown heading into the Christmas season so you know for the voters will not like they go no one is going to like that and it's going to disrupt you know disrupt the economy it's going to disrupt the operations of government and it's going to disrupt you know just Congress's ab