president macron criticizing erdogan for his insertion a regional power. jinping, president xi opened a meeting to map out the countries next five-year plan. it could push the economy passed the united states within a decade. the latest roadmap will center around technological innovation, economic self-reliance, and a cleaner environment. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i m mark crumpton. this is bloomberg. vonnie: it is 1:00 p.m. in new york, 5:00 in london, and 1:00 p.m. a.m. in hong kong. i m vonnie quinn. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. the s&p 500 heading for its biggest decline in seven weeks. thanks to surging virus cases, the stimulus logjam, and general malaise. virus cases rising in the midwest and the potential for fresh lockdowns already happening in europe is driving inve
where later today the us senate plans to vote on the biggest reform of the tax system in more than three decades. if last minute disagreements can be overcome, it would be the first major mission accomplished for president trump, who put cutting taxes and boosting the us economy at the centre of his election campaign. so what do we know about it? firstly, it will be very expensive, costing around $1.5 trillion for the government to pay out over the next decade. some of that would be offset by higher economic growth, but most would be added to the us national debt, which already stands at $20 trillion. that is what is still bothering some in the senate. as for who would benefit, the big winners would be us firms, which would see the corporation tax rate slashed from 35% to around 20%. the white house claims the average american household would also be better off by between $4,000 and $9,000 a year. some critics, though, say the plan really does favour the wealthy. 0thers dispu
now it s time for world business report. a taxing task for trump, as he pushes plans to ease the burden on business and the middle classes. but can he sell it to a sceptical congress? plus, crude warning the boss of shell says the price of oil could soon be heading higher as lack of investment squeezes supplies. welcome to world business report. i m sally bundock. also coming up, unexpected good news as china s factories move up a gear in august. but first, we start in the us in springfield, missouri where president trump has begun a speaking tour to try and build support for his planned tax reforms. he described the us tax code which hasn t been reformed for three decades as self destructive. and he called for a more competitive system to boostjobs and wages, repeating his ambition to cut america s corporate tax rate to 15%. on paper the us corporation tax rate is one of the world s highest, at 35%. taking into account various tax breaks, top us firms pay a bit l
chipotle today it s a new problem but it s an old problem. the stock sinking on news a restaurant in virginia closed after a number of customers became severely ill after eating there. we ll tell you where it is i guess i just did, and how chipotle is handling that issue coming up. let s start with the financials weighing on the dow. goldman sachs the biggest loser after its earnings report out this morning wilfred frost is here to break that down for us. goldman sachs failed to navigate the market as they aspired following another good quarter in the markets and currencies business. here s their show martin chavez. the primary driver for the declines sequentially are year on year. was lower client activity with all the drivers that we that we discussed, lower volatility, less dispersion, less opportunity. commodities is a story of challenges on all fronts, and there was lower client activity and also a difficult market-making environment. this was the worst ever quar
for the world s central bankers as they gather injackson hole wyoming for their annual meeting. plus, dying with dignity, but at what financial cost? we look at the growing bill for end of life care. as part of our week long series on the business of death. welcome to world business report. i m jamie robertson. we start in the us mountain resort of jackson hole, wyoming. population around 9,000, and normally known for the quality of its trout fishing. but today it s also the focus of global financial markets, as it hosts an annual meeting of central bankers from more than a0 countries around the world. top billing, of course goes to the host, us federal reserve chief janet yellen so what will investors be listening out for? well, for a start, any clue on the fed s next move on interest rates. it has increased the cost of borrowing three times since december. but new figures are raising questions about how strong the us economy really is. not to mention the huge political un