Barcelona in moments. A lot of anticipation in the chamber. Madrid is ready to take action. The Spanish National police force set to be ready to arrest Carles Puigdemont if he declares unilateral independence. Maria is in barcelona with the latest. Lets get to you immediately and asked if tensions are rising in the streets in barcelona, or are . Eople just curious tensions rising and a show of force by the catalonia police. They have lots of the street and people cannot get in and out. Against thegroup unilateral declaration of independence and another one telling him to do it. It shows you how polarizing the issue has become. Carles puigdemont has arrived and is inside parliament and minutes away from delivering what could be a unilateral declaration of independence. We are not sure of the wording, not sure of the format that may take place. We are not sure if the opposition will get a say. They have a majority in the Catalonia Parliament and if they want to enact this law that could make an independent republic, they have a majority to do it. The question is whether Carles Puigdemont will use the word unilateral or back out. We have heard the Spanish Police is ready to arrest Carles Puigdemont, if he declares independence. What are you seeing on the ground . On the ground, a show of force by the catalonia filets. Police. Of theme is who is in charge catalonia . Seeing 100 of Police Officers from catalonia. We have not seen a single Spanish National police officer. A story we broke, two sources are telling us that if it were necessary, a special Spanish Police unit ready to enter the Catalonia Parliament and arrest him if it is necessary. Vonnie it seems like such a strong reaction, if it happens. Nobody wants it. If it were to happen, would there be retaliation on the catalonia side . It could well be. What mark rajoy says in parliament, it will suspend catalonias autonomy. I have been in barcelona for two weeks and there is frustration. To get rid of Carles Puigdemont overnight and think it will go away, is not a reflection of reality. The catalonia people have been promised for over a week that this will be our day and one for the books. Carles puigdemont coalition, already weak, could implode, we do not know the political consequences. Base, on theis street and saying what has gone wrong, this is not what you promised. Shery there is still pushback within catalonia. Socialist are not ready to sign up for this independence movement. What our local groups saying about this move what our local groups saying about this move . A story we broke, the moderate side, we need to remind ourselves that this coalition, no one has voted for Carles Puigdemont, he was put into the job when his predecessor was forced out by radicals in the coalition. Rival forces are powerful within the coalition. Moderates are thinking, this is a waiting for madrid and if rajoy is not at the disk desk, to get him from the socialist party, they do not want to play ball. It has to do with the king who came out last week and said, this is a matter of state. A matter of maintaining unity of the country and the socialist are not willing to do this. Not really to get rid of roy. Vonnie a major grizzlies Business Group has asked Carles Puigdemont to back down and we know that three Major Companies have declared plans to move their headquarters. Pharmacy, and to banks. Two banks. We may have to return to maria in a few moments. Thank you in barcelona. We will return. Lets get to julie hyman who is with us. Halfway into the trading day. What have we noticed . The rally appears to be, if not evaporating, a pairing of gains with the nasdaq rally has evaporated and now down. The socalled bank stocks under pressure with google, facebook, trading lower. That is putting pressure on the s p 500 as the dow continues to outperform thanks to walmart. That companys forecast on online sales was good. Strength in the oil producers, helping support some of the gains we are seeing. Crude oil prices above 50 per barrel. We are getting commentary from the opec secretary that seems to indicate more countries may sign on to the opec production cutting agreement that is ongoing. Exxon mobil, conical phillips, chevron, big Oil Performance today. Watching the airlines after american and ual came out with forecast for unit revenue better than estimated. American said its revenue rose a half a percent to 1. 5 in the third quarter. Other airlines Like Delta Airlines also rising. We have been watching the ongoing board battle with Procter Gamble and General Electric with the common theme is Nelson Phelps. Nelson peltz. Yesterday, General Electric allowed a representative on its board from try and trian. Shares down 4. 5 . Procter gamble says it shareholders voted to not allow Nelson Phelps on his board nelson peltz on their board but he says the votes are still being counted. As we watch these developments out of catalonia and spain, the spanish market is now closed, the european markets closed for the day. There are proxies by which we can watch reaction in the u. S. What one example is a spanish etf, shares bouncing around. Now, down one third of 1 . That is one proxy and you can watch the spanish bond market and individual banks trading in the u. S. Vonnie thank you for that. Lets check in on the first word news with mark crumpton. One of the nations leading guncontrol manufacturers guncontrol groups is suing makers and sellers of the socalled bump stocks, the devices used by the las vegas gunman, the Brady Campaign to prevent gun violence says it is filing a lawsuit on behalf of victims to pay for counseling. Nd other treatments the devices replace the stock tempest of grip of a semiautomatic rifle and allow. He weapon to fire continuously bump stocks were found among the weapons used by Stephen Paddock as he shot from a las vegas highrise, killing 58 people at a concert and wounding hundreds more. It looks as an executive order on health care is in the works. President works said that since congress did not sign a replacement for obamacare, he will use the power of the 10 to give Great Health Care too many people fast rand paul of kentucky said he has been working on it will be a big deal for millions of americans. In other news, a kenyan the European Commission president speaking today about the brexit talks, he says those talks will not move to the next stage until at least december, not later this month as some in the United Kingdom were hoping. Speaking in brussels, he said that it is too early to move to the next phase of planning a new trade relationship was the breakup from the block is complete. He one that if progress fails to materialize, both sides may have to look at other options the on december. The kenyan president said the Court Ordered rerun of the nullified election in august will go on, despite opposition candidates withdrawal. He says the Election Commission has not made changes necessary to avoid the you legalitys antiregularities of the last global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. News, vonnie breaking to a formally proposing the clean power plant had been on hold following legal challenges and wouldve cut the use of coal and spur the use of solar, wind, gas, other clean powers and the epa now proposing to rescind the obama era clean power plan. It says the Trump Administration is arguing the plan was not lawful and hurt consumers. The epa to getting a lengthy process to undo restrictions on emissions. , the feuding up between President Trump and senator bob corker good set the stage for another legislative failure, why the war of words could be putting tax reform in peril. This is bloomberg. Shery this is Bloomberg Markets. I am shery ahn. Vonnie i am vonnie quinn. We are watching the catalonia speech we expect from president Carles Puigdemont which has been delayed for one hour. The opposition lawmakers have abandoned parliament before the speech. The speech to be given by president Carles Puigdemont has been delayed by one hour and should happen at 1 00 eastern time. We will bring it to you live and you can follow on tv. Feud with bob corker could take its toll on tax reform, the president s allies here the world words that fear the world towards fear the war of words could put tax reform in peril. To corker not the only one hear from donald trump, who has also lashed out at john mccain. Corker is not looking for reelection. Lets bring in our National Political reporter and kevin cirilli. Could goo people that maverick in the senate on the republican side, john mccain is ready to prove he can be a complete maverick when he wants to be. Any gop led legislation down the drain . Not necessarily, john mccain will not just vote against everything to prove a point. Whichls free to vote no he did with health care, the decisive vote to kill the repeal and replace bill the senate had in july with died a slow death after that. On taxes, he told me he wants the same thing he wanted on health care, a regular order process with dates and amendments and democrats. To moore, the front runner replace Luther Strange in alabama as a republican senator, he has called for a flat tax and does not like the income tax. He wants to replace it with a sales tax. He will not be a go along guy. Bob corker is just the beginning of the obstacles. Shery the feud between President Trump and bob corker, there has been a lot of criticism about the Trump Administration not raining in the president. How much will this undermine the efforts by the chief of staff john kelly in order to impose more order in the west wing . I feel like i am back on the campaign trail. From donald trump with a nickname for a rival, bob corker, who the president is going little bob corker. Vonnie im original name. Do president telling reporters that he does not think this will and is up affect tax reform. Will have a tax plan the america people want a tax plan by the end of the year. He is calling out bob corker, who his closest advisers do not think he is with him and the president is not backing down. Vonnie epa headlines, donald Trump Administration trying to work back the epa guidelines. What does this mean in terms of a timeline . Do we have more information about this . Headlines crossing as we speak, the Environmental Protection agency resending obama era clean power, coal restrictions. A big win for the coal industry, something the Trump Administration had campaigned on. And signifies a significant turning point in the United States energy policy. A very stark contrast of during the obama era. Vonnie thanks to you. Our National Political reporter and our white house correspondent. Ahead, a read of the global economy, the director of research at the imf says u. S. And china on track to grow but still concerns. More from the interview next. This is bloomberg. This is Bloomberg Markets, i am vonnie quinn. Shery i am shery ahn. Imf releasing its annual World Economic outlook earlier this morning and boosted its Global Growth forecast for the year to 3. 6 . On an improved u. S. And china outlook. Despite a stronger taste like outlook, inflation and Global Financial conditions are still a concern. Maurice obstfeld, director of research from the imf spoke to bloomberg about the Economic Conditions in the u. K. The u. K. Has had a tough first year. Its growth has been a tough first half of the year, its growth has been below what we have seen in the u. S. , europe, and japan. There has been a uncertainty affect as article 50 has been triggered. The strong depreciation of sterling has reduced real disposable incomes. N consumption mark the bank of england has delivered in its last month, a hawk this message. Would you expect the central bank to go ahead and raise rates in november . Do you think it is warranted right now, given what you are suggesting is the uncertainty and what some might say is the underlying weakness . The bank of england provided a love policy support after the brexit vote in june of 2016. That is that has helped the economy. Is sterling depreciation affecting prices and the bank has a price stability mandate. They are in a position no central banker wants to find themselves in, where growth is slowing but inflation is rising. Monitor theve to situation Going Forward and act as appropriate to preserve stable prices. Vonnie i want to quote something Mohamed Elerian writes, he says that the improvement in yields of economic performance, while real, simply not yet large, and constant enough to meet the general aspirations of citizens, the worsening of the effect of inequality. Enable political healing and what is the longerterm fragilitys associated with high desk liquidity over promises and overreliance on central banks. Do you see this as the case . Policymakers and fiscal policy makers in particular are not doing enough to heal old wounds . That is very consistent with the advice we are giving. We see this current conjuncture as a cyclical upswing. Trends,he longerterm particularly in advanced economies, as being more subdued. Our message to policymakers is act now to make this recovery more durable and more sustainable. More resilient by structural reforms. In cases where deaths are high and buildup and buffers. Someday, there will be another recession. Vonnie how did u. S. Tax reform play into your forecast . The tax reform landscape has the newte fluid since administration came in. At this point, we are waiting to see what happens. There are some ideas on the table. A lot of details need to be filled in. The notion that there will be a big positive physical impulse fiscal and falls is something we are not assuming fiscal impulse is not something we are expecting and we will revise as things become clear. Shery that was Maurice Obstfeld , director of research at the imf. Coming up, we will be talking about the puerto rico financial crisis, and also talk about the biggest headlines. Bloomberg business flash coming up. Picturealso take a live of the time for the Bloomberg Business flash, the biggest stories were following. We are taking a live picture at the parliament of catalonia in barcelona. The president of catalonia, Carles Puigdemont, Just Announced that they will be delaying the press conference for one hour. That was to do with whether or not he would declare independence. Question. He key the referendum on october 1 having been declared unconstitutional. We reported earlier that lawmakers of the opposition have walked out of the element parliament. Journalists apply to cover. All of the media available to cover this are covering it. Shery this is a historic day. If they do declare independence, it will be the biggest political crisis since 1981, when there was an attempted coup in spain. President has to lay the speech on whether or not he will declare independence. Opposition lawmakers have walked out of parliament in barcelona. Coming up, we will keep a watch on that and in puerto rico, their financial crisis, vulnerable to a hurricane, spending on Public Utilities and infrastructure declines for years. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Vonnie live from bloomberg World Headquarters in new york, i am vonnie quinn. Shery ive shery ahn and this is Bloomberg Markets. Lets get a quick check of the major averages right now. We are seeing stocks rallying at record highs. We are seeing consumer stocks led by walmart and Energy Producers being led by higher oil prices. We are seeing strength for the dow as well, which is up 2 10 of 1 . Sessions of two losses. Vonnie lets get to the first word news. Mark richt and has that. Mark crumpton has that. Mark wildfires are scorching northern californias wine country. 20,000 have been forced to evacuate. As many as 1500 homes and businesses have been destroyed. Officials say those numbers are likely to increase. Wineries and vineyards have been affected, but Industry Groups say it is to early to assess damage. The head of irans if your agency is warning the United States against undermining the nuclear deal. Speaking in rome, the Iranian Nuclear chief says International Nonproliferation efforts and washingtons International Standing would suffer as a result. President trump has called the accord the worst deal ever. It has been nearly three weeks since Hurricane Maria ravaged puerto rico and most of the u. S. Commonwealth is still in the dark. The Energy Department says 85 of customers on the island dont have electricity. Puerto rico has said it could take months to restore power. The Supreme Court is leaving in place the 2018 conspiracy conviction by military tribunal of osama bin ladens former personal assistant. Today could ordered be the final legal appeal by guantanamo detainee. Global news 20 for hours a day powered by 2700 journalists and analysts in over 120 countries, i am mark crumpton. This is bloomberg. Vonnie as puerto ricos government is moving ever closer to financial ruin in recent years, and cost hundreds of millions of dollars on roads and schools and public works in general. The cutbacks left the island especially vulnerable when it comes to Hurricane Maria striking. Now we have bloomberg reporter michelle caskey. Michelle as the flights increase and airport opens up more, there are more flights leaving and people are leaving the island. There are some estimates that they are in the thousands now of what that could look like over the next few months or years. It could be terrible if people dont stay on the island. Shery three weeks since the storm, what is the situation like right now . Do we have electricity . Whats going on . Michelle there are still large parts of the island without electricity and a lot of Officials Say could take many months before the entire island is completely with power. Running water is also an issue as well. People are still waiting in line for clean water. Vonnie fema says its doing all it can and others just parts of the island that its really difficult to reconnect electricity. What are bondholders saying . Michelle we have seen definitely prices in the bonds move down over the past few days. Ispeople are realizing, this puerto rico cannot repay in full all that it does. Process is going to take a look at how much of a deep haircut these bonds are really going to have to take. Of course as we know, that has only deepened after the storm. Shery we were talking to the treasury secretary of puerto rico last week in they were talking about the dire situation and how they were running out of money. Do we have any concrete figure out how much more they could get . Michelle they are saying they need money or they are going to shut down on october 31. Hurricane relief efforts would need to shut down. They are in contact with the federal government to see what they can get from them to help out immediately. Vonnie the federal government and a bunch of private organizations and so on helping out, but can anybody come up billion, but150 can anybody come up with enough . Michelle thats the big question. Theres no way that puerto rico can get every single dime that it needs. Even before the storm hit, the systems were so weak. The electrical system needed for billion dollars in repairs before the storm hit. The wastewater system was looking at spending 1. 5 billion just to meet epa regulations. That was again before Hurricane Maria. Shery it has been very badly hit. To we know anything about the Recovery Process . Michelle the army corps of engineers is working with prepa and the government. Its a matter of getting that grid up and getting it working again. Vonnie it has been 10 days now since the president was there. It was at least a week . Michelle last tuesday. Vonnie how much has improved in the meantime . Michelle again they are clearing debris and theyre dealing with the flood levels, but the major issue is electricity. The hospitals are running on generators and they are relying on diesel fuel, which they are having a hard time getting. The main issues electricity. Vonnie can anyone get out that wants to get out or is there triage system for who gets out and who has to stay . Michelle we have heard some reports that the hospitals have actually evacuated some patients. There are more flights actually leaving puerto rico now as the airport is becoming more operational. Vonnie michelle, we will leave it there for the moment. You are now going to be looking at a moment at live pictures of barcelona. This is the catalan president s address. He is going to be speaking now around 1 00 p. M. It had been scheduled for noon eastern time and has been delayed by an hour. We have confirmed that he asked for a delay because of contacts with international mediators. Not quite sure who those are, but we will bring you the latest. Shery coming up on the show, expanding its u. S. Presence. How ai is the companys future and what the company is doing to fight the scourge of fake news. This is bloomberg. Shery welcome back. This is Bloomberg Markets. I am shery ahn. Vonnie i am vonnie quinn. Shery time for the biggest stock of the hour. Helping us to explain its underperformance is abigail doolittle. Abigail the nasdaqs underperformance. The nasdaq is the only index lower. Symantecs having its worst today since april of last year. Downgraded over at cowan and today downgraded at morgan stanley. The downgrade yesterday had to do with analysts saying that investors should take profits post the equifax spike. We have keep wise downgraded shares from equally saying improved product positioning and greater upsell opportunity does not equal demand. Lets take a look at all this and the chart by hopping into 3401. Oomberg at g btv we see the stock is up on the year and a very nice way. We also see that more recently it has been range bound. This area is a technical pattern and its an island reversal. The initial investors who bought shares on the Equifax Breach got this incorrectly for the shares, likely to reverse back down to the lows of the range around 28 per share. The downgrade makes sense at least only take a look at the technicals. Shery what does this say about analysts talking about the cybersecurity space . How do you invest their . Re . Abigail they upgraded a competitor called palo alto network. You should either shares the cousin execution issues are behind it. If we look at the story at g btv 3673, a pretty powerful chart, and yellow we have the nasdaq up 23 this year. In white, we have symantec outperforming for the most part. Down here we have Palo Alto Networks 10 6 , but this analysts is this big ketchup pod down 6 , but this analyst says there is ketchup potential. Vonnie abigail doolittle, thank you. Shery baidu is expanding its presence in the u. S. By opening a new base in seattle as part of its drive to further develop ai technology. The president spoke exclusively with emily chang at the summit in seattle. Their wideranging interview touched on why its a problem in china as well as how ai is a game changer for the world. Ai is the single most important force of our time. Obviously it expands the envelope of the i. T. And industry. Economycreates a new and obviously it has transformed traditional industries. It is critical for baidu. It is critical for the entire industry. Emily give us an update on your self driving car efforts. When will we see baidu self driving cars on the road in mass numbers . Yaqin you will see cars as early as next year. In three or five years, youll see some of the cars on the screen as commercial vehicles ,. Just last month we begin to put a lot of new technologies into the platform. The road planning, High Definition mapping, and Machine Learning all the technology is there. This accelerates the whole industry. If you look at a lot of companies, they are building a lot of repetitive products. You can actually build something that innovates on their arm strength. On their own strength. Emily what about your electric car push . What is the progress on that as the Chinese Government is moving to limit gasoline cars . Yaqin that will be another dimension of transformation. When you look at the cars in the mobile industry in the next five years, new energy, electricity driven, ridesharing, and also ai playing a bigger role. We are fully behind that. Obviously we are not making cars per se, but when you look at all the Machine Learning capability and the technology and perception and highdefinition mapping, those will help. It will cost more than the hybrid or the guzzling cars. Emily your streaming service is aiming to go public at an 8 billion valuation. What are your expectations . Yaqin the Membership Subscription increased tremendously. There was an increase from the apps and also from the membership. People like original content and the people pay for content. It is part of our core strategy to invest to buy content and also produce our own content. Emily google, facebook, and twitter are the fire in the u. S. For fake news and spreading misinformation. What is baidus responsibility here and baidus plan to combat that kind of thing . Yaqin fake news is a Global Challenge and is no exception in china. Every year we received somewhere around 3 billion claims our requests that we need to verify that might turn out to be fake news. It is a huge challenge. We are using a combination of technology and also content authorization to minimize the fake news. Emily i understand you have hundreds of cyber cops, actual people who are looking at information. Is that correct . Yaqin firstly use technology. A lot of things we talk about ai able to help us do the screening. After you do the screening, you have to make sure the source is authentic. We work with different organizations and associations with technology and the Cyber Authority to make sure the contents are authentic and real and of high quality. We have an obligation to make sure the user gets good content, but it continues to be a challenge for us and for other companies in china and the four companies in the u. S. Shery that was emily chang interviewing the president of baidu. Vonnie it is time now for a latest Bloomberg Business flash, look at the biggest stories in the Business News right now. The Supreme Court is asking for advice on a lawsuit against apple. The suit alleges apple monopolized the market by approving apps only if they agree to exclusive this tradition to its app store in order to charge excessive commissions. Apple claims consumers cannot press the antitrust lawsuit because the 30 commission is levied on the App Developers and not on the purchasers. Help are nearing a deal to makers be bought by private equity firm bp partners. It could valuate around 2. 4 billion. An announcement could come this week. Representatives from both companies declined comment. Lukoil is marking the 50th anniversary of the chairs listing in london. The companys ceo spoke extensively to bloomberg about russias deal with opec to cut production. Isif the market situation negative, then mr. Payton is correct. It will be necessary to extend the deal, maybe for three months , maybe to the end of the year, but if the goal is reached and the price is 60, i think we should smoothly exit the agreement. We should not allow market deficit. Vonnie the lukoil ceo said oil prices at 65 a barrel suits everyone. Lukoil is russias secondlargest oil company. Has your latest Bloomberg Business flash. Excessive and interview with the team at Janice AndersonJanice Henderson that gives us insights on who might be the head of the fed next year and montero policy. President the catalan is expected to address lawmakers in the next hour. That speech was scheduled for noon eastern time, but it has been delayed. We confirmed he asked for the delay because of contacts with international mediators. We will bring you the latest. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Shery im shery ahn. Vonnie billionaire paul singers Hedge Fund Management is buying a stake in smith and nephew. This is according to people familiar with the matter. Its not clear how much the activist investor has actually built up in smith and nephew, which is londonbased. I will check how the adrs are trading here in the United States on that news of 8. 5 . Lets turn our focus now to fixed income etfs. Members of Janice Hendersons etf team rang the opening bell at the new york stock exchange. The short Duration Income etf has surpassed 100 million in nine months as interest grows and actively manage etfs. Joining us now is net process is nick china, the head of etf products. Lets start with you. How do you actively manage the fixed Income Portfolio of products when Interest Rates are low everywhere . Now is the time to be more active than any time ever is rates are so low. This on a lot of value out there and not of lying fruits. We need to be much more creative in terms of avoiding indices and do the best riskadjusted returns. From our perspective, we are looking at things going globally him up and not just the u. S. And going globally like australia, new zealand, canada where we think we can find the best value for short duration type investments. Shery what is client investment like out there . In the broader universe of the etf world, this is still very small. It is still very small, but its the Fastest Growing area. As a reason that are only active etf is in the fixed income side. You see 75 of these are fixed income products and the reason is exactly what nick was speaking about. Theres a lot of challenges in the fixed income world of Index Solutions right now. Vonnie is it all corporates . Do you have some sovereigns in there . We do. The portfolio can go into corporates, mortgages, sovereigns. Thats a great thing about the strategy. We adopted this go anywhere approach. Another aspect that important is that we manage the duration component. We look to mitigate the Duration Risk and we will certainly do well in a rising Interest Rate environment. Shery when it comes to etfs, they are very transparent. You have to disclose your daily holdings. Doesnt that give away your secret strategy . [laughter] we are happy to give away our holdings. Theres no real secret sauce involved. We have been managing strategies like this for over 10 years so people know what we do and how we do it. The real focus again is targeting those positive returns in a rising Interest Rate environment and looking to generate those positive returns for an annual basis for our customers. Vonnie what else is attractive to you right now in terms of debt . Is it a company that is trending that or is it a company that you think has already pushed out the debt that its going to push out for a while . Are there other concerns entirely like what sector there and . I think sector is very important. We are starting with a broadbased looking at the country for example. From our perspective, we try to identify what we look to believe the Interest Rate situation as Interest Rates are keeping rates on hold and which countries are going to be doing that like australia and new zealand. They will likely be on hold for the for siebel future. That is basically where we will allocate a lot of duration. , we goat side of things to financials and various utilities and basic that. Things like that. Shery we heard from the sec that they will grant the request to list active etfs. Will this put pressure on prices . There obviously Price Sensitivity generally in the market. I would say the fixed income side of things, what we are offering is marginally more from a kind of Asset Management fee than a passive product. Theres not a huge differential there. What people are looking for is that value. For example, what you see on a lot of short duration product out there is high exposure to someone exotic areas of the market, high yield product, floatingrate product, etc. And actively managed solution that can avoid some of those pitfalls in the future, our clients certainly think that is a Value Proposition they are interested in. Vonnie how much pressure is there on you, nick . It has to be an actively managed fund and of the same time, if there is any value out there, it is being picked up on by all those deal chasers. I dont look at it as pressure so much as we are looking to create value for our investors. We have a team of great people that we have been working together with for the past 10 years that really focus on the strategy alone. The core tenets of our strategy is capital protection, income generation, diversification, as well as low volatility. We have been able to achieve that year in and year out since we havent managing these types of strategies. Vonnie good luck to you. Its a fascinating product. , bothur thanks to nick of Janus Henderson investors. Shery coming up tomorrow, we will be talking with one of the reform,ers and tax congressman kevin brady, chairman of the powerful house ways and means committee. He will join us for a live interview at 1 15 p. M. Also, the catalan president is expected to address lawmakers at the top of the hour. That speech was delayed by an hour. We have confirmed that he asked for the delay because of contacts with international mediators. We will bring you the latest so do stick around for that. Vonnie and a quick reminder you can always catch all of our interviews with the function tv on your bloomberg. The bonus is that you also get charts and functionality. You can even ask guests questions. This is bloomberg. Who knew that phones would start doing everything . Entertaining us, getting us back on track, and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. David it is 1 00 and washington and 6 00 in london and 1 00 a. M. In hong kong. Im david gura. Shery im shery ahn. Welcome to Bloomberg Markets balance of power. With a focus on the intersection of politics and the economy. David here the top stories were watching at this hour. The moment of truth for catalonia and spain. We will hear from catalonias president. What it will meet for spain, europe, and the global markets. Starbucks Ceo Kevin Johnson joins us for exquisite interview live from seattle. What he has to say about the fascinating path from the tech world to one of americas bestknown brands and future retail. This tax reform already in danger of dying . Closest alliess are getting more worried about the president s ability to deliver. David we have been looking at live pictures this afternoon of parcel o barcelona, where huge tomorrow puigd