The president for banning transgender citizens were serving in the military. Violates the equal protection clause of the constitution. President trump has given the pentagon six months to return to the previous policy that barred transgender soldiers. British Prime Minister theresa may is under pressure on two fronts as brexit talks resume. Eu negotiators want her to reveal her hand. The Opposition Labor Party is trying to lure her critics to its side. In theushing to keep Single Market for the longterm transition. A mysterious chemical haze that left more than 100 people in the english coast with burning eyes and breathing problems has dissipated, but the cause remains a mystery. The gas cloud appeared on sunday, sending people fleeing from the beach 60 miles south of london. Global news 24 hours a day powered by our 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Julia live from bloomberg World Headquarters in new york, im julia chatterley. Scarlet im scarlet fu. Joe and im joe weisenthal. We are 30 minutes from the close of trading in the u. S. Julia gasoline surging to the highest level in years. Joe the question is whatd you miss . Scarlet testing a state home to almost one and 12 u. S. Workers. Joins us andmemani says the odds of a regime change at the fed are increasing. President trump will hold a News Conference with his finnish counterpart. We will bring his remarks when they began. Julia lets get to our top story lets bring in our Houston Bureau trees bureau chief who has been on the grounds that the hurricane made landfall. Explain what the conditions are like on the ground. How many people are we talking about having been displaced and who are lacking basic resources like electricity . Of thousands of people forced out of their homes and more will be. Two more large evacuations order in suburban houston where a reservoir, the army corps of engineers had to release some water. The walls of the reservoir has first and folks are warned to get out of the neighborhood. Continue. S will therereeveral more da of is raiin store for us. Joe what kind of rain as the region still looking at . Depending on where you live, you have a few dozen inches. Thats half the year worth of rain and in the next three or four days, they are expecting to double that, so we will get a full years worth of rain in a matter of six days. The ground is completely saturated. We have been listing to the governor of texas speaking about the governors the governments response to this crisis. President oken to the on multiple occasions with cabinet members ranging from the secretary of health and Human Services to Homeland Security, transportation, energy and im leaving some out the fema i would have to grade the federal Government Bonds an a plus. Julia would you agree with that in terms of getting everything done and addressing this crisis that the government response has been top notch . Middlehe ground, in the of this catastrophe, they are invisible, and that is not putting down what they are trying to do. Ae federal government is reactionary force. They will come in once the floodwaters start to receipt and do an assessment and figure out how can they help the state and city rebuild, but the real you see the coast guard, you see the fire the 12,000and National Guard troops are out there actually rescuing people. Some very brave people there. Thank you very much. Is having a storm major affect on the u. S. Energy sector. Refineries have been idled and weve seen capacity reduced by 10 . Joining us to assess the effects on the economy and the oil industry is bloombergs team leader for oil coverage. One of the sobering fact on the storm is that two thirds of harveys losses are likely to be uninsured, especially for homeowners. I wonder if you know the extent to which there will be coverage for the refinery industry . Better. T will be you have to have some kind of protection against these kinds of losses. Builtin to a is lot of their business number of business model. What part of the Energy Infrastructure is being the hardest and do we know any specific locations that will be out . Guest the refining industry got hit the hardest. Is the biggest refinery in the u. S. Is in port arthur, texas and that is in the direct path of the storm right now. Joe give us some scale. How big is it and how does it compare to others . Guest they can refine 600,000 barrels of crude oil a day. That asooking at plants we get the Corpus Christi refinerys back on, we could lose just as much from port arthur. Have 10 of capacity down or more. We are definitely not out of the with yet and you are starting to see from the gasoline prices in aboutrk, theres concern getting supply in the near term. Theres less gasoline being put into the Colonial Pipeline that as the mainew york pipeline that services the eastern part of the u. S. There will probably be higher prices for a little bit, at least in new york. Pointed outu have so far the situation is more of aut this is gasoline story than an oil story and the markets have reflected that. But can we take a snapshot of the situation and compare it to what we have seen with the likes theurricane katrina and say reaction we have seen in terms of Energy Prices has been incredibly mild. Guest it has been muted. We saw a quick run up last night when the markets opened in it has come back just a little bit on gasoline. Fairlybecause we have a much higherm and supplies and we did in katrina. So we can talk about the gains the shale industry has made. Markets,rms of the they were almost asleep at the wheel, the are they underestimating the impact . Itst it depends on how long lasts. If we see the refineries clean up and come back quickly, then there isnt any reaction and we will go back to where we were. Weeks andlasts two theres a lot of damage to refineries, its too early to tell. They are still getting flooded next week before we get any damage assessments. Take us away from harvey for a moment. The wall street journal is reporting saudi arabia and russia are pushing for a threemonth extension on the production cut. It has failed to lift production to the level opec wanted. Why would an extension change that . Guest thats a good question. Where are Cutting Supply demand is shrinking, it could be an attempt to keep prices from dropping back to 40 or 35, more of a defensive mechanism are anything else where you trying to limit the declines rather than boost the prices. Scarlet great to have you on. The American Red Cross is asking for your help with the disaster in texas. The organization has dozens of shoulders up and running but it expects the crisis to grow exponentially and thousands of texas will end up relying on the red cross for food, water and a place to stay. Go to red cross. Org for all the details. All donations are taxdeductible. Still ahead, uber has a new ceo at the wheel. We will explore the road ahead for the embattled ridesharing company. From new york, this is bloomberg. Scarlet whatd you miss . It is official barry diller confirming the companys ceo has been tapped to lead uber. Troubled ride hailing start up in june under tremendous investor pressure. Joining us with more is brad stone, bloombergs head of technology coverage. What i find fascinating is the leadership search for a new ceo was chaotic. There were battles between kalanick. And travis is this split repairable . If not, it makes the ceos job difficult. Brad the most promising side is that they did settle on a ceo. Travis and his allies were pushing for the former ge ceo, jeff immelt. Benchmark and its allies wanted the hp ceo, meg whitman. The dispute even turned to litigation with benchmark suing. But hes a great pick, and entrepreneur. He built expedia not just into a major travel brand online, but a Global Platform that can accommodate for kinds of brands. Hes been ceo of a Public Company which one day uber hopes to be. So this is a sign it certainly going to be his first job, to repair some of these divisions on the board. Joe you talked about the success he had at expedia. Expedia shares tumbling in the wake of this news, down 4. 5 going into the close. What did he do . That stock has had an incredible run, well over 1000 since the crisis. What did he bring to that companies that that company that shareholders are going to miss . Brad he turned it into a technology company. Withd these relationships airlines and then booking. Com becomes an aggregator of deals and blows expedia out of the water. Over the past decade, he has basically caught up and assembled a brunch a bunch of brands under the umbrella. Homeaway, which is expedients competitive answer to airbnb, thats probably why shareholders are reacting negatively. For all of his progress, his and theyve done got to incorporate homeaway and answer the disruption airbnb poses. It is expedias loss, but hopefully uber thinks it is their gain. Julia the critical question for me is what does this Company Look Like in the future . To stick with the mold of being a start up and not worrying about profits or do they need to transition and grow up and being a mature and be a Mature Company and go for profitability . It feels like thats the direction benchmark was trying to push uber in. What do you think . Rat is the critical question. Travis has the accelerator brad that is the critical question. The resources to the bottom line where the company was hemorrhaging and lots of regions where it did not have a home field advantage. What he might bring is more reason to this grow at all costs philosophy. Anddown in some markets maybe reach the kinds of deals they have reached in china and russia, getting out of markets where the percentage of the home ,ield player is slowing down try to turn the company toward profitability and an eventual ipo. It is clearly what uber needs and hopefully they will get it. I want to turn our attention to apple. The announcement came that they will hold a Product Announcement on september 12. The only mystery here is what its going to call the anniversary phone. Is reportingeague we will get what they might call the seven s or s plus, which is the iteration on last years phone but then a third phone to mark the 10 Year Anniversary with a display that will go to the edges and face wrecking russian and premium features. We dont know what they will call it that what might be interesting is if they hold that event at the new campus because they have not yet showed off the steve jobs the at her and it would clearly amplify the message and Product Launch if they were able to hold their. Scarlet its all about the optics. Brad stone joining us from san francisco. Julia time for the Bloomberg Business flash and a look at the biggest is the stories in the news right now. A new chief executive officer meeting with Fiat Chrysler to discuss a partnership. A criticalhrysler part of its lending business. A report that apple will hold a product lunch announcement next month. According to the wall street journal, the company is expected to release new smartphones and a smart watch in time for the holiday season. One suggestion is there will be a showcase device to mark the 10th anniversary. Leaves taking a maternity with his wife. They announced the birth of their daughter where else, on his facebook post. Theyre saying we will do everything we possibly can to make sure the world is a better place for you. August joins older sister maxima. Thats your Bloomberg Business flash i hope thats wrong did they have the baby in august . Scarlet organic the president is speaking right now. Lets go to the president in washington d c. Mr. Trump i look forward to the trip. We will be leaving at 8 30 in the morning. We dont know which sections, we will be notifying you soon and we will be traveling throughout certain parts and may go back on saturday depending on where the storm goes, we may also go to louisiana on saturday. The biggest ever. They are saying it is historic. Its like texas if you think about it. Historic amount of water in particular. There has never been anything like it. It people are handling amazingly well and the people of texas as you know have really persevered. When you watch the spirit and enthusiasm and helping each other, the teamwork, it has been something and even in finland, i think they would say it has been really incredible. Leaving tomorrow at 8 30 in the morning. We have done quite a few cabinet meetings to make sure everything is coordinated. We are dealing with congress and a verying to be expensive situation. We want to take care of the people of texas and louisiana when that happens. The flow seems to be heading toward louisiana as we speak but we will be there for the people of louisiana also. We will see you tomorrow and i guess you will see both of us in a couple of minutes in the east room. Thank you all very much. You have been listening to the president in comments he made moments ago with the finnish president. Some of the headlines from the president he says finland has a trade surplus against the United States and talked about the storm, harvey, and how he is working with congress on a theonse to harvey and says response has been going very well. He will be traveling to the region shortly. We will be keeping an i on the headlines and get you more as they cross. From new york, this is bloomberg. Scarlet im scarlet fu. Whatd you miss . The line on this chart shows the number of contracts that are net long on the euro. Positioning on the euro versus the dollar is the most bullish since 2011. The euro has been on a tear versus the dollar as of late. That is the blue line. It took nothing at all on friday to drive the euro to its best levels and 2015. If you look at the euro plus performance year today, its the second best performing g10 currency after the krone. For the euro to get to that high but it might take nothing for it to unravel. Julia this is the reason why i paused to give you a comparison, given all the central bankers we have looked at or listen to over jackson hole, these are the key inflation gauges for all the Central Banks. Ecb,u look at the fed and pray much in line. I made the point on friday that if you look at the fiveyear, its below the level it was before mario draghi began qe. Nowhere near is that 2 inflation target. No surprise that that stimulus will continue. Not good newss for janet yellen as you tries to hit her inflation target amazon announced price cuts to various items at whole foods today. Heres good news for avocado lovers this is the seasonality chart of avocados every year for the last 10 years. You can see a very consistent pattern. Avocado prices tend to rise in the summer and we are now at the time when they start to fall. In addition to amazon coming into the market and chopping prices on avocados at the store, theres a general time of avocado inflation coming up, so maybe add guacamole to all your meals. Load up on it in the autumn. Avocado figure in to the pce core . The market closes next. With less than four minutes to go, we are looking at a mixed trade on the dow, little changed. The s p 500 not moving much. From new york, this is bloomberg. Scarlet whatd you miss . U. S. Stocks closings are mixed this afternoon. Gasoline surges to the highest level in two years. Chesley. A scarlet im scarlet fu. Joe im joe weisenthal. If you are tuning in live on twitter, we want to welcome you to our closing bell coverage every week day from 4 00 to 5 00 p. M. Eastern. Scarlet we are looking at a mixed close for u. S. Stocks with the dow and s p 500 will change right now. S p 500 literally moving up by one point. The nasdaq the winner here, up by 3 10 1 . The u. K. Markets closed for a holiday there. This is what tends to happen. Julia negative feeding through from europe as well. The euro feeding into sentiment concern here for european exporters. That was coming across, too. Joe a quiet final week of august. Not a ton of econews or political news. Scarlet grabbing the headlines is the storm, the harvey storm across texas. We see a lot of movers on the back of that storm. I am thinking of travelers, the insurers are of course feeling some pain there. Ankshire hathaway, owner of Insurance Companies getting taken down as well by half of 1 . On the other end, refining energy gaining in the wake of harvey. In terms of individual games, Sprouts Farmers Market down by almost 10 on the day. This is after amazon unveiled lower prices at whole foods. Joe was talking earlier about avocado prices. I believe it is now one dolla 1. 99 a pound. Joe each. Scarlet a drop in avocados. That is the approach that whole foods is taking over that amazon is taking at whole foods. We have some m a to tell you about. Kite pharmaceuticals, 11 billion, a 20 jump in kite as a result. Joe now lets take a look at the Government Bond market. Scarlet was talking about how it was a quiet day. There is. 10 year yield just a tick lower to 2. 16. That is at the low end of recent trading, but not much action today. Julia lets take a look at currency. We are talking about the euro here. A 10year chart at this strongest level for the euro since january 2015. We pushed above the highest we saw in the asia session as well. Mario draghi no question back on euro strength. Not sure that is the reason to continue to buy eurodollar. He is certainly not going to stand in the way. I think that is the message from analysts here. On the other side of that trait come you have the dollar here. I am showing you bloombergs dollar index here. We traced the levels for those of you that are interested. It can touch the 50 replacement level. Just want to give them there. Eye on mexico as well as seeing significant retracement from the losses we saw in dollar mexico. You can see that on the back end of last year. I am surprised we have not seen more weakness in mexico with donald trump talking about blowing off nafta. Markets ignoring. Joe yeah. Nafta will be perhaps a more interesting story than people realize. Lets finally look at the commodities starting with the int