The images are so terrifying it so unpredictable and it was difficult for anyone to do anything to stop it. They put their lives at risk every single day. People know that in las vegas and it will be more to the background of this specific shooter. Mark the president faces a very difficult trip to las vegas on wednesday. He has the delicate and difficult trip to puerto rico tomorrow. Just remind us of whats on his agenda this week. Kevin President Trump now has been to meetings or he will welcome the Prime Minister of thailand as well as the Prime Ministers wife. The first lady will accompany him for that. A series of Top Republican elected officials all front the country are gathered here in washington. Ofwill meet with a series republican governors, including the governor of kentucky later this afternoon and then this evening, he and the Vice President will host a Congressional Republican reception with republican lawmakers. They have really try to keep the focus today on the tragedy in las vegas and that of course, he is scheduled to go to puerto rico tomorrow where he is facing intense criticism for not just democrats, but actions of the republican party, the governor of puerto rico Still Standing by him, obviously there are local government officials on the ground, most notably the mayor of san juan who are speaking out against him. From there it is las vegas. The national community, the National Music industry similarly to what we saw following the tragedy in london, very much rattled by this. In terms of the politics back home, i think what you are you chris murphy, the democrat from connecticut, whose state suffered through the sandy , calls to ae similar debate unfortunately that we in america have become all too accustomed to over gun rights and gun control. There is a bipartisan on this. We saw after sandy hook, senator joe manchin and senator pat toomey put forth a bipartisan plan, proposal, policy on gun control that ultimately failed. Whether or not that is reintroduced, we will have to see. People are still very much going through all of this. Unfortunately as divided as america is, President Trump calling on unity. , the latestfic tragedy to infect into the american consciousness. Vonnie who does the president listen to right now . He needs to states ordinarily focused and keep reassuring people that he is there is president and will oversee everything that can be done in places like puerto rico and in las vegas. In the meantime, there are several hearings on the hill. Congress is back in force. Taxwriting for example, doing all sorts of other business of governing and now this. Who will be his closest aide here . Is it someone in the white house . Megan what he will have to do is bifurcate the legislative and business of governing and the Administration Priorities, especially terms of tax reform. To have to bifurcate that because he now has two serious crises which people are looking to his leadership and to the presidency. Where heerto rico continues to be criticized during an ongoing humanitarian crisis where people without food and water or electricity. The second thing now you have all too frequent overnight horrific mass shooting where the details are coming fast and furious. The fbi Law Enforcement will emerge leading that investigation. It is up to him to make sure he retained the support and backing and making sure that there will be this very debate on gun control, how much he engages on that politically and how much he stands above knowing how important this is in terms of his Administration Priorities on tax reform in the budget, puerto rico and now this horrific tragedy in las vegas. This is what the presidency is. This is what his predecessors had to say. He is faced extreme criticism about whether he has the temperament to be able to deal with precisely these kinds of incidents. It certainly going to be a week where people will be watching at all mandelbrot for how he responds. Vonnie the president visiting las vegas wednesday. Deregulation will be handled by the Vice President. Thanks to bloomberg editor in and bloombergrphy chief washington correspondent Kevin Cirilli at the white house. Mark outside of las vegas we are following european Equities Trading coming to a close. This is giving us a great picture of how things are faring. Own by 1. 4 bucking the trend of wider gains. They may be moving forward towards this unilateral declaration of independence as early as this week following the illegal referendum. Victory over the weekend. The euro is down in the wake of the catalonia referendum by 7 10 of 1 . Look at the spanish twoyear note, look at the yield up by six basis points. You are seeing yields rise across the spanish yield curve. Commodities and sovereign. Manufacturing growth remaining solid in the u. K. In september. Inflation pressure is building according to the latest Market Survey and findings. Likely to keep the bank of england on track towards that rate increase in november. Down from 56. 7, but went above that 50 level. A measure of input costs jump. Factories are passing on some of the increased output prices advanced. Worlds tope performing currency in september. Best month in more than two years. Those expectations of a rate hike in november, strategists say that the bulk of sterlings strength. Thats the bulk it will get from the possible rate hike. 128 by therling it end of the year. By the time we get to the rate hike, the market is more likely to react in a negative way. Sterling shorts are being reduced on the most bearish on the british currency since 2011. 19 minutes into the trade in the u. S. Julie we have records for u. S. Stocks even with this tragic news coming out of las vegas. We are still seeing all of the major averages said records here on intraday and closing basis. Smallcap stocks at a record as well. That index is up for the seven straight session. Its been setting records on each of those days. At leasttinue to see some influence from optimism over tax cuts being felt in small caps in particular. Take a look at the bloomberg, we have the russell 2000 and its moving averages. It has really taken a leg above here with the latest move upward as it continues to set the record day after day and also continues this outperformance of larger cap stocks. Health care shares within large caps have been leading gains today. A couple of Different Reasons why. Pharmaceuticals was upgraded to buy from neutral by Goldman Sachs on the outlook. Allergan getting a priority review for it drugs. It includes a an additional application for hospital required back hospital acquired bacteria. Getting an fda review from a committee to discuss one of its diabetes drugs. Health care is doing well in the session. Usa have reached a Programming Agreement that will allow new york area tv subscribers to continue to get abc, espn and the disney channel. Two point 4 million subscribers on this agreement. Both stocks are trading higher. Up, the feud between catalonia and spain is coming to a head as separatists are signaling they could declare independence as early as this week. What would this mean for the future of the eu . This is bloomberg. Live from bloomberg World Headquarters, im vonnie quinn. Counting mark barton you down to the european close. In spain, catalan separatists may declare their independence after voters backed independence. Hundreds of activists were injured when they try to stop police from shutting down the illegal referendum. The Spanish Government may use all means its a textbook its a disposal to keep catalonia. We are joined in barcelona. Is a some of the heat cooling off in the direction of Prime Minister the Prime Minister in recent hours . Tone this morning, and a lot of pressure after that double whammy. The vote that happened, a lot of violence. It became a global story. We have had development over the last hour that really change things. The eu putting out this community and saying violence is never the right answer. We trust the french government and key allies to a key ally to spain say they will manage to find an agreement. He was under a lot of pressure this morning. To get a sense of whether they can establish a government when it comes to catalonia. What isat vonnie the catalan president telling catalonians today . Maria that is a Crucial Point and a great question because he just held a press conference where he said if you were expecting imminent declaration as unilateral declaration they are pledged if the yes vote one, maybe its time to take a step back and not taken for granted. He was very vague on dates and how it would take place. He would not commit to it. He thinks the result is valid, but as for how to implement it, he was incredibly vague. Again, also a Crucial Point, they were disappointed by the fact the European Union said we are treating this as an internal affair within spain because they hope to get an intervention from the European Union they didnt get it. Of could55 article 155 of spains constitution be triggered . Maria that is the nuclear option. It is never meant to be put into it global context. It is like article 50 of brexit, it was never really meant to be triggered. It could happen if we do get a unilateral declaration of independence. I wont anticipate what will happen. But if we get an indication among the regional president might be had in that direction, then yes that is an option that could happen or the justice in the courts would have to say this person has to be removed from office because its a violation of the constitution. ,ark thanks for joining us maria. Delivering acellor speech at the conservative Party Conference today. The address was primarily focused on the leader of the labour party, jeremy corbyn. Joining us now with the latest Annah Edwards edwards in london. We have gathered here for the conservative congress conference. You mightve thought we would hear more about brexit today, but when the chancellor spoke, it wasnt about that. It was very much about relaunching and repitching lights valuable to have a free market economy in the u. K. Thats what we are at most about from the chancellor. He talked about the labour party and say theyve moved to the left under jeremy corbyn. He group the memos north korea and cuba. He group them in with north korea and cuba as a clear and present danger. I asked why did the chancellor leave talking about the opposition. It needs to be enough time for companies to be able to prepare for the government to be able to prepare. We need to get its very important to say there will be a transition and let the public know that we will be leaving the European Union, which is what they voted for. That was Elizabeth Truss explaining the stance on brexit which is the other part of the Big Conversation we are hearing about here which is about two years. , a bit on an different page from some of his cabinet colleagues as the timing for the timing as of late. Theresa may is facing a very divided cabinet. How does she fair . Is facing a divided cabinet. Boris johnson before this conference started decided once again to go to the press in the. K. And set out more red lines he set of four redlines. The set byabinet infighting. He is setting itself up as the keeper of the brexit flame. Willing to keep the flame alive in the u. K. And making sure that he and his supporters are reflected in government policy. Philip hammond saying this is a distraction. Everything else is just noise. Its just one more reminder that he keep the cheeky that she has to mark which leads to the obvious question, how much longer does she have is Prime Minister . What is the talk of the conference so far . There is a lot of speculation about this. A lot of people asking whether Boris Johnson is trying to direct policy, backstage writhing or whether he really wants to speak at the front of the car. The job is Prime Minister. If so, maybe this is a strategy to set himself up as the keeper of the flame for exit and the nourish some kind of campaign later. Bradyheard from graham and he describes a situation where there is a lot of appetite for the change in leadership. He said that would be a bad idea and so there are plenty with that view, but on the other side , others might look at it differently. We will have to wait and see how it falls out. We dont have another election until 2022. Mark we will see you tomorrow. Anna edwards joining us from manchester from the conservative Party Conference. Could there be changes lurking in the credit market . More from that interview ahead. This is bloomberg. Vonnie live from bloomberg World Headquarters in new york, im a vonnie quinn. The european close about eight minutes away. Dangerous could be lurking in the credit market. Dan were ins spoke to us earlier. Regarding the global markets, we think it is a very late in the cycle. We are not macro investors, but across a variety of sites whether its corporate, mortgages, real estate, etc. , we are seeing very tight spreads in the liquid markets and many negotiated markets away from the securities. Fundamentalse point to serious, much more downside than upside. Showsrepped a chart that the yield index. You can see, but i think you know what it shows. We are getting close to touching the post brexit low that we saw in 2014 and we are not far from the precrisis low. His u. S. Credit of these kind of spreads make sense to you . Dan i think we are the tightest weve been in the last 25 years even going back to what happened in 94. Not only are we tied on absolute spread level, but the actual underlying transactions that are building those spreads, making those spreads are increasingly over levered, too long in duration, generally very stretched. This spreads tell a story but i think that story is not as drasticly told as when you look underneath the hood. Just theve hinted at space kind of hidden for a lot of investors. We often think about private equity and putting as putting private money to work and investors can play off of that. Talk about private credit here and what benefits can investors as well, companies in the middle east can benefit from . I think private credit is somewhat extended if you look at it. A lot of people refer to private credit when they are talking about middlemarket and Corporate Lending as opposed to the Broader Market that covers ofy different types collateral. When you combine the availability of Corporate Credit with two point 5 trillion of unspent private Equity Capital out there, it makes for a difficult environment. If i were in issuer in the u. S. , europe or middle east, i would sellgressively looking to everything that is not nailed down, whether that means selling equity or issuing debt securities, it is a very easy market relatively speaking if you have a quality enterprise. I think there are real opportunities on the investors side away from the corporate space in more structured finance assets, real estate assets, other things that are more occupied by the banks and abandoned by them nine years post crisis. There on zwirn bloomberg earlier today. Stocks are rising, falling in spain after the catalonia referendum. Gaining elsewhere. Stocks europe up for the eighth consecutive day. I will leave you with the currency which highlights the fact the impact for the referendum is being seen in the spanish stock market. The closes next. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Developments from las vegas where police are holding a News Conference on last nights deadly shooting. More than 50 people were killed and more than 400 hospitalized after that lone gunmen shot at a Music Festival in las vegas. We will get to that as soon as it starts. In the meantime just want to show you whats happening to European Equity markets. And of the monday session. Highlighting the big story of the day which was the referendum that took place in catalonia, sending the benchmark down by 1. 4 today. Down by 1. 9 , biggest decline from august 2016. Bucking the trend of wider gains in europe. The stoxx 600 gains best day since 2016. It came after the third weekly advance. Catalan separatist leader signaling there could be a move towards a unilateral declaration of independence as early as this week. Keeping an eye on whats happening in spain. The euro does the euro also moving on the back of the catalonia news. The fiveyear and 10 year all rising. This is the euro down by 6 10 of 1 today. It fell 7 10 of 1 after cattle land leaders hinted they could declare independence. Best run of on its gains on a monthly basis against the dollar since january. The six months of gains came to an end in september on expectations of higher rates and rising european Political RiskMarket Pricing for a fed hike