Estimates in macau. Will this be another golden week for operators . Betty a lot of investors making their bets as well the u. S. Markets will continue higher. We saw that today. Might see this chart. I want to pull up g btv 1516, which shows you the Credit Suisse stop hedging index, otherwise known as the fear gauge. The lowest since february. Imagine that. This might geopolitical tensions coming upise what is from the headlines on tax reform, it looks like investors are pretty optimistic about the markets. They are not fearful at all, and you see the msci all country world index continuing to push higher. You saw that in the equity markets after the manufacturing numbers came out better than expected. Let us pull up the boards on that. Another record, up. 4 . The dow adding on 152 points. The nasdaq gaining ground,. 3 . No stopping this bull market, yvonne. Case. seems like the the big question is whether investors are pricing in more about reflation and the trump trade on tax reform or if it is more on tighter policy. Either way you look into that argument, it has different implications, especially for this part of the world in asia. A pretty good open here in asia this morning. Let us take a look at how new zealand is varying so far. The kiwi unchanged at 7196. The dollar holding on todays thes after you mentioned manufacturing data climbing to the highest in a decade. Australia, a couple minutes in. We have the big rba decision later on this morning, expecting to keep policy rates unchanged. Starting things off pretty much flat, up about five points right now. 7832 for the aussie. Interesting for the aussie dollar now. We briefly dipped low 78 before the bulls stepped in. 3 dollars per barrel. Look at japan as well. Dollaryen touching 113 briefly. We are slightly off that now. 112. 71. In china. En week markets are closed. South korea also closed today. Top stories here this morning now. President trump will visit las vegas on wednesday after the mass shooting he has labeled an act of fewer evil. It is shaping as a major test of his leadership with renewed calls for tougher guncontrol. Let us bring in our senior editor. The president making a televised address out of the white house earlier this morning, and it seems like it was scripted, measured. How was it received overall . Joe i think generally speaking, the president s words were soothing. He said the right things. And he kept it on a fairly ofn keel in contrast to some his quick comments after other tragedies overseas and herorist attacks where quickly tweeted out things sometimes that were not entirely accurate. Here, he is being more measured. Sadly a bit of a ritual for u. S. President s during his u. S. President. Barack obama made 14 such addresses aftermath shootings. It has become his role to be something of the consoler in chief when it comes to these events. Betty joe, he is going to be to sympathizeegas with the victims of this Las Vegas Shooting, but he is also headed to puerto rico. We saw the exchange of barbs over the weekend on puerto rico. What does he have two display, to show here . We saw a little bit of a different tone from President Trump in reaction to what happened in vegas. Joe he has got to look to puerto rico and not continue the little bit of the fight he had going on with the mayor of san juan, and focus more on getting the relief effort. He has been very much trying to paint the rosiest picture possible of the relief efforts. There are some challenges. As he frequently points out, it it is not easyo to get the supplies and relief things down there. But they are calling for more troops, more fema workers, in order to get those supplies out in an island that has no electricity and probably will not for some time. Few passable roads. A lot of their workers are dealing with their aspect of the tragedy. Betty before we go, we got to talk about north korea because we continue to get comments from the white house saying that no, they are ruling out direct talks. Cannot imagine what is going on in tillersons camp here. What do you make of these comments from the white house . Joe they are at odds with the state department and defense department. Tillerson in the fed secretary, mattis, have talked about diplomacy, and tillerson made quite a deal about the fact that they have channels open with north korea. Less thana little bit trumps tweets over the weekend about tillerson wasting his time , but nonetheless, they ruled out having anything to do more with talks other than dealing the three u. S. Citizens that are still being held in north korea. So at some point, they got to get on the same page. Whether they are trying to pull some kind of good cop, bad cop routine with north korea, but the message is getting muddled, and it really will affect how the u. S. Deals with north korea as well as with the region. Thank you, joe. Washington senior editor. Let us get more in the first word news with jessica summers. Jessica. Jessica betty, President Trumps interior secretary is the latest to be investigated for charter flights. He disclosed he took three private flights since taking office in march, including a 12,000 latenight trip in june from las vegas to his home state of montana. Several cabinet members are facing questions about their travel, and tom price resigned on friday. Are callingeaders for International Mediation in their separatism dispute with spain. Hundreds of people rallied outside the main Police Station in barcelona the day after a riotnt crackdown by the police trying to stop the referendum. The president says he will file a complaint after officers fired rubber bullets and beat protesters on sunday. Opecs campaign to curb oil supply took a slight hit last month as libyas biggest field returned to production for Cartel Output was 32. 8 Million Barrels, a rise of 120,000 in august. They have been exempt from the restriction. Topliance among nations agree to curb production fell to 82 from 88 one month earlier. A new survey shows Prime Minister shinzo abe losing some support ahead of japan snap election. The Approval Rating for his administration is falling seven points while the disApproval Rating has risen eight points to 44 . Support for the liberal Democratic Party is also down, but is so far ahead of the new. Roup and Japan Airlines is finetuning its plans for the 2020 olympics in tokyo. The carrier expects a surge in tourism for the games and for the Rugby World Cup one year earlier. It is adding new International Routes and has bought four 787 airliners. It is considering adding 25 airbus a350s to the 31 as already ordered. It will we aim to focus on india, but we cannot ignore china, considering the enormous opportunity offered by its huge population. We are also taking the u. S. Market seriously. Our main focus would be those three areas. Jessica global news, 24 hours a day, powered by more than 27 and journalists and analysts in more than 100 20 countries. 100 20 countries. I am jessica summers. This is bloomberg. Betty can the bulls keep street . On wall we will take a look at the stories behind the record close today. Geopolitical concern, violence in las vegas. As we thought earlier, that did not top stocks at all. Su keenan. Su we have Strong Manufacturing data. A lot of the market focused on the big jobs data. We go to the close. No sign of any concerns outside of the economic realm. There was no terrorism attached to the las vegas event. The market was up, up and away. Let us look at the bloomberg. We talk about the strengthen the dollar which continues to rise. The smart money, as we like to call it, check this out. They have been selling into this. We are seeing speculators get short positions with the biggest rise. Continues to strengthen, you could have a short squeeze which could push the dollar higher. Something to keep a watch on. Let us go into the big movers because they tell us the story of earnings that are ahead this week as well as tech strength. Pepsico down in a big way after an endless downgrade. They reported earnings on the fourth. Intel, the highest since november. Motorsrength in general reporting two new electric cars. Investors seem to be jumping on board. Tesla are in the spotlight as well, right . Extended trade, falling after saying they will miss production targets for the model three. Also, we heard from oracle as well. Let us tackle tesla first. Somefter hours, there is weakness. We are seeing a story. Sedannderperformed on the that is designed to the more massmarket. Underperformed in a big way. Plus, record demand for the more pricing models. They actually exceeded targets for general deliveries, and in terms of what teslas founder is saying about the sedan, he talked about the fact that it was going to be hell to ramp up production. So it was a big mix. But they do say it is something that will focus on. Shot. Our best they continue to capture it. He stopped in the stock is reflecting that. Anchor they are putting their faith on elon musk saying this is awkward to change longterm expectations. Now, weto commodities see oil in the bull market rally som stumbling a bit. Su indefinitely, opec as part of the mix as well. Opec output is creeping up a bit partly because of the addition of libya, and so, that is a disappointment to some of those traders on wall Street Investors that were optimistic that opec could reign it in. Ein it in. We have not been at that level since may, coming back down. If we look at gold, what we see is continuing weakness as well. Focus on been a economic strength. There has been a focus on fed hikes and the manufacturing data added to the pressure on gold. Yvonne all right. Oracle looking ahead. We will hear more from the ceo, taking on amazon. And what it says is one of its biggest announcements ever. Well hear from the coo later on. Betty President Trumps tax plan. We will speak with one of the most influential bipartisan dealmakers on what she thinks he can achieve. And what the impacts from President Trumps tax plan are. This is bloomberg. Betty we are counting you down to asias first major market open this morning. Japan futures heading higher by 70 points right now after we saw, once again on wall street, record highs in all the major indices. Solid data adding to the euphoria. This is daybreak asia. I am yvonne in hong kong. Betty i am betty liu in new york. Companies may be hit by a new tax on President Trumps tax reform plan. It attacks multinationals on the money they make a broad. For more on this trump tax plan, we are joined by the president of the committee for responsible federal budget. Is considered one of the most influential bipartisan dealmakers on capitol hill. I dont want to say it is funny, but it is a little bit interesting that we are still coming through this nine page basel and finding tidbits that we did not realize. Are you doing the same thing, and what do you think of the latest revelation . We are doing the same thing, but it is very hard to figure out because on one hand, nine pages is a lot more than the lastbullets we had les time. The final details are not filled in, and that includes taxation of multinationals an individual taxation, where the different rates would be and includes the base runners, when we get rid of a lot of the different tax breaks, which once we get rid of and how. Those details, still to come. How would this affect the economy, how would this affect family . Different companies . We cannot draw any real conclusion because this is showing us bit by bit. I want to see the whole bill and figure out the overall impositions. Betty do you hate this one more or less than previous tax plans . Maya i love the structure of this tax plan. I think tax reform is critically important. We need to do everything we possibly could to grow the economy and i really like some of the major objectives of this which is to bring the rates down and broaden the base to offset the cost. Let us do so in a way where we focus on the major need to reform our Corporate Tax which will help the overall economy. The part where you would actually make hard choices, pay for the goodies we are all going to get, is very thin. By our numbers so far, there is 2. 2 trillion hole in what they promised. We have near record levels of debt. We cannot afford to borrow 2 trillion. That is the part i hate. Yvonne we certainly saw a glance of that with the study that came out from the Tax Policy Center last week saying the tax increases are going to be nearly 30 of the middle class. About this as well. How likely do you think republicans are going to be able to back this plan . Maya i think if you look at this from a political perspective, republicans need to win here. They need to get tax reform done. If you look at this from the economic perspective, there is a great reason to get tax reform done. It is one of the things that could most help grow the economy. If you look at it from a fiscal budget perspective back to that record levels that we have, they have not talked about how they would pay for this fully, and paying for things is where the real policy choices are, and right now, i think they are looking for something to get done without a lot of pushback. There is a constituency for every single tax break they want to think about getting rid of. It is going to be a heated time in washington where we figure out how you can pay for this and to bring it full circle, if we do not pl pay for the plan, it will not grow the economy over the coming year. Repatriationthis plan does as well is he wants it to be ballpark 10 range rather than a split. This has been punted to congress. How likely do you think this could go through . Could this be the situation we thought the border adjustment tax, which was basically dropped . And what could be the net effect from this type of measure . Maya it is hard to say. We will look at different ways when we are taxing the multinationals. The goal has been how do we keep our companies headquartered in the u. S. . And how do we bring back a lot of the capital that has been locked up overseas . You need to find a rate that gets people to bring money back here. I cannot tell you what the right rate is going to be. A combination of how we tax our Global Companies, changing how we do expensing, and a lower Corporate Tax rate could and should be structured to bring about competitiveness at a time when that is what u. S. Corporate of four. Betty i want to bring up a debt as a u. S. Percentage of gdp. Our debt just skyrocketed. Has been ok because our rates have been at record lows, so it has been ok to see in many ways. To absorb the impact of higher debt. ,nce we raise rates even more what is the consequence of that . Is that enough to possibly put us into a recession here in the u. S. . Maya that is absolutely the right point. At these nearebts record levels, but looking forward, it is projected to grow by another 10 trillion over 10 years, and that is if we do nothing. The way it is structured, that would make the situation worse. So the debt trajectory is unmanageable, unsustainable. We have the debt growing faster than the economy. That is the biggest our debt is that is the biggest issue. Our debt is so high, that would grow the cost of servicing the debt by 130 billion a year, so we are incredibly vulnerable to these rate increases. It will have an i enormous consequence. It very likely will happen. Betty does that jeopardize our Credit Rating . Moodys said that is a risk here. Do you see that in the future . Maya i do. Last time we were downgraded, it was over the gridlock in washington. We all know it is true. It is looking the other way. Certainly jeopardizes our situation. One of the interesting things is when you compare us to other countries, nobody looks that good, so we continue to be the country where a lot of people park their money and see us as a safe haven. At what point does our debt, combined with our political situation, make people less confident . They want to diversify. Betty maya macguineas, the committee for a responsible federal budget. Now, you can get a round up of that story and many more you need to know to get your day going in todays edition of daybreak. Bloomberg subscribers can go to dayb on their terminals and it is available on mobile in the bloomberg anywhere app. You can customize your settings so you only get the news on the industries and assets you care about. As is bloomberg. Betty this is daybreak asia. I am betty liu in new york. Yvonne i am yvonne man in hong kong. Banks are ready to channel hundreds, possibly thousands, of employees out of the u. K. For the combined brexit bill. Asare told costs are soaring londoners find it more difficult to persuade staff to move abroad. They predict a shortage of experienced workers after the split. Is said to have signed a lease in frankfurt, making it one of the first foreign banks. Japans secondbiggest lender is powere one in your mind in the financial district and plans to put as many as 100 people there. The towers website that each has 1200 square meters of office space. Yvonne Goldman SachsAsset Management has joined a list of firms planning to absorb the cost of thirdparty research out of the e. U. s regulations come into force in january. The manager of more than one trillion dollars in assets says it will pay for analysis by its european teams but did not disclose the bill. They want to separate the research from trading related expenses. Betty hedge funds are concluding there is safety in numbers. Managers are clubbing together platforms to share the cost of the regulatory overhaul and get help with paperwork and the low compliance. Are what firms can tap into to lower their administration costs. Iill talk more about mifid in daybreak asia. A lot coming up, yvonne. Asnne that impact in asia well. Facebook also plans to overhaul its rules on political ads and will include a massive hiring spree. The details, next. This is bloomberg. Anchor 7 30 a. M. Tuesday morning in hong kong. Coming back from the national backoliday, people getting to work this morning. 30 minutes away from asias first major market open. Betty. 7 30 p. M. Monday evening in new york, where markets closed higher. You can see the empire state holding is dark in the background. According to the twitter feed, the lights are darkened