90 minutestes ahead from the close. Mark stocks a bit lower today, little changed, down by. 1 . They were higher by. 1 a little earlier. The president stepping back from this immediate declaration of independence. Lets get more spain centric, this is last monday, one day after the referendum through to today. Losses at 4 , now down just 1 for the duration. The ibex marginally lower for the period, investors responding to whats been going on in the last 24 hours, as they are with euro, which is up today for the fourth day. Catalonias president stepping back from that immediate declaration of independence from spain. The spanish Prime Minister stepping up pressure on catalonias government to back away from independence talks. That could lead to the assertion of direct control from madrid. Analysts forecast the euro will end the year at 1. 18. The most bullish at 1. 26. Pnc financial has a 1. 07 forecast. Those are the two ends of the spectrum. Yields in the 10 year the aftermath of the referendum. Today the spread narrowing as much as six basis points. Lower since september 29. A week ago, it had widened as much as 19 basis points. The difference over the eight day trading period has narrowed to just five basis points as they talk about the future of his region in spain. 30 minutes into the trading day in the u. S. Julie we are seeing very little change here in the united states. We have the dow slightly higher, only three points. Barely a whisper higher here. The nasdaq and s p under pressure. Banks are the big drag on the s p 500. Rates backing off a little bit in todays session. Consumer stable stocks continue to show strength. Yesterday, the leader was walmart. Today, the leader is kroger. The Company Might sell its Convenience Store business, a 1. 4 billion operation across 18 states under names like turkey hill commitment market, quick turkey hill, minute market, quick shop. Theres increasing competition from amazon. Consumer staples rising for the second day after yesterday having the biggest collective gain since february. Also watching interesting analyst calls this morning. Johnson johnson being upgraded over at jefferies to buy. Theysts they are saying Pharma Division is under modeled by the street. Thats where Revenue Growth will come from. Dont bet on the Company Getting broken up into pieces, bet on growth. Mcdonalds being mentioned positively at cleveland research. The company is firing on all cylinders. Analysts are more positive on the companys strategy come execution and comparable sales outlook. At cowin. Upgraded a quick look at the u. S. Dollar on the bloomberg. We see a pullback in the greenback. Strategists looking at the technicals and wondering whether the rally weve been seeing or the rebound we been seeing in the dollar has more to go. Looking at the dollar daily change with the bars. Vonnie thank you for that. Minutes from the fomc september meeting released at 2 00 p. M. New york time. Investors will be looking for some clarity on decembers rate increase and the Balance Sheet unwind and the ongoing inflation debate. Top investors and economists have been placing their bets on who will be the next fed chair. Said kevin warsh has been wrong about everything. Explained why he could still get the job. Politically correct from the Republican Point of view, has some family connections with trump. Might still be appointed. Vonnie joining us now is chairman andnd, ceo of holland co. Kevin warsh has a chance of getting it and pull krugman is coming from a particular place when he says hes wrong about everything. What would he be like as a fed chair . Michael i think he will be just fine. From whence he speaks because hes been wrong about lots of things, himself. Worth has been worried about inflation and overspending on securities. Overall, he was the honest fed governor ever appointed the youngest fed governor ever appointed. The market will take it all right, bonds will trade off because the bond market believes hes going to accelerate the unwinding of the portfolio. Powell was that, mr. The author winner last night, is one who will probably get a thumbs up from the markets. Mr. Taylor is the only one hes the third name in the mix and he hasnt been mentioned recently. Markets might have a bit of a problem with him. Vonnie he would almost certainly raise immediately. What will we hear about the Balance Sheet unwind today . The fence on is this. Michael we will hear gradual used on this set many times. Ismatter who gets in there, not in anyones interest for them to be aggressive and stupid in terms of disturbing the markets. O somecan we move on ty in original companies . Stock. Own. Ofy announced the departure a trio of executives. Are you happy with your shareholding or not . Michael i couldnt be more delighted. Thank you so much for that. Its been a painful ride. I believe mr. Flannery is probably a good ceo. I believe the board, if you look at the people on the board, it is a strong board. Having said that, its been one of my worst performers in years. Walmart and Johnson Johnson helped offset part of the decline. What people will be looking at in his november speech to the community is to what extent is he going to safeguard the dividend . Cut ton said it will be a 20 stock. Having looked at the power distance, they think the cash flow for that is being hurt. Thats been a subject of discussion for couple of years now. Overall, people will be looking at some of the parts. Mark what is the right business mi jpmorganx . X . Business mi michael i dont think you have to talk about breakup or anything. Which businesses will flanery in november say hes going to when they start taking things apart, my guess its more than where we are today. Vonnie which ones get scrubbed . Do you hold on to it either way . Michael i give the management time. I did that with ibm years ago and then decided they werent getting it done. I jettisoned that stock after a ibmiod ful per with painful period with ibm. Vonnie jpmorgan among the big banks what to anticipate this quarter for the big banks . Michael disappointing trading revenue for all of them. Jamie dimon himself said to expect that. How deep is the cut . Theres a 20 decline. The offset to that, will the banking business makeup to the plus side seven consecutive quarters of outdistancing the estimates, outperforming estimates, which have all been cut back, of course. We will see if they can do that today. Im not looking for a big surprise to the upside today at all. Vonnie what about the other banks . Any strange surprises there . Hael i think this trading a year ago, we had brexit and the u. S. Political scene with the new election. We had all kinds of volatility in the markets, so people made a lot of money a year ago. This year, the banks have been at nine solid enough things going on and nothing is going on. To the extent that you are relying on trading revenues, you are going to be hurt. Mark i will give you an underarm. What excites you . Withholding excites you the most right now . Which holding excite you the most right now . Michael i only mentioned walmart. Johnson johnson. Over the next couple of years, the surprise for me may well be my holding of microsoft. A company that for years disappointed of it. They have a possibility with this cloud stuff they are doing. It surprising everybody, including me. Vonnie those treasuries might start giving you more value. Michael holland, chairman of holland co, thank you. Coming up tomorrow come in interview with christine lagarde. Lets check on the first word news. Emma the wildfires in Northern California are likely to have a longterm impact on the states wine industry. Four Napa Valley Vineyards have been destroyed. Things may be worsening bring Sonoma County 2000 homes them of other buildings have been destroyed. President trump plans to make the case tonight for Corporate Tax breaks benefiting middleclass wage earners. The president is inspected to say the typical American Household would get a 4000 pay plan. Through his tax his own advisors and say on an annual basis, the average benefit is close to 500. The spanish Prime Minister is ramping up the pressure on catalonia to end its campaign for independence. Taking the first up in a process that could strip the Catalan Government of its powers. The cabinet will formally asked the catalan authorities of theyve actually declared independence. A shocking result for the u. S. Mens soccer team. U. S. Will miss out on the world cup for the First Time Since 1986. U. S. Soccer partners are sponsoring a team that wont be playing. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. Minister spanish prime speaking to parliament about catalonia. We will bring you the headlines as they come in. This is bloomberg. Vonnie live from new york and london, im vonnie quinn. Mark and im mark barton. This is bloomberg markets. Oil modestly higher today, 51 a barrel. Opec reiterating a market rebalancing is underway. , the Vice President at blue line. Is this bullish . I think we are just coming into a bit of an equilibrium. We know the main goal of opec has been a stabilize to stabilize this market. We are almost three years to the dates and we broke down that 100 level. They taken big steps as far as balancing the supply and demand sides. Only control one of those, that being supply. Cutshave abided by those for the most part, they are 98 compliant. Thats a lot better than a lot of Market Participants were expecting. 2018, demand was increased today. This puts the demand for 2018 right above 33 million and supply just below 33 million. We are hovering right around that mark of equilibrium. It will be interesting to see what we have going forward. Today should provide a bit of volatility. We have api later this afternoon, eia and iea tomorrow and the Baker Hughes Rig count on friday. Mark we get the fed minutes a little later. How stalled a position ahead of those minutes . Using a bit of a Short Covering rally. We have seen some bargain buyers step into the market. We are not expecting anything really significant on the fundamentals side of the fed minutes later this afternoon. No doubt, there will probably be some shortterm volatility into the market. We continue to find value in gold above 1300. A big, round number. And represents the 50 day moving average. You ande trim courage trim followers to get on board. Trimurage followers to get on board. Kroger rising of this morning. They will sell the Convenience Store business come a 4 billion operation with stores in 18 states. Amazon is making inroads into the grocery business. Uber faces five criminal investigations from the justice department. Authorities are asking questions whether the ride hailing startup violated Price Transparency laws. They are also looking into whether uber had a role in the theft of documents containing amazon ridesharing technology. Forinding the company antitrust violations. Regulators say qualcomm has monopoly status over key mobile phone centers. Thats the latest Bloomberg Business flash. Mark still ahead, the meeting that changed Masayoshi Sons life. The billionaire chief executive of softbank explains how he talked his way into a meeting with one of japans biggest entrepreneurs. Mark this is bloomberg markets. Vonnie as a teenager, Masayoshi Son talked his way into meeting one of japans most famous entrepreneurs at the time, the founder of mcdonalds japan. Son discussed his lifechanging meeting. Masayoshi at one point, it is said you were interested in meeting the head of mcdonalds. My room interested in meeting the head of mcdonalds . Did you like mcdonalds food . What was it . Masayoshi he wrote the book and that book became the bestseller. I was so impressed and said, oh, my god, this is great. The guy who wrote about it must be great. . How old were you . Masayoshi 16. , aalled his assistant longdistance call. Back then, it was so expensive. I made almost a hundred calls. I said this is my name, im a student, could you ask him to spare me some time . She said i will try, but hes not going to meet with a student. I said dont decide by yourself, let him decide. Assistantth the summoning times. Thats so many times. I said this is a waste of might telephone bill. I flew into tokyo and i said i can because the phone calls are becoming more expensive than air tickets. What happened . Masayoshi i said tell him exactly the way i said. You dont have to look at me, you dont have to talk to me, you can keep on working, whatever you are doing, i just want to see his face. [laughter] masayoshi for three minutes. So, im not bothering him. Im just so impressed and respect him, i want to see him. If you tell him that im not going to bother him, im not going to damage his life he said ok. I said if he spends 15 minutes with me he give you some advice. Which was to learn masayoshi i asked him, which business should i do . He said computer. At this age dont look at the past industry, look at the future industry. Thats the one, the computer industry. I said, wow, great. Vonnie you can watch more of that interview with masayoshi shown the David Rubenstein tonight. Still ahead, the keys to tax reform. The senators that may exert the most influence, next. 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 and london, im vonnie quinn. Mark and i mark barton. This is bloomberg markets. Lets check in on the first word news. Emma firefighters havent been able to contain any of the hitting Northern Californias wine country. The fires have killed 17 people and have destroyed 2000 homes, businesses and other structures. Group does not toend to become a piggy bank solve illinois fiscal problems. Rooted inge is less chicago because it barely relies on facetoface training irans president says if President Trump presses ahead with threats to scuttle the nuclear deal, it will be a failure for america, not iran. He said it would be clear which is the rebellious government and that is the side violates international rules. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. Minister spanish prime , mariano rajoy, speaking to parliament about catalonia right now. He says the Catalan Government nobodyosition should be happy with violence. You can continue to watch this on live. No one should be happy with the violence at the catalan vote. Rajoy speaking to parliament in madrid. Vonnie in washington, senator bob corker is one obstacle President Trump is facing in uniting senators around the biggest tax cut ever. Joining us from capitol hill, sahil kapur. Just as i was in throwing paul ryan said corker and President Trump should sit down to work these issues out. Grounds and on what will there be problems from senate gop members with this tax plan . Sahil you have the feud between sender corker and President Trump over a completely unrelated matter. Corker has been critical of the president s handling of foreign policy. Over the weekend, he called the n adultouse an day care center. Have figures like rand paul and senator ted cruz of texas who want deeper, larger tax cuts and dont mind the nearterm deficit. They believe, ultimately, it will be made up in the long run. Hes also got moderate and independent minded senators who are never easy to win over. They played a major role in torpedoing the Obamacare Repeal effort in the senate. Vonnie can we rule out any democratic support at all . Is that pretty much a nonstarter . Sahil its hard to rule anything out. Its looking very unlikely at this point. 48 sent democrats signed a letter saying do three things for us before we can support this bill and they did none of those things. Is looking unlikely. From West Virginia says he doesnt want any new deficits on the tax bill. Trump says he would adjust his tax plan over the next few weeks. Exactly how . What needs to be adjusted . Sahil your guess is as good as mine. He didnt indicate whether there would be an adjusted framework to come out. Republicans ive spoken to on capitol hill say they dont respect to release an updated framework. Makinge constantly adjustments and constantly working towards the best bill they can. Be on that, it is unclear what he meant. Vonnie dont miss an interview with the chief tax writer, kevin brady. Thats at 1 00 p. M. New york time, 6 00 p. M. London time. The fourth round of talks to update the north American Free trade agreement begins today. Even as President Trump threatens to walk out. Sarah mcgregor. Mariano rajo what then idea of conditions that trump is going to present today. Some of those conditions make it seem like hes going to torpedo this whole agreement, including renewal it looks like increasingly the u. S. Is proposing ideas that are just really far out there, really offlimits for mexico and canada. One might say these are negotiations, but these are things people would not agree to , its like asking for a unicorn. We are hearing bubbling from the Business