They turned him into a no deal bragexit. Political pinata and i think the consensus was that the former ofis the busiest week Vice President delivered a earnings season with some better performance that in miami. Powerhouse companies reporting. Better than expected cash flow which we have not seen or a 20 plus candidates running for long time. Debatent, and the next in the second half of the year exit should pick up. We are seeing a little in houston the Threshold Performance art. Mexicos president speaks increases and it will be more difficult for these candidates to qualify, and thats what i exclusively to bloomberg. He is not about to intervene have my eye on. With Interest Rates. Not justst we are polls factor into whether or not you qualify for the threshold going to see growth but also to develop. Some of europes largest and it matters in terms of funding as well. Banks say it is high time or chevron and exxon reporting rates to come up. Betterthanexpected earnings not just for the future of thanks in part to the permian basin. Banks at stake right now. Meanwhile oil headed for a week it is all ahead on bloomberg of declines, posting its biggest drop in weeks on the back of best. Terror threats yesterday. The good news was the production numbers. Oath of them are doing better in the permian where they are focusing a good deal more on big hello and welcome. Companies that missed the boat, andng in with more money this is bloomberg best. The most important interviews projections for growth going from Bloomberg Television around forward. The world. Lets start with a look at the overall the revenues are down year on year because weve seen top headlines on monday. Chinese authorities in Hong Kong Oil prices drop in the first and Second Quarters. Finally responded to antigovernment demonstrations going on for eight weeks. After a chaotic weekend of clashes between protesters and police. Has called for hong kong to punish those behind the protest. Eight straight weekends of demonstration in the city. This appeared to be an attempt to calm some of the fears that have cropped up over the last week that china could move to take more drastic action to calm the unrest we have seen. People seemed to take a bit more of a breath. They didnt announce any imminent policy change. It didnt appear they were going to. Stocks calm down a little bit. This really looked like a move by china to say nothing is coming right now. What this means in the long run for the protest, we dont know. They are still planning to protest in the coming come out and said they think the comments made by china were disappointing. Emma the bank of japan has left butInterest Rate unchanged said it wont hesitate to ease if needed. Look at those downward forecast. How big were they . 1. 0 ,. 1 this year to that is not a big reduction. How about gdp . Through it all, the boj still that theye signaling see and economy mostly on track. To fiscals passing policy. At this point, the message is the dial is turned as far to the left or right as it will get in there is not much more you can do. Shares jumped after hours as its revenue or cast for the Current Quarter beat estimates. What are the Key Takeaways . Apple demonstrated a little bit of growth. It is pretty much flat for the third order. It is barely an alltime record isnt this victory for for the third quarter. That is good news given that powell, because if this is the apple has had a significant worst that the market surprise decline in recent quarters. Looks, not that much happened. We saw them pushing the we can show how all the narrative around the strength in wearables and services. Markets reacted, the dollar goes those two product lines are very much tied to the iphone. Up. Today we are asking the if people are buying fewer iphone these services will not question, will Jerome Powell work. That is the conundrum in place pull wealthy everything rally . Right now. You can join the debate on tv once apple starts coming out more frequently with designs,. There are about 30,000 those two things will mesh functions on the bloomberg and together. We always enjoy showing you are the u. S. Have kicked favorites here on bloomberg off a new round of trade talks television, maybe they will become your favorites. In shanghai today. Heres another function youll it follows a threemonth hiatus find useful, qic go, which will in renewed accusations from lead you to our quick takes, you donald trump that beijing is trying to rip off america. Can get important context and the u. S. President lashed out on fast insight into timely topics. Twitter. Heres a quick take from this he says there has been a promise week. Worst, beijings air produceore u. S. Farm quality looks like this. In 2013, the air quality was but he ended by saying they just dont come through. China says they have come to deemed unhealthy or hazardous for over half the year, peaking the table. Obviously they have their own in beijing at 35 times the world redline. Health organizations they want the u. S. To come to huawei forwith fou recommended limit. It was so bad that the premier declared a war on pollution had chinas annual highprofile National Peoples congress. Example. These are sticking points from five years later in march, 2019, both sides. It would be critical to see what kind of Movement Comes out of as the premier again opened the meetings, the smoke outside was these talks in shanghai. Withey left early today still 10 times worse than with the who defines us healthy. Neither side feeling like they made much progress after President Trump set the stage by even as china cracks down on pollution like never before, the accusing the chinese of ripping off the united date. Country remains one of the worlds worst polluters. The chinese after the fact saying the United States would have to shows siri the and good this is your bloomberg quick faith. Take on chinas smog. The pressure on both sides to china overtook the u. S. As the get to a deal and hurry up if worlds biggest source of you will is not there anymore. Greenhouse gases in 2006, the real priority was running helping put the globe on the path to miss United Nations through the issues, seeing where both sides are and deciding on targets aimed at stemming the what the past is. Rising u. S. Temperature. The cheap power from coal and they will talk again and meet in early september. The cheap Factory Production powered by coal has helped china it is on hold. Turn into this economic giant it will keep trundling on for that has helped produce cheap goods for the rest of the world another month at least. We are counting down to a and helped drive the world economy. Are sense, Chinese People decision, investors looking for paying attacks in breathing this the first rate cut in eight bad air for the benefit of decades. Points 25, its basis consumers all over the world. The who estimates more than one million chinese died from dirty it ends the Balance Sheet two aaron 2016 and another study months early. Investors may see future rate puts the tally even higher at moves. His reputation of the language 4000 deaths per day. Pollution is said to have been the main cause of social unrest in recent years, with social about uncertainties of the Economic Outlook main. They are sending the signal media helping to amplify complaints. That we have more rate cuts to come. On chinas twitter like online they will point as they always platform, people blamed do. Factories for polluting the air in the government for not doing data dependency is keeping the expansion going. Enough. We are thinking it in the 2015, a chinese midcycle adjustment policy. And theecision investigative journalist published a selffunded documentary about the Countries Air pollution problem. More than 100 Million People statement that came with it read relatively dovish. Once chair powell took the watched under the dome before it was banned from chinese video microphone he sent a less clear message. Websites for six days after its release. He walked that back to some shortly after president xi jinping pledged to unleash an extent only to talk about the possibility of future rate iron hand to punish environment or politicals. Hikes. The Dow Jones Industrial the government has spent billions of you on tightening average climbed the most since environmental regulations, scrapping coalfired power january 4, 2019. The secondbiggest swing in the plants, and switching millions of homes and businesses from coal to natural gas. Dow jones industrial the year. The regulations and policies have worked. U. S. State department monitors day, theeing the worst biggest move in the s p 500s particulate matter in the air in the beijing embassy, and these may 7. Recordings show 2018 was the or whats not clear why lowest level in a decade and was met. Winter of 2018 was one of the best. It is not perfect but it is much you saw that in bonds and better than the heyday of the commodities. The bank of england is 2013 pollution problem. Keeping rates on hold. Worlds is now the risk of aor says the biggest investor in green energy , it spends over 100 billion in no deal breaks it. 2018, 56 more than the u. S. U. K. Economic outlook will hinge on the withdrawal. Initiatives have included supporting the electric vehicle Monetary Policy will depend on industry by providing subsidies the effect in the supply of the to help build out infrastructure that allows electric cars to exchange rate. What you think the next move will be . Charge around cities. A rate huike or cut . Styles are huge in china. And its not just cars. I dont think he knows, i electric buses are huge deal in dont think we know. China. China is betting big on solar my view is what happens on the exchange rate. Energy as well. We have seen sterling we can a in 2019, over a third of the lot weaken a lot. World solar panels are estimated to be installed in china. That reduces the likelihood of but the war on pollution promises to be a long one. Easing. They are getting it through the Exchange Channel and increases for decades of breakneck the odds a little bit of Economic Growth has turned china tightening. Offink tightening is a ways into the worlds biggest carbon emitter, and it is still going to depend on coal for years. Only if the currency fell out of bed and they have an that was just one of the many exchangerate crisis. President trump abruptly quick takes you can find on the escalating the trade war with bloomberg. You can also find them at china saying he would have bloomberg. Com along with all the temper percent of tariff on the latest Business News and 300 billion of imports that are analysis 24 hours a day stop not tariff. That will be all for bloomberg best this week, thanks for watching, im emma chandra. President trump the 10 is for this is bloomberg. A shortterm period, i could do more or less depending on what happened the respect to a deal. Yesterday, the white house put out a statement that the trade talks in shanghai just concluded were constructive. For them to turnaround hours later and say we will raise tariffs caught a lot of people by surprise. 500 up by 9 10 of a percent. How a tweet can change all of that. We also have a 626. 2 in the doubt. China has taken advantage of stop. Orit is time for that to presideto fix this requires determination, i think that is what you saw this morning. Trump until there is a deal we will be taxing the hell out of china. If these tweets become policy, taxes will be going up on u. S. Can tumors as well. Our view is any impact on u. S. Consumers is a skill. Minuscule. We think the burden has fallen most heavily on china. They had to slash prices to offset tariffs. That offsets their growth. Of they think in terms american story, our economy is quite strong. In terms of the china story, i think their economy is quite weak. The julyng down to jobs report. 165,000 jobs to be added. Added nailed it. Unemployment changed at 3. 7 . A lot of ongoing uncertainty. 164,000 new jobs created. That is on pace with the year to date trend. We have been seeing job growth over 200,000 coming into the year. We are seeing some evidence that companies are getting a little more cautious on both the investment side and the hiring side. I do believe the uncertainty im emily chang in san they face. Francisco. Still ahead as we review coming up in the next hour, markets caught off guard by President Trumps escalation of tariffs on chinese goods. The week on bloomberg best it led to a dismal day on wall much more on Monetary Policy. Street. Exit goes president says he will we hone in on the tech sector shift his central bank and go for signs of life. Plus shares plummet after square with a dovish flow. The ceos of a major european sells its delivery with bank speak about hedging the doordash. Financial sector and the global economy. Next, investors spent the week poring through earnings reports. Highlights from the results. We have a machine writing lots of cash day in and day out. This is bloomberg. Best. His is bloomberg a whirlwind week for earnings. Be closely watched tech, energy, and financial. Credit suisse was the first of several major european banks to report. Wealthyt suisse has money in theng Second Quarter. The main trading units also outperformed. An executive and started asking him if Credit Suisse could compete with american rivals. I think in the main businesses where we generally measure, we could come out around the top of the table. That is a good performance. They have outshone their rivals in fixedincome training. Lender is ahead of wall street and european peers. We accelerated the cid transformation plan. On that acceleration that we started to see the benefits. Has a strong contribution to the First Quarter which was confirmed in the Second Quarter. Look in the you Second Quarter they remain still a bit lackluster. That is the dynamic. Yes, we feel comfortable about the transformation. Been estimates with underlying pretax profits in the Second Quarter. Coming in at just over 2 billion euros. It did missed estimates on net interest income. Keep itxpected to still under pressure . Pressure but i wouldnt imagine you could call it negative two low Interest Rate environment given where we are now. We are looking in terms of other strategies to mitigate that particular impact. Noneurozone countries looking thebetter operations in process with customers as well. Ure frommore pressed o the savings market. Chinas huawei has reported arise to just over 400 billion uyuan. That is as the privately held Telecom Giant tried to withstand u. S. Efforts to curb its business. The company says there is difficulties ahead. Talking about a 23 sales growth which sounds impressive but is down sharply from 39 pace seen in the previous quarter. Huawei is a private company, it does not have to report financial details the way publicly Held Companies do. You are seeing a little performance art. Huawei is coming out talking about what their financials are. That theyto signal are still growing. They want to continue to supply customers as best as he possibly can at this point. Samsung Electronics Sees a second half recovery in chip the net income numbers beating expectations. A little mixed picture when it comes to mobile numbers and chips. The big story has been the industry challenge in the chip industry. They have been facing lower demand from these data centers as well as lower demand from the decelerating smartphone industry. We are seeing some shift. Things should start to pick up. On the smartphone front facing is aenges and whil huawei doubleedged sword. General electric shares rising today after secondquarter earnings topped expectations. The only manufacturer to do better than expected as its longsuffering division showed signs of improvement. This has been a turnaround story. What signs did we get today about turnaround . We have heard nothing but bad news out of the Power Division for two years. Minor, modest, organic growth. Better than expected cash flow. They pay down another settlement. They raised cash by selling a small stake. Things on both sides are starting to budge to the positive. Bucked the trend set by other European Oil Companies last. Reached 8. 2ws billion in the Second Quarter. The highest since late 2017. Has the oversupply next year. Are you concerned about oversupply . We are planning bp around the 55 per barrel. You have big downside issues potentially with venezuela, i ran. Now, theemand, right first half of the year a little bit of softness and demand but it is coming up. Hard to predict but we will be fine. Hashales quarterly profits missed estimates after the price slump. Despite weaker than expected earnings shale will continue the 25 billi dollar buyback program. We are seeing signs of the slower global economy, will those things merge into a Lower Oil Price next year . There is a number of factors at play. I do not think at this point in time it is the longterm fundamentals at play when it comes to that. It is much more sentiment and shorter aspect of fundamentals. What we are seeing at the moment of the macrog environment. A slowdown, a trade war. All of these effects have a direct effect on the growth of oil demand. Also, the sentiment around it. Rio tintos shares take another hit despite the first half results. And announcing a special 1 billion dividend thanks to a windfall from a rally. We have the machine writing lots of cash day in and day out no matter the market conditions. The outlook is