Protesters in hong kong one help from President Trump. Thousands of them marched peacefully to the u. S. Consulate today to appeal for the president s assistance. New figures are showing the demonstrations impact on the economy. A number of visitors to hong kong plunged almost 40 last month. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. It is 1 00 p. M. In new york, 6 00 in london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories on the bloomberg and around the world we are following. Speaker of the house john bercow stands down by october 31. He has been an important figure in steering the process. We have a roundup of the latest news. New management, same strategy. The new Saudi Oil Minister promises no change to oil policy as the kingdom makes a step toward its ipo dreams. And the former president of Guggenheim Partners is quietly building a sprawling empire with businesses ranging from insurance to tv to gaming. All of that coming up in next 30 minutes. Kailey leinz is with us. Still holding onto a gain or two. Kailey we are looking at a mixed equity picture. The s p and nasdaq turned sharply lower. The s p is down by. 1 . The nasdaq is off by. 3 . Investors trying to weigh risks with the possibility of easy monetary policy. You still have selling in the bond market. For as. 10year yield up fourth straight day. You are seeing that in the sector composition as well. That boost in yields is leading financials higher. They are one of the upper farmers today. A lot of defensive sectors that make up the laggards. Also up top is energy, rallying 1. 4 . That is due to the rally in oil, up for a fourth straight day, 7 in the past four days. If we look at a longerterm chart, you can see in the past six months, it is up only about 2 . This reflected of the supply and demand dynamic in the oil market. Investors weigh the prospect of constricted supplies, as saudi arabia continues with those production cuts. You do have those ongoing concerns about the Global Oil Demand picture. Some of lets look at the movers on the day, starting with at t. Investments management taking a 3. 2 billion stake in the company today, saying it should conduct a review of the possible sale of noncore assets, including directv. , off of that bank rally that i mentioned, but also reports that they are the leader in the race to underwrite that saudi aramco ipo. That has the stock up about 2. 3 . Pharmaceuticals, a key study treating dementia related psychosis. That hit its goal. That stock is now up 59 . Vonnie thank you for that update. For more market analysis, lets welcome in Nadine TermanSolstein Capital from san francisco. We are about to embark on another earnings season shortly. Curious as to where you see earnings going and what is looking more and more like a slowing economy. Into thee are heading thirdquarter earnings season where companies have to account for the highest comps they have had. You also saw some cracks in the Second Quarter earnings. Autodesk taking down the forecast for their guidance. Also not meeting expectations. With the dollar so strong, labor we hitting these high comps, are nonetheless heading into the third quarter. You also look at the complacency in the market, if you look at vvix, you see that volatility is really low. That happened in april, july, and we know what happened after that. Now. E 95. 34 to what do you attribute this complacency . We have all sorts of uncertainty on every front imaginable. Why is the market complacent . Hopes you had a lot of last week, people on the hong kong protests would die down. That didnt happen over the weekend, even though they took away that a tradition bill. You also hope that the schedule trump wouldnd coincide in october, but nothing came out of it. Do you see anything getting resolved, hong kong, china slowing down, the impact that will have on negotiations with china, or anything in europe for that matter . Nadine i think you separate out the de niro. Xi came out and said he is in it for the long term with negotiations. We can expect nothing huge will come out of october. Even though trade was down 16 yearoveryear, in terms of chinese exports to the u. S. , in reality it was down only 1 , because they found other buyers for their goods. And not playing along just in terms of negotiations but who they are trading with, not the u. S. Their economy is slowing but they are finding ways to buffer it. In europe, on the 12th we will have additional news. Officials are saying we will not have a huge stimulus package. Growth is slowing, we will do some cuts here. That should also be reflected in investors pessimism. Vonnie what are you doing right now to reflect some of those views . Nadine we like to play the complacency. We take a look where things are going in terms of acceleration, deceleration with gdp around the world. While there might be negative news coming on some uncertain france, like the u. S. , eurozone, you look at a country like australia, where they been a beneficiary of the trade war. Their exports are at a net surplus, for the First Time Since 1975. So we are looking for other opportunities that are not a part of this mess. A history ofave investing not just in Public Markets but private markets as well. Where are you finding value . We have Family Office investors, and they like to go to direct deals. We have a group of investors who , whether they invest in food or health care, other areas, we can help benefit our investor base, if that is an area of interest for them. There has been a huge trend from Family Offices in the past decade, instead of going into funds, they are looking at those direct deals. We find that helps us in the Public Markets, because we get to see what is happening 5, 10 years ahead of the curve of what may impact the secular trends with some of the Public Companies we follow. Vonnie we talked about complacency, but do you see any areas that look wobbly, any areas you are concerned about . Nadine in the Public Markets . Vonnie yes. Nadine in the third quarter, people have a lot of hope over the earnings and the trade talks. You saw it first with autodesk, with companies in europe Like Vodafone group at their dividend. I dont think people are expecting companies to cut their dividend, hit their forecast, but with labor up, the dollar up, huge comps, it sets up for a choppy earnings season. We are concerned about positions in the u. S. Versus other areas that have been on the decline. Wigglee a little more room because more of the negativity is embedded in those stock prices. Vonnie thank you for your intelligence today, Nadine Terman. Members of the u. K. Parliament debating today whether to force force johnsons government to publish its preparations for a no deal brexit. Whether the Prime Minister can ignore a law intended to stop the u. K. Leaving the eu without an agreement october 30 1, 2 ok the law or not. This all comes after House Speaker john bercow announced plans to step down by the end of october. Fromer conley joins us now the center for strategic and international studies. Hisdoes speaker bercow and resignation play into how the process plays out . Indicated hercow wanted to resign earlier this summer, but added to the complications of the withdrawal agreement, he postponed that. Over the weekend, it was announced the conservative party would challenge his seat in the next early election, which will be in november. He just decided today to say i will take this parliament to the end of october, and then a new speaker who will be elected by new members of parliament, can take this forward. For all of us who have followed in love with order, seeing his face, he will be missed. He was a tireless defender of the sovereignty of the parliament. It is certainly a sad day, another extraordinary response to a never ending extraordinary experience that is brexit. Vonnie he certainly did not mince words when he gave his membershe talked about of parliament, degrading the parliamentary process over the past few months. Talk about your base case. It sound like you think there will be a general election but will not happen before brexit. Right. absolutely when the parliament finishes Business Today, the parliament goes dark for five weeks. There will be a series of conventions by the various political parties, conservatives, labor, liberal democrats will start early. There will be a lot of posturing. The attention will switch to the british government. They keep saying they are trying to negotiate a new deal with the European Union, but there is no evidence of that. Haveything, negotiators been taking things off the table that have been previously agreed. When parliament reopens october 14 or the queens speech, then we will see, three days until Boris Johnson goes to the european council. He tells us he will not seek the extension, that he can get a deal. After that counsel is finished october 19, then we are in new territory. If the Prime Minister devised the law and does not seek that extension, after that counsel meeting, as i said, we are truly in on chartered territory. He could resign, he could try again to seek a new election, he could take the decision to go to court, that this law that parliament passed to extend the negotiations with the eu that could be in the court system. We could absolutely be going into october 31, no one can stop it. They go out with a new deal exit, and then hold an election at some point in november. We really dont know. Vonnie as you say, almost a halfdozen possibilities out there, if not more. Is this impacting Public Opinion . It seems like opinion may have been softening a little bit, but broadly speaking, half the population was in favor of brexit. Will that change over the next few weeks . Heather this country is still three years after the referendum as deeply divided as they were when i took the decision in 2016. If anything, attitudes have probably hardened more. Both for the absolute imperative of leaving and to stay within the eu. This is why this election will be absolutely unprecedented. There is no more left, right divide in the United Kingdom politically. It is only leave and remain. Is really dividing the two main parties, the conservatives and labor, and is opening up new possibilities for the liberal democrats, as well as the brexit party. Attitudes have hardened. I fear, i hope there is no violence. You will recall the week before a memberendum, jo cox, of the parliament was murdered. There is so much anger. This is incredibly concerning right now. Public opinion is deeply divided. Vonnie thank you for that, heather conley. Hong kong leader carrie lams biggest concession to protesters did little to stem the violence over the weekend. Small pockets of demonstrators set fires, vandalized subway stations, and set up barricades downtown. The protests are taking their toll on the tourism industry. Tourist arrivals were down nearly 40 in august. It would be the biggest monthly decline since 2003. Coming up, well extends gains after saudi arabias new oil minister signals opec is in a dive, and will continue to cut output. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Oil keeps pushing higher, gaining 3 after saudi arabias new Oil Ministers said there would not be any change in oil policy from opec , a signal from the head of the meeting that production cuts will continue. Tina davis is here. Was the market anticipating a change . It seems like quite the reaction, up 3 . Have a really to like that when you are staying the course. What is interesting is, a week ago, the former minister, had been stripped of part of his duties. He had also been in charge of industries. That was moved into another ministry, so there was a lot of drama swirling around what would happen to him. We saw him stripped of the chairmanship of saudi aramco and also lose the oil ministry post. For the first time, we are having a prince in charge of the oil policy. Traditionally, this has been a post going to and ive cider an outsider, giving the royal family the ability to say we are not controlling everything that happens. These are businesses isnt made by the businesspeople. At the same time, the new incoming minister made clear we are all looking for one government, so people should not read too much into the change. Vonnie can we trust him, if he says policy will continue . One of the frustrations we have seen from saudi arabia, this is a nation that needs the price of oil to be at about six to two dollars. It has, from where we were in christmas of last year, but it is still not where the kingdom needed to be in terms of balancing the budget. We are reporting today on the kingdom talking to some of the wealthiest families about bringing in some anchor investors and supporting the saudi aramco ipo. There are a lot of moving parts. Ais is a minister who has deep history with the Energy Ministry itself. He is in his 50s, has been associated with the ministry for 30 years. Half of the crown prince, son of the saudi ruler right now. It will be interesting to see how that plays out in terms of his ability to do his job. Vonnie does this signal the saudi aramco ipo is getting closer . We are waiting for the banks to be named, we have seen numerous reports about where the ipo will be held. Them talking to anchor investors is sort of part of the process, you want to have customers built in. Talking to local families, it will be interesting to find out who are the actual investors that are chosen to be a part of this, what price they come in, and how that affects the ipo process. We still dont have timing on this ipo, and that is still the 2 trillion question. Royal a knowns quantity, have we seen him before on the world stage . We describe it as the understudy taking over the lead role. He was a deputy for the prior minister, has been doing this for almost 30 years. He has been involved in brokering tensions with iran at various points. Under million with the area, not somebody with no background on the issue. We reporting so far is expect him to make less public statements. Obviously, the prior minister was keen to talk about the oil price as much as possible. Vonnie thank you so much, tina davis. Ahead, the former president of guggenheim tells us why he has learned a lot from fortnite as a media investor. This is bloomberg. Vonnie todd boehly, the former president of Guggenheim Partners is spreading his capital bets around the tech world. Here he is telling Erik Schatzker what he learned from fortnite as a media investor. You have learned the hunt for audience is not limited to media companies, and you start to see that we are all competing for everyones attention. Can get engaged you with someone, the more of a relationship you can develop with them, which technology allows, the more activity there will be, and it becomes selffulfilling. Fortnite did an amazing job of having a marshmallow concert which 10 Million People longed on and watch simultaneously. That was a great opportunity for marshmallow to get investment on his time, a great opportunity for fortnite to show that they could have 10 Million People simultaneously enjoying something. You start to realize and of course, netflix says we are actually more worried about fortnite then we are other becauseedia companies, they know, in the end, it is about how you are spending your time. You cannot manufacture incremental time. From us, it is why our number one statement and our values is, guard your time dearly. Protect it. Make sure you protect other peoples time. In the end, it is the only thing you cannot get back. You and i both grew up in the donkey con generation. Does it make sense that teenagers are getting paid in some cases millions of dollars to play fortnite . Why not . It is an ecosystem. What you want to continue to do is figure out how people spend more time. If you can actually start to compensate the good ones for spending the time with you, they continue to improve the level of the game, improve the activity, the play, and if you are paying them, they will want to stay around. All of a sudden, parents might start thinking, this isnt the worst thing ive seen. If there is a revenue stream against it. This is bloomberg. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Mark im Mark Crumpton with bloomberg first word news. A federal judge has ruled a Trump Administration cannot enforce restrictions on asylum applications anywhere along the mexican border. The ruling says the injunction issued in july applies nationwide, while the legality of the policy is being challenged. The administration wants to prevent immigrants who arrived at the southern border from applying for asylum in the u. S. If they have not previously sought asylum in one of the countries they travel to. Treasury secretary Steven Mnuchin and sounding optimistic about u. S. China trade talks. He says progress has been made and chinese officials will travel to washington next month in what he calls a sign of good faith. I expect the governor of the peoples bank of china to come over for these talks, so part of the conversation we will be having around them is with currency and currency manipulation. Mark he also told fox Business News that President Trump is willin