Pakistan accuses india of turning cashmere into the largest prison on the planet. In north carolina, republicans are hoping an 11th hour pep talk from President Trump will propel them to a special election victory today. The president urged an arena packed with supporters to vote for conservative state senator dan bishop, who is in a tossup battle for a vacant house seat, facing dan macready, a former marine. Both sides say the contest is too close to call. Global news, 24 hours per day on air and on tictoc on twitter, powered by 2700 journalists and over 120 countries. Im Mark Crumpton, this is bloomberg. Its 1 p. M. In new york, 6 p. M. In london, im vonnie quinn and welcome to bloomberg markets. Vonnie from bloomberg World Headquarters in new york, the top stories on the bloomberg and from around the world, we are following Charles Koppelman, President Trump sacking his national because he disagreed strongly with many of his positions. The deputy advisor has been named the acting in the position. Apple is raising the curtain on a new series of iphones and we bring you the latest announcements as they happen. Northern trust returns almost 9 over the neck five years. We have the details. Breaking news now, President Trump firing his National Security advisor, john, citing strongest agreements. The announcement coming days after the president abandoned the plan to bring taliban leaders to camp david for peace talks that was not able with. Leinz if we look at what happened on the back of that is, it was a sharp leg lower for old and crew recruited, down 2 10 of 1 on the day as they digest what the bulls and the archer could mean with relation to u. S. Relations in a run. It could mean a softer tone on u. S. Iran policy areas taking a look at the affected is having on energy docs, the Energy Sector is up i one in 5 , the leader on a sector basis today. We are seeing the major averages moving towards the high of the session as well. Even if it is just marginally, theyre up by 2 10 of 1 . Equity optimism may be getting a lift on the news from the South China Morning Post that perhaps the u. S. Or china is considering importing more u. S. Agricultural inputs, giving a late higher to inputs. I want to bring up the laggard for the majority of the year, energy outputs. Anything that has been lagging is now leading and anything that had been working is working no longer. Momentum suffered its worst day we sawe, we saws 5 declines in momentum with continued momentum falling by more than 4 , it really is just a momentum massacre today. Taking a peek at health care, specifically some drug movers, you have nancy losey circulating a proposal around capitol hill that is being described is quite aggressive, giving a cap prices related to the international index. The health and Human Services department directly negotiating prices. Pretty scary for these drugmakers, but you see all of them moving higher on the day from the lows, you have merck , eli lilly is down marginally as well with pfizer in the green, bristolmyers higher, analysts thinking that the plan is so aggressive that its unlikely it will be passed to the market, which is mixed on that news, bonnie. Vonnie. Washington, what can you tell us about the events leading up to todays firing . And also about Charles Koppelman and how he is going to take the department forward. We dont know if there was a final straw between donald trump and his National Security advisor. There was a lot of debate about the president s proposal to host taliban leaders at camp david in maryland last some sortry to seal of agreement to help get troops out of afghanistan. We know just broadly that john bolton came in to the white house with decades of very wellknown and hawkish views on foreignpolicy issues. Whether it was iran, middle east Peace Process or things like north korea and he was not typically the type of person to end to the president or the white house views or consensus on those. He came in with certain opinions and he really stuck to those. President trump said in his tweet, essentially firing him, that they had a wide variety of disagreements and i think that, you know, john bolton tried to influence the president in a lot of ways and i think he had a lot of success in doing that, but there were key issues out there that the two of them were never going to see i to ion. Does this suggest an evolution in President Trumps thinking, as opposed to bolton . We have seen disagreements over months since the president was elected, even. But this is different . Bill yeah, i think President Trump has these competing instincts in his gut. One, he is very much he likes being promilitary, using force and the power of america, america first. Other hand he has long talked about wanting to get out of some of these what he calls intractable conflicts and i think that those are feelings that are at odds with each other. When you have someone like john bolton, who has long time been an advocate of, for instance, preemptive strikes on iran or north korea, you have that coming up against a president who likes the use of American Force and has the point in places like syria when necessary , but then pulls back. He didnt attack iran when a u. S. Drone was downed earlier this year and withstood some pressure to act more aggressively and north korea and went ahead and met with kim jongun, even though people like john bolton and other members of the National Security team were believed to have been advising against that kind of thing. Its a very hard position to be in. Obviously the president still likes to go with his gut, often joking that john bolton was looking to get into a war and it was something that this President Campaign saying he would not do, wouldnt send more american troops abroad. Vonnie tomorrow is september 11, a big symbolic. Symbolic day. Does this change any of the poly front work for tomorrow . Changesdont big it anything for tomorrow, but it may increase the chance that President Trump does meet with the iranian president at the u. N. Meeting later this month. John bolton may have been opposed would have been very opposed to any kind of talk of a get together. Areiranians so that they not interested but with bolton out of the way this slightly increases the odds and you saw that in the brief drop in oil prices after the bolton firing was announced. Exactly, a drop of 1 with oil now regaining ground. Thank you, bill, for that news. Turning to apples big day, they are set to unveil the latest iphone and the ceo, tim cook, just took the sage stage. Taylor, what do we know about the event . Butcook just on the stage, we know certain things about what they are unveiling today. he just took the stage and i can hear him behind me to my left at the steve jobs theater and auditory and that seats about 1000 people. Kicking off the event talking about game launches, apple arcade, china to create hype around the arcade section of the business. As you know, it is still all about awaiting the iphone. We are getting some small indications now of what the new iphone will be. The iphone 11, we hear iphone 11, iphone pro and iphone pro max. In terms of pricing, no clarification yet. And this is interesting because we have talked to a lot of ifple and they arent sure apple will be able to raise the prices to offset the impact on tariffs that could be hitting perhaps on december 15. Frankly, because they are not they can pass the price on to the consumer. Given that it is about 1000 or so. We are still eagerly awaiting those models and it will all be about the camera, the wideangle lens to get more people in the shot. And of course some ai enabled technologies to help with those touchups that you and i need. Vonnie the invite was by innovation only rather than invitation. What are we anticipating we will see in terms of Service Innovations rather than hardware . Taylor very interesting, we were hearing about the watch servicesve, so within were hearing about updates on the Software Side where apple has been trying to incorporate health services, fitness apps, perhaps maybe dropping the price of that to better compete with other Companies Like fit that, to see how they can integrate the hardware and software. The watch, of course, is one way in which they can do that. Frankly, my eyes are all on streaming, with apple tv. We are expecting to get some surprising pricing ravages with apple tv. We know that one year from now you are going to have so many competitors within the streaming tv service, so how can they compete on pricing and then on content, really. Netflix, spending billions on content. How do you compete with that . Something that i am also went to my eyes on as we wait for more from tim cook. Taylor riggs, thank you for that. Taylor is at the event in cupertino. We will be back with her in just a little bit. Taking a leg lower now, the dow is down 1 10 of 1 . Of course, we have been down 6 10 of 1 earlier on in the session, so not that much of a change. Headlines from jamie dimon, speaking at the barclays conference, saying that trade concerns are hitting and Business Confidence but that jpmorgan will generate 57 billion in Net Interest Income in 2019. Thats quite a precise number for him to come out with in 2019 on Net Interest Income. Shares are up two thirds of 1 and at the forecast is lower than the previous guidance by about a half of a million dollars. This is bloomberg. Vonnie this is bloomberg markets, im vonnie quinn. Every year the Capital Markets assumptions reports comes out, covering private equity to bonds and Natural Resources and this point 2firm worth one trillion is relatively bullish, calling for returns from 4. 5 to 8. 9 in the next five years. Joining us with more insight is oversightf Investment Officer at northern trust, bobby brown. Are these compound returns, or how do you break these out . Bob these are annualized returns. The range, we try not to get too caught up in the precision of any single estimate, but the point is that we think returns will be positive if not modest, about 5. 8 in total for equities around the world. Still every reason to stay invested that diversified. I am sure that at the lower end that disappoints some. What is the reason for such a slowdown . Thing at versus recession . What is the fundamental piece of information that we need to know bob well, equity returns have been lumpy. We are just recognizing the volatility across the geographic landscape. A diversified portfolio we think will come in at 5. 5 . The disappointment will once again be cash. We think that cash will be the laggard in the global Capital Markets and this year, has pointed out, you really have to be thoughtful. There is always plenty of risk out there. We spend plenty of time thinking about the downside but also the upside. The lesson that these themes are important, they help clients to understand how and why we think about the world and more importantly put a context around the numerical targets at the end of the document. Where are you advising that people be invested over the next five years question mark u. S. Versus europe . Bob well, we do think that emerging markets may not fulfill their longterm potential. We had some revision with regards to our expectation that wouldally high returns always be in the forecast. Therefore justifying a strategic overweight. We backed off of that for a variety of reasons and dont think that we are going to see the valuation it mansion that we have seen in the past, so we are a bit more cautious on the forecast. Having said all of that, its still 6. 1 , but thats a dramatically lower over the horizon than it has been in the past. Belongs think that em in the portfolio, but it also will be perhaps most vulnerable to some of our key themes about the irreconcilable differences between china and the u. S. That is also linked to the Global Growth restructuring theme. Of the idea that globalization has peaked and will lead to slower growth. Emerging markets are comfortably at the nexus of those themes. Vonnie how can you have a fiveyear forecast when things are so uncertain right now. I mean there is always a lot of uncertainty, but it seems like a particularly difficult time to come up with a fiveyear forecast. The remarkably, when you do math and look at our own experience, the fiveyear forecast of a multiasset class portfolio across the regions turns out to be remarkably accurate relative to the experience. Than 10 are no more points to 20 basis points off on the forecast at the portfolio level. Any single forecast, we could be all over the place. I dont want to suggest that our forecast of six point one is going to be spot on over the next five years. If anything, we have been wrong in that market for the last five. But in total its worthwhile to think about when a portfolio returns over the next five years diversified, it helps to guide somebody investing in the longterm, thinking more thoughtfully about what the risks are to the downside without getting two caught up in the risks, thinking about the risk premium thats available in the markets for clients and whats the best way to take it manage of that. All right, our best to you, bob. Recapping the headlines from the apple event thats underway, right now we are in the apple tv plus mode. Tim cook, you can see there, pitching all sorts of trailers for programs. Apparently going down extremely well with the audience there. We will get pricing on apple tv plus in a few minutes, we anticipate. But originals monthly will be added as you can see. We just had a pitchfork arcade, 4. 99 or month for unlimited access and it will be available september 19 in 150 countries. Its obviously part of the Services Layout that apple is doing today. They are going to be exclusive on this arcade, no in app purchases. The Broader Market didnt love that so much. Market shares taking a leg down but it is the headline coming out over the next little while that the market will be more interested in, pricing on apple tv plus and all the announcements related to the iphone. This is a bloomberg. Vonnie 4. 99, apple tv plus, the out november 1, thats cost per month and available in 100 countries. Lets welcome david kirkpatrick. Thats the big headline so far, david, 4. 99 per month and if you purchase a piece of hardware there will be free for a year. Does apple take the shares from netflix . More likely people would have both. For one thing, Apple Service will only have content reduce my apple. It wont have anything comparable to the range of content you will see either on netflix or is the alternative streaming network that is going to launch very shortly afterward , which will have all of that incredible content that disney has been producing for many, many, many decades. They have got a ramp, along ramp on their video service. Vonnie is it fair to say that 4. 99 is a attractive price point . Bob in theory david interior. It depends on the content. Some people thought they might justmultimonth free trial to get people used to it before they charge something. Its a bit aggressive to charge 4. 99 for a service that is a complete unknown if you ask me. Just because its apple doesnt mean its great. Good point,make a when youre free but only with a piece of hardware. David but its amazing, listening to the announcement, the auditorium is full of these fan people who are clapping anytime they burp. Apple is such an unusual company, people give them credulity no matter what they do but they are now expending themselves into a wide variety of activities so maybe there deserve to be given the benefit of the doubt on literally everything they do. 8 bob roku is vonnie roku is at session lows on the back of the news, apparently. We got the arcade earlier on and now the announcement that the a 10. 2 inchd with screen, tim cook is really selling. Bob you can david you can sell whatever, but the ipad os is somewhat newsworthy, a different os for ipad, somewhat newsworthy. But the ipad is more or less a marginal logic these days, hundreds of millions use it that it is not where the action is. People do not upgrade them the way they do their phones. Apple money longterm is going to have to come from services and maybe from india. Those would be the two places i would look for apple to have some longterm growth gains. China is not what it used to be and the iphone is a mature project and its not going to be that exciting Going Forward even the people want to upgrade in they will. 8 really underwhelming vonnie really underwhelming at the moment, the fusion ship for the new ipad is the old chip from last years update. We will continue to monitor whats happening at apple had orders as they make variants announcement announcements. David kirkpatrick is with us, stick with us to get all the headlines. This is bloomberg. Mark im Mark Crumpton, with bloombergs first word news. Charlie cooperman, the deputy National Security advisor, appointed the acting National Security advisor. The white house says the he will assume the role of john bolton and that cooperman is a confidant and was a councilman for more than 30 years. President trump said today that he fired because he strongly disagreed with many of his positions. Bolton says he offered his resignation. 2000 people in the bahamas are in emergency shelters following hurricane dorian. Officials say that they are running out of room. Emergency officials today said that they would open more shelters as needed. The category 5 hurricane this reuters seriously damaged buildings across the bahamas a week ago, the storm killed more than 50 people returns the accusing the united dates of not safe enough to create a zone in northeast syria. Turkey has been pressing for the zone to keep the fig