Caroline abigail, what are you watching at the close . Abigail the technicals on the tech heavy nasdaq. This is a roughly 1. 5 year chart. The range, the complete range. We had the last bit of the rally, the Fourth Quarter volatility. Triedct that the nasdaq to touch down onto its 100 Day Moving Average in yellow. You can see that has happened before. Thelast time that happened, time before that. The biggest point, alltime highs, buyers are not very enthusiastic. Suggest we will be sideways for a bit longer with stocks. Sentiment, risk off you see that showing up into buying bonds. The 10 year yield is down about nine basis points. We are waiting of course for that press conference from nancy pelosi with a formal inquiry into the impeachment of trump. This is the oneday move on the threemonth month 10 year, down now 12 basis points. We are inverted by 28 basis points. We have jumped by almost double here today alone. We do know that after inversion, typically you get a quick resteepening, then a recession hits. But theot there yet negative basis points certainly catches my attention. I am looking at the largest etf tracking the price of gold. If we look at a chart tracking the flows, investors added about a billion dollars last week and this week, they have already added another 700 million. This is typically seen as a safe haven. Investors rush into it in times of turbulence. We could continue to see more inflows. Joe still with us, Credit Suisse chief equity dilute equity derivatives strategist, and bloombergs sarah ponczek. What would you look towards next in terms of pessimism, i dont want to overstate it. We keep thinking we will break out to new highs, it doesnt really happen. What are the things you are looking for that will determine the next direction . Andy the answer always comes back to the fundamentals and the data. The things we looked at about whether that could persist going forward, historically, for you to get it, you need to see a pickup in economic growth. Until we see that, i think the market will persist in trading sideways. Scarlet hd supply will be separating into two publicly traded companies. It will separate into Facilities Maintenance and construction and industrial businesses. Again, this will be a taxfree spinoff. This will be completed by the middle of fiscal 2020. In the meantime, just to go back to the broader markets. The Economic Data was not very impressive today. Consumer numbers in the u. S. Disappointed. German Business Confidence also not so great. There is just this feel of softness. Our people talking about recession again or is this being put aside . When people talk about the economy when it comes to the u. S. , they are talking about slower economic growth. Yes, a fall in confidence today but it is still relatively high. You might see confidence trending lower. At the current moment, people dont look at the current moment and see it pointing to a specific recession. Saw that with german iso numbers this morning. Continuing to see week data overseas, strong data in the united states. Slowing Global Growth to bring the u. S. Lower or for you start to see perks of it higher overseas. Caroline we have seen again the bid for bonds back on when it comes to sovereign bonds and treasuries. How are you seeing this across asset correlation . For bondsally, a bid and a selloff in stocks . Mandy with the august correction, not just across august,t we had in equities, rates, gold, Asset Classes, the highest correlation over three years. Showing how much focus is on the underlying economic fundamental. Joe what changes that . What gets us out of this range . Is economicieve it fundamentals. To we didnt see that bid correlation. When it is more macro, more about economic fundamentals, that is when you see the bid to volatility, correlation, and Asset Classes moving together. As a comparison, the last time we have seen such elevated levels of cross asset was the brexit vote. Scarlet lets talk about stimulus, the thing that will keep us afloat at the very end. The pboc perhaps not coming in as strong as some expected. About perhaps also shy talking up the need for fiscal spending. The fragility when it comes to the global economy. See concretedo moves and europe toward fiscal stimulus, that would be a game changer. What european governments are relying on is monetary stimulus. If we do see concrete legislation. That would be a risk on positive sign. Santander, the spanishbased lender, a big player in latin america and america, 1. 5 billion euros from santander u. K. , approving a tencent pershare dividend. Accounting principle that describes what seems to be a permanent reduction in assets. Isther or not the ppi again engulfing the company, we will dig into those details. We will get nike after the bell. One of the concerns about nike is that it will be affected by fx. Sarah if you look at the dollars relative levels, it is very strong. If you want to see the fx earnings, especially for Multinational Companies like nike, you were you are going to see a big move in relative levels of the dollar. If you are looking at data out of the u. S. , how much stronger , a scenario where the dollar moves much lower. Mandy, i want go, to get your perspective on oil. It has sold off quite a bit after that attack. It is not much higher than preattack. Macro conditions which on a day like this would mean a decline versus ongoing tensions with theoretically would keep a bid under the price of oil. Are seeing awe Lasting Impact as a result of the supply discussion is in the versushe demand for puts calls. Last week, calls on oil was trading at a premium for puts. Retraced inoil has terms of prices, that inverted skew, that is a result of the supply disruption risk. Scarlet we will keep an eye on that. Wti trading at 5709. Ponczek,and sarah thank you both for joining us. Romaine bostick is stepping in for whatd you miss . Where we will have her on the impeachment calls for donald trump. Also, nike earnings. This is bloomberg. Caroline we are live from bloombergs World Headquarters in new york. Heres a snapshot of u. S. Stocks today, one of the worst days in a month for the s p 500. Joe the question is, Bloomberg Technology the question is, whatd you miss . Caroline President Trump says he will release the transcript of a call with the ukrainian leader after calls for impeachment grow. U. K. Lawmakers reconvene tomorrow. Neumann steps down as the ceo of the company as they look to salvage the ipo. Joe President Trump under fire pressuring the ukrainian president to investigate Vice President biden in return for aid to the nation. He said he will release the transcript tomorrow. This has renewed calls on impeachment, increasing pressure on House Speaker policy. 45 is set to speaking about minutes. Speak in about 45 minutes. Mr. Biden congress should demand the information that it has a legal right to receive. If the president does not comply, if he continues to obstruct congress and flout the law, donald trump will leave congress in my view no choice but to initiate impeachment. That would be a tragedy, but a tragedy of his own making. Forlet for vote joe more, welcome Bloomberg News congressional reporter Anna Edgerton. It feels like something really shifted today. There has been a contingent of democrats calling for impeachment for quite a long time. What is it about this story in this moment that seems to have caused a shift in momentum . Anna really two groups of people i would look at. One is a group of freshmen democrats who represent districts previously held by republicans. They were hesitant to come out in favor of impeachment because of political risk. A lot of them came out last night and said this allegation regarding the call that the president had with the president of ukraine and the refusal to hand over the whistleblower complaint, those are impeachable offenses. , houseer group of people nancy pelosi and her allies. The fact that nancy pelosi herself is showing signs that she is moving closer to supporting this in supporting having a vote on the house floor, that is where this becomes very serious. The buck stops with her. If she gets behind this process, it is probably going to happen. Romaine as we saw during the clinton impeachment hearings, one of the reasons why pelosi had slow walked this for so long, she tried to protect some of the districts that were little bit more purple. Has that idea changed . Has that narrative changed . There was a really interesting comment from a representative who represents one of those districts. She said, please dont drag us into this. What i am seeing from the conduct of this president , what he has said publicly, not just allegations, and the white house refusal to cooperate with white house with aggression committees, it is her constitutional responsibility, she swore in of, that she has to support this impeachment proceeding. Because there is no other way to hold the executive branch accountable. She said today, i hope my constituents understand that. She said members of districts like hers need to be out there in front of the messaging battle. We can leave these two progressive members who represent the safe blue districts. These need to be the people who are the most hesitant to take this dramatic step and make sure they are conveying to the American People why this is the last resort. Something that must be done. End in theoes this senate . Anna the house is responsible for conducting the impeachment process but it is up for the senate to remove the president from office. That is another obstacle for nancy pelosi to as a tape. Tothe senate is not going impeach the president , it is another acquittal for him. We had some really interesting statements from Senate Majority leader mitch mcconnell, not saying that hes ready to abandon ship right yet with the trump presidency. He criticized democrats for politicizing the process but he didnt exactly defend the president. It looks like mcconnell and some others are holding their fire for a find out what happened and what the whistleblower is alleging. Somene just to bring you breaking news, nike out with their Earnings Report and looked like it eat on most of the main metrics. Stop closed at a record high back in july. A new record high. Number, . 76 was the average estimate. The Company Coming in above estimates as well as on revenue. Caroline coming up, growing calls for resignation, this time in the u. K. Prime minister Boris Johnson remaining defiant. A defeat in his brexit strategy. This is bloomberg. Caroline in the united kingdom, growing calls for Prime Minister or johnson to resign after the High Court Rules that his suspension of parliament was illegal. Johnson said today he will abide by the court ruling. Johnson obviously, this is a verdict we will respect. We will respect the judicial process. I strongly disagree with what the justices have found. I dont think it is right. But we will go ahead and course parliament will come back. Caroline johnson said he is prepared to deliver brexit by the end of next month. The pound rallied on hopes that maybe we would get an extension or we wouldnt see a sudden exit. But what really changes here . Here . Certainly the eu has even less reason now to perhaps abide by the game of chicken that Boris Johnson would like them to. Theres a lot going on. Supreme court ruling, which is unprecedented, the possibility theoris johnson resigning, queen speech coming up, but fundamentally nothing has changed. Reaching a deal with the eu, issues like the irish backstop. It looks like what we will get on october 31 is another extension. Our Supreme Court frequently weighs in on huge cases. Talk to us about how rare this was that there was a u. K. Supreme Court Decision that really held such high political stakes. This is unprecedented. Nobody saw this coming. Unlike the united states, which has a written constitution. Britain does not have a written constitution. What this means, when the Supreme Court intervenes, it intervenes because it is interpreting a written document. For the Supreme Court in britain to intervene, this is seen as a political act, not an act of interpretation. The fact that they intervened, and so forcefully, effectively accusing the Prime Minister of misleading, even lying to the queen, it is unprecedented. Romaine at the end of the day, some people will argue that the fact that you dont have this written on paper in regards to , some sliver of a window for Boris Johnson to move ahead with some of his original plans. He can still sort of pushed forward with some of the tactics in the first place. That is exactly what he will try to do. The position that he will leave for anber 31 and not ask extension is what he is committed to. This means he has to work against a Parliament Members of his own party have no confidence in him. Caroline for many in the theness community watching, issue that whether there is a soft brexit or resilience for asset prices high, who could was over if press johnson to exit, notably of there was a labor Jeremy Corbynled government. How do you see that unfolding and whether it really is a negative impact for certain assets and economy in the u. K. . Stacie there is a lot of fear about Jeremy Corbyn taking over. Arguably, some of the pathways have already been increased. You have the possibility of a labor government taking over as a caretaker government. Jeremy corbyn could step in as the leader of that caretaker government until there is an election. The fundamental question is who could deliver a deal. Arguably, jerry corbin Jeremy Corbyn is in no better position to deliver a deal than Boris Johnson. Rework. Ng, we work ceo adam neumann stepping down in a move to salvage an ipo. This is bloomberg. President joeice biden says he would back impeaching President Trump if the white house refuses to comply with congressional demands for information about his interactions with ukraines president. In biden spoke to reporters wilmington, delaware, today. Mr. Biden with such a written continuing to obstruct commerce obstruct congress and flout the law, President Trump would leave Congress Know choice but to initiate impeachment. That would be a tragedy, but a tragedy of his own making. Mark earlier today, President Trump said tomorrow he would release a full transcript of a july call with the ukrainian president. Nancy pelosi is expected to announce that she is beginning impeachment proceedings against the president. In an address before the United NationsGeneral Assembly, south korean president moon jaein promised to achieve security for north korea in order to achieve denuclearization and peace on the peninsula. Translator we will continue dialogue with north korea and make our way toward complete denuclearization and Permanent Peace while maintaining cooperation with u. N. Member states. Mark the south Korean Leader also called for an International Peace zone between the koreas. Brazilian president Jair Bolsonaro is dismissing what he says are media lies about fires in the amazon. He says the rain forest is not being devastated. President bolsonaro told the yuan General Assembly that many fires occur naturally in the forest during dry weather. He did also acknowledge that some are intentionally set. Widespreadrew contention against his policies on the environment. Brazilian leader added, the amazon is not being devastated nor is it being consumed by fire as the media increasingly says says. Ncreasingly Jeremy Corbyn told the media today that the ruling by the Supreme Court shows Prime Minister johnsons contempt for democracy and the rule of law and he says it is time for johnson to leave office. Mr. Corbyn government will be held account for what it has done. Boris johnson has been found to have misled the country. This unelected Prime Minister should now resign. Mark meantime, the speaker of saysins house of Commons Parliament will resume deliberations wednesday at 11 30 a. M. Global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. Romaine nike reporting its latest earnings. Beatingeps and revenue the highest analyst estimates. Lets welcome in sarah halsey to break it down. A few months ago, nike missed, the first miss we had seen on a quarterly basis in about seven years. They seem to have bounced back. What has allowed them to get back on track . The real call out was expansion of gross margin, 150 basis points, far better than analysts expected, and far better than nike expected just months ago. They said they were able to achieve higher average selling prices in the quarter and that is important. They were not having to markdown or two pay promotions. They also said it came because they were able to sell str