By 15 points lets look at overnight in asia. The nikkei going strong closing at the highest level since 1996. A gain of 132 points that puts the nikkei at 20,823 hang seng was up by 0. 6 pfr . The shanghai was up by a quarter percentage point in europe, you will see that at least in the early going things have been mixed. These are modest moves in spain, stocks are under pressure down by 0. 9 this is coming as some concerns arise in catalonia. Well talk more about that in a moment we have news just out from the National Federation of independent business, showing Small Business sentiment dropping in september. The nfibs monthly index dropped to 103 for the month, that compares to 105. 3 in august. The group saying the immediate temptation is to blame the hurricanes in tex and florida but adds this is not case with Small Business owners across the country becoming measurably less enthusiastic but also points out the index is high by historical standards. Also in energy news, opec secretarygeneral calling on u. S. Shale Oil Producers to help curtail global oil supply. He said the supply driven cycle should be taken seriously. Opec and other produce verse cut supplies to prop up prices, but u. S. Production has soared driven largely by shale drillers crude at 50. 02 what are they saying, dont produce as much . Join opec come with us that makes no sense help us with the supply. Help us with help us reduce the supply we dont like that. Theres a developing story definition of a cartel. Were not in it were not developing story out of california this morning, at least 11 people are dead, hundreds of homes and other structures destroyed as a string of wildfires sweeps through Northern Californias wine country. Strong winds are fanning the flames which spread quickly in an area where the homes are relatively close together. Thousands of residents have been forced to evacuate at least 5,000 people are under mandatory evacuation orders in santa rosa, accounting for a quarter of the regions residents who are displayed. Governor jerry brown declared an emergency in eight counties. A separate wildfire torched a half dozen homes in the Anaheim Hills neighborhood in Southern California well bring further updates from that state as we get them. Spain is in crisis today the leader of catalonia and its parliament are meeting and could make a unilateral declaration of independence. The leader will speak at noon eastern time he has been threatened with arrest if he declares independence france and germany stressed support for spanish unity. On sunday, hundreds of thousands protested demanding to remain a part of spain. On the corporate agenda, a big proxy battle coming to an end. At 9 00 a. M. Eastern time we will find out the results. Procter gamble Share Holders will vote on whether trianians nelson peltz should get a vaseat on p gs board she will have an interview with nelson peltz at 10 00 a. M. , followed by david taylor at 11 00 a. M. Everybody says the race is tight, no matter whats happened, you could argue p g already lost, not necessarily the seat itself but in terms of what it will say given how close the vote is expected to be will it force changes the signal it sends to p g and the kinds of changes they may have to make whether hes on the board or not President Trump is feuding with senator bob corker, but he may be mending fences with senator Lindsey Graham eamon javers joins us now. He has the top political stories. Good morning you do get the sense that the white house is in a bit of a fence mending mode today after that weekend of open Political Warfare with bob corker. The president s fellow republican up on capitol hill yesterday, Lindsey Graham, another frequent target of trumps criticism, another senator who has frequently criticized President Trump accompanied trump to Northern Virginia to the president s golf course there issued a couple of conciliatory tweets saying he enjoyed a round of golf with President Trump today. President trump shot a 73 in windy and wet conditions he said how bad did he beat me i did better in the president ial race than today on the golf course great fun. Great host so, some warm words from lindeyy grah graham we know the president will be having lunch today with jim mattis and Rex Tillerson, both men will be at the white house Rex Tillerson has been at odds with the president the president has publicly criticized his effort to negotiate with the north koreans, saying it wont likely bear fruit and that Rex Tillerson is wasting his time. Mattis is seen as an ally of Rex Tillerson within this Administration Tillerson forced to call a press Conference Last Week to say hes not resigning from his position as secretary of state and forced to send a spokesperson out to deny he had called the president a moron. Well see how that lunch goes today. Some strained relationships within the administration and between this administration and fellow republicans on capitol hill the white house taking steps, it would appear to mitigate all of that political damage ahead of the big push on tax reform later this fall. Some stories circulating is that Rex Tillerson would leave and that mike mom ppompeo would considered we saw that name floated around any potential thoughts or were looking at mending fences and pushing ahead through the end of the year to get the agenda my sense is folks on the inside of the white house dont want to have anymore changes they had a tremendous amount of turnover on the team so far this year i dont know how it compares to other whouzs white houses in t but really volatile inside the white house. They want to tamp everyone down. I asked a Senior Administration official at the white house yesterday why it seems to be that the president engages in these public feuds and name calling more often with republicans on capitol hill than with democrats you can name six or seven republicans that the president has feuded with or insulted publicly within the past year, you cant get anywhere close to that in terms of democrats this person told me that the president sees coverage in the media of republicans who are criticizing him. It gets dispropore t poportionae coverage because its republican criticizing republican that gets under the president s skin the president expects total loyalty from people up on capitol hill when he doesnt get it from members of his own party it bothers him personally, thats when he goes on these tirades against them it may also just be the republicans, they cant get their act together to get the agenda passed it may be a frustration with that, too you dont need the democrats to get your agenda passed if you have the republicans on board. A lot of flash points over healthcare reform, where the president and aides express complete bewilderment with the fact, as they will tell you behind the scenes, that republicans campaigned for seven years on repealing and replacing obamacare, when they had the votes to do it they couldnt agree on a system of repealing and replacing. Thats maddening to folks in the white house. They feel that should have been done earlier in the year youre right theres no expectation of loyalty among the democrats, thats why the president is not in the twitter wars with democrats. Thats what i thought it was, in his own party i was thinking what does it mean about tax reform and we had Grover Norquist on yesterday who said i think cork ser enough ero an adult to have these little feuds on the side but can still pass reform. Then i thought thats probably True Congress is not doing it just to give trump a win congress feels like they need to do it, too theyre under pressure to get something done i dont know who needs it more they both need it hes kind of saying corker and trump can be in the sandbox is it a sandbox or litter box . If its a litter box its kind of a litter box i would go with the boxing ring they can be there thats separate compartmencompa. Thats my only interest in it, whether this screws if all this sniping making it less likely that tax reform gets done that is exactly what they think inside the white house having talked to this official yesterday, a high ranking person inside the white house who said that bob corker will vote how he will vote on tax reform on the merits of the bill, how he feels about the deficit which hes concerned about, and this person said that corker is going will have been a yes or no anywhere depending on where he lands on the merits he will do what he thinks is appropriate for constituents, not based on whether hes fighting with the president or not. They dont think they lost him as a vote on tax reform because of this, but they do think he was possibly a no vote all along because of the signals hes been sending about the deficit and his concerns there they think hes out there as somebody they could get despite the fact hes been at war with the president here and has been saying that the president needs to be managed on a daytoday basis, that the white house has become an adult day care center, where people have to corral the president. All of those comments are pretty personal, but at the end of the day the white house thinks he will vote however he will vote on tax reform regardless of that thank you we will turn to the markets. We pivot out of that conversation, markets bracing for earnings coming this week. We have simien hymon and doug cotares of voya to what extent do you believe theres implication with this twitter debate with bob corker in terms of tax policy and if you baked tax policy into the equity market now. I dont think its a terrible thing to have the deficit hawks to at least have a voice we needed massive deficit spending nine years ago. Were at a point where the Counter Cyclical need for that extreme level of deficit spending, we missed the boat on that a bit of deficit hawk voice in this to get modest tax reform. Dont quite dig ourselves a deep im curious whether you think the markets have baked into the cake one way or another some form of tax reform and whether that represents opportunity, dare i say, in terms of where the equity market may or may not go i think that the equity markets are reasonably supported by fundamentals. Earnings season should be strong we had 4 , 5 top end growth, if you are looking for value pockets, its on the growth side of the equation. If tax reform gets passed, you see that as an additional upside potential if its something reasonable. I apologize, give me one more second on this do you think that the markets could you see a tax plan go into effect or be announced that actually turns the market down you keep talking about deficit hawks if it was a tax plan that raised the deficit in a meaningful way or the experts said it d you could see that being a negative only if inflation really took off. As long as inflation remains subdued, you know, then i think were fine i just wanted to be on the same page. You want to comment on the tax piece or comment on earnings i think the tax conversation is wrong they should be asking middle class and people looking for jobs what do you want . Do you want this notion of fairness and cutting taxes, or do you want jobs and higher wages . If you want jobs and higher wages, dont cut taxes, slash taxes. What is the distinction . Its theres so much worry about the deficit. The economy weve seen it in reagan, in kennedy, weve seen it almost every tax cut, it raises revenue this notion of oh, if you cut taxes immediately t will raise the deficit. It will growth economy dont road youll have higher wages, better jobs raises revenue but doesnt pay for itself raises revenue, but its theres no theres no economist, conservative or liberal who will do the math and suggested that it has paid for itself of course it has. If you look at reagans tax cuts, its raised way more revenue, record revenues but what happens is you do have to cut spending sometime you do have to rein in the government and mick mulvaney, the office of management and budget has a plan to lower spending. What happens is it does raise revenue. Tax cuts raise revenues. We dont even talk about the other side of the income we dont even talk about cutting spending because its just a given. Its almost like you know, i had arguments over the years about this they know what were spending. They know it will go up year after year just broaching the spuubject of cutting something, its like what the only side of deficits anyone talks about is the tax revenue side the idea that you would cut spending is so foreign to most people in washington just the idea that you would slow the growth of spending. They get a rash. They start to go wait a minute they cant they cant thats an idea, isnt it maybe you could maybe the deficit wouldnt be so bad if you could address the spending side thats exactly right. The question about is it priced into the market, it most certainly is not priced into the market a tax cut is not. A meaningful tax cut is not priced into the market this is an opportunity if you look at it, it comes at a good time. Because the Federal Reserve is trying to get out of the way of capitalism, trying to reduce or shrink the budget. But also raise Interest Rates. They should do that. The Central Banks are in the way of reflation and what you need to do is cut taxes and but the economy is doing extremely well we have to pause from our normally scheduled programming because the president has just got ton twitter. What do you think . About tax reform not about tax reform, not about corker about the nfl about taking the knee President Trump before they took the knee, kaepernick just sat for a while, andrew the knee made it more i dont know, made it more dignified. The president tweeting why is the nfl getting massive tax praks while at the same time disrespecting our anthem, flag and country. Change the tax law the nfl is a flaun fnonfor ps the institution itself a lot of the stadiums are financed through the taxpayers i dont think hes referring to that. No, but in general, this is something i thought of recently. In general all the tax pays who paid for the stadiums dont go into the stadium to hear a partisan protest you paid for the seats, you paid for the concession stands. Theres been protest over those stadium costs for a long time for people who are not nfl fans after you paid for the stadium, you want to watch a sporting event we paid for the streets, theres parades into the streets, protests in the streets all the time but you dont have to pay to go in and use it no but the taxpayer pays for the roads. But you dont pay 400 for a seat to watch a sporting event and hear a partisan protest. Thats a different tax the ticket is your doing the taxes are everyones doing people have problems with public funds for stadiums for a long time. This adds a whole new dimension of it. But in truth, i think his reference is literally going after the structure of the nfl this is a shot across the bow at Roger Goodell and at all of the owners because of the structure with which that corporation, if you will, or entity, institution structures its taxes hes got another tweet that we want to bring to everyone as well wait. Back in 2015, time said that the nfl announced on tuesday its voluntarily relinquishing its tax exempt status. That true yeah. Thats why it started to pay taxes. Is the president behind on that it looks like in 2015 they changed it this is about immigration . Is that the next one theres a third one. The problem the problem with agreeing to god the problem with agreeing to a policy on immigration is that the democrats dont want secure borders, they dont care about safety for the usa is that true with you, andrew . You dont care who doesnt democrats why would you look at me . Hes calling for an end to the nfl tax break. In 2015 they gave up their tax exempt status. They are no longary ter a tax e status Bernie Sanders is not specifically a democrat either, right . What was corkers line yesterday . Somebody is missing a shift in the morning you think thats clever i do. I know you do. Any time these things youre a clever guy any time these things get kicked off they made 10 billion in revenue in 2013, which is why they gave up the tax exempt status so they already gave it up. I have no idea what the first one is about we should look into it deeper were doing this on the fly. I forgot about that you could have tweeted that i wouldnt have tweeted it because i would have looked it up first thats the difference. Thats why i you dont even need or my minders would have told me you dont even need a shift if they were on their shift. He says getting massive tack break tax breaks they give money to the military, too. We have to look into this deeper they did start paying taxes. I dont know what other tax productions. Did he say tax exempt status or no, he said tax breaks. A lot of things could play into that exactly i would really like you to be right about this i would. For once. Showdown in queen city t Procter Gamble voters will be voting today on whether to allow nelson peltz on to the board a live report from cincinnati next what are the ingredients of a life well lived . Is it the places you go . The things you own . Or the people that fill it with meaning . For 150 years, generations of families have chosen pacific life for retirement and Life Insurance solutions. Protecting whats most important to you. Thats the power of pacific. Ask a Financial Advisor about pacific life. Pthey dont invest inn stalternativesds. Or municipal strategies. What people really invest in is what they hope to get out of life. But helping them get there means you cant approach investing from just one point of view. 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