Good morning, everybody, big show this morning, joining the conversation capitalist founder jonathan honan is here, benchmark managing partner kevin kelly, great to see everybody. Thank you. Maria breaking news of the morning, Uk Supreme Court delivering blow to Prime MinisterBoris Johnson, Supreme Court ruling suspending parliament was unlawful, thats opening the door to more pushback on his plans to take britain out of the European Union, your reaction, kevin. Yeah, this is fascinating, he was actually going for a Nodeal Brexit by october 31st because the European Union hasnt really been working with the uk on trying to leave, they have been in stalemate for a long time, he has actually informed the queen of this, of his plans and she didnt push back on him and so now its going to be hard to see, i mean, it took them a long time to get article 50 done where they deliver to the European Union that they. Going to leave, you know what, october 31st looks like the deadline, theyre not going to meet a Nodeal Brexit. Maria you wonder what it means for markets. Definitely, when you look at Boris Johnson, if we follow the rules nothing is ever going to change and nothing will happen, this is something that will not bow to pressure to resign over this, i think he will keep pushing forward. I think the markets will look at that and think its a positive sign even though theres a little bit of, you know, kind of a missed opportunity, the ability to exercise and lead European Union and perhaps trading block hasnt been realized look at ewu, it was below 1890s, the pound has been decimated, thomas cook also went bankrupt this week. Maria so far not a major move in terms of european market, theres the british pound, we will be watching for developments as the breaking news take effect, u. S. Markets have been strong pretty much throughout the morning, top story in new york, President Trump speaking before the Un General Assembly today in new york city, expected to make a case for pressure to keep on pressure on iran as he blast impeachment for phone call with leader of ukraine, fox news Garrett Tenney, good morning to you. Good morning, fox news has learned that the whistle blower who filed the complaint over the phone call did not have firsthand knowledge of it. A source familiar with the situation tells us in the complaint its made clear that the whistleblower was not on the phone call and that the concerns are based on secondhand information, the individual learned after the fact. One of the democrats big concerns is that ahead of the july phone call the white house put a hold on 250 million in military aid to ukraine and that the president may have used that aid to try and pressure ukraine to investigate the son of former Vice President joe biden, at the United Nations monday President Trump denied there was any quid pro quo and argued this is just the latest witch hunt by the democrats. Did you tell the ukrainian leader that they would have the aid only if they investigated joe biden and his family . No, i didnt, i no i didnt. I didnt make a statement you have to do this or im not going to give you aid. Everybody knows it, its just a democrat witch hunt, here we go again. They failed with russia, they failed with recession, they failed with everything and now they are bringing this up. Democrats are demanding access to the whistleblower complaint and to hear directly from the person who filed it but so far the administration is refusing to turn over a copy of the complaint and that is prompting a fresh wave of democratic lawmakers who were on the fence of impeachment to come out in support of it. In the washington oped 7 freshmen democrat come from swing districts if President Trump he should be impeached. How long must we wait for our republican colleagues to rise up to their responsibilities to the constitution to separation of powers into rule of law when President Trump braisingly violates that law. All of this most certainly come up on thursday when National Intelligence is scheduled to testify on capitol hill this afternoon, though, fox news has learned the House Democratic caucus will meet to discuss the ukraine phone call and impeachment and condemn President Trump over that phone call, maria. Maria garrett, thank you very much, Garrett Tenney in washington, then theres china trade that you want to talk about as well, china is exempting Certain Companies that import u. S. Soybeans according to bloomberg, we knew this was coming after secretary Steven Mnuchin took by surprise talking about the canceled u. S. Farm visit, watch. That was our request to delay that. They are going to reschedule that at a different time. But that was that was our request. Why was that our request . We didnt want confusion yeah, but i want them to buy farm products. There was no confusion they commit today buy agriculture. Maria yeah, we reported on this program and sunday morning futures that the u. S. Had asked china not to go to the farms for this reason, your reaction. Its frustrating no more than the farmers themselves, the president has been great advocate for farmers, we talked encouraging to buy exports, 20172018 exports have fallen about 50 so the president is doing duty to remedy some of the harm from the trade war and harming farmers and we see it time and time again even with some of the efforts, however, towards resolving trade conflict. Maria i dont see china lessening up because china needs our pork badly, they have 250 million dead pigs in china right now because of the swine flu, i mean, that to me is not a major effort and yet it does appear that theyre talking, things are happening. I think the whole idea that china is using this as weapon to hit President Trump, their whole plan is to wait out the presidency, whether itll be for another year, itll be 4 years after that, theres not going to be any conciliatory tone stealing intellectual property. Maria thats right. This doesnt move the needle in that regard, taking supply chains especially for semiconductor and making localize, pull get away from u. S. Intellectual property because theres the entity list, this is more par for the course where they will deflect, delay, they say they are coming over, they dont, we have seen this time and time again. Maria i agree with that, thats spot on, jackie, theres real big ticket issues, the theft of intellectual property and even the fentanyl coming into the country. Hard ones to come to some sort of an agreement but even a partial deal, the small steps that have been made are positive and the fact that two sides are talking even if the farm was delayed, higherlevel officials coming in october and i think something will get done. Maria looks like both sides want a deal and we will see what the chinese are able to accept. They reneged back in april. Japan foreign minister saying that his country has fully agreed on all trade talks with the u. S. After worries that a deal may have hit a snag over u. S. Tariffs on chinese autos, the president has been clear on this, kevin, he wants a deal with japan, we dont know what this looks like in terms of tariffs on autos, the president is not wanting to forget on tariffs on at auto. Its em pertive for japan to have a deal with us especially on National Security concerns because if we go back to north korean situation as well, the problem is that china is in every affair and trying to basically attack us on all sides whether its soybeans, whether its north korea, you name it, intellectual property. I think the japan situation, they never fought us on the initial tariffs, if you look at it, they bited their tongue and negotiated with the president. We dont want a sunset provision that President Trump could put tariffs back in place even the threat of tariffs and a lot of analysts are saying perhaps the u. S. Would have been better staying in the tpp and doesnt look better than the final trade definitely a view on wall street on tpp and the more the president does deals with other nations, hes done south korea, japan is eminent, i dont know what else is in the cards, he has to do as many deals as possible in the region. Especially for supply chains, listen, we know that if we start to hit tariffs on consumer goods itll hit the American Consumer hard, thats the 300 billion, you name it, we avoided the back to School Shopping season getting hit with that, he needs to make the deals u. S. Companies can revamp supply chain. Maria especially going to holiday. We are only just beginning this morning, joining the conversation colombian president evan duq, e on venezuela wella, analyst is here on President Trumps un speech, former senior advise the other clintons and managing partner mark pen on the ukraine call controversy and Energy Secretary rick perry is here joining former citigroup sandi to talk advancing ai in biomedicine, all that coming up this morning, coming gm strike is now entering day 9, the automaker now furloughing workers, we have all the details coming up. Gaming with google, the tech Company Going up against apple with new subscription Gaming Service, we will be back after the break. Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. 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Cheryl european top court says google doesnt have to extend the eus right to Search Engines globally, people have right to control when their name is searched online, google has been fight to go apply eu principle around the world, victory for google and free speech advocates, well, theres fallout from uaw strike to General Motors. 1200 employees have been temporarily layed off from engine plants in ohio and canada as walkouts, week number 2, folks, on top of 2,000 workers like last week at Gm Assembly Plant in canada, talks are set to resume today, 46,000 workers on strike and shutdown operations of more than 0 u. S. Factories, onemonth chart of gm, the stock, of course, has hs been reacting to this news, then theres this for dow component, boeing working to get grounded 737 max back in the air, faa says each country will make its own decision and faa previously said safe but following crash and the faa approval process has come under scrutiny by people around the world. 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You know, weve seen revisions down of the 113 or 15 or so companies that actually do put guidance, 82 have revised down and analysts have revised down, if we see upticks from that i think the market will do well. Maria i dont know, are we going to see upticks, one of guests said they would be down but things pick up in the Fourth Quarter, is that what youre expecting . No i would like to see uptick and the Fourth Quarter will be interesting, we have interesting things happening and we have disconbobulation. Instead of trading 16 and a half earnings, 18 and a half 20 times earnings and is that sustainable in environment where cost of goods are going up due to the fact that one labor is going up, inflation is still rising, you also have cost of goods sold going up, we have the tariff situation happening, so that environment where you want to pay for earnings, i dont think so and i think thats why youve seen defensive sectors do well including Consumer Staples, utility, if you look at the market leadership yesterday. Value is back in play, a lot of those names and big huge turnover into value stocks as well. By the way, kevin has the number one and number 2 best performing funds in category in real estate, youre up 42 and 38 , kevin. Just proves in market that you want to be selective, want to be in areas and distribution centers, the growth of ecommerce as well as cell phone towers and data centers because we are using that, we dont want to be in office buildings, look at wework, you need to pick and choose in the market, im curious where you want to position yourself in the market with first of all, theres really no place globally to go except the u. S. Markets, i mean, thats why i think that sometimes you have to look away from here to emerging markets because youre not seeing the same kind of debt that they have compared to the duty and some more mature markets but its a discount to the s p growth that we are seeing here. Maria big rally in india the other day as they cut taxes. Im wondering what you think about recession talk, i feel like people have backed that off a little bit, taking a waitandsee approach and combined with the point that you made about earnings, if earnings were flat for the next quarter, would the markets would say thats good enough in this current environment . The repo markets is what concerns me, we saw giant spike after the fed actually said we are going to take rates down, the repo markets exploded and that had a lot to do with disconbobulation, we had a huge issuance of u. S. Debt which was a big thing as well and then youve got Corporate Taxes and there was a lot of reasons why that could have happened but it was a giant disconbobulation because the fed talks about giving liquidity to those markets on an ongoing basis which kind of looks like qe but they are calling something more organic. Maria interesting that Consumer Staples has been weak spot in the market and yet jonathan the consume certify pretty strong. Whether macys, even retail and hasnt been exact an even keel when it comes to stocks, moving forward, you mentioned repo market one of them, parts of the yield curve are still inverted and i dont want to get too much in the weeds, historically that tends to manifest in recession not immediately but 20