Live at from bloombergs u. S. And asian headquarters. I am betty liu in new york to read it is just after 7 00 p. M. 7 00 a. M. Ust after here in hong kong, i am shery ahn. You see equity markets in the u. S. , relative calm to trumpet dismissing his two advisory boards. The u. S. Dollar did take a hit, especially from the fmoc minutes worrying about inflation. Hold we did see them gains after those minutes came out. On a day it should have been the minutes at the top headline, but it was what was going on in washington with President Trump. Not war with north korea but with ceos in his own backyard that dominated the headlines. Beene meantime, i have surprised by the shield of armor it seems u. S. Equities have. Reactiony movement in to some of the turnover turmoil we see in washington. Tish open in asia . Shery yes, investors have a lot to digest. Of that, the barrage of data we are getting from japan, australia, the philippines, singapore. , nota look at new zealand doing much after gaining the entire week. Cents. Llar at. 7310 u. S. The aussie has been strong and trading at this level. Take a look at the aussie dollar. 200 hassee the asx gained all week to the highest level since june. We see futures pointing up by 2 10 of 1 . Remember we do get australias job data, the economy is expected to have 20,000 new jobs. Remember this is a volatile set of numbers. We are also getting data out of japan. The nikkei fell yesterday. Not surprising, given the yen has strengthened, closing at 110. 09. We do see futures slightly lower. We get trade data, exports expected to gain more than 13 . We are seeing great news out of the japanese economy with Quarterly Economic data coming in pretty strong. It is all about what is happening in washington, data coming out, investors have to out for all they have to digest this morning. We get to what happened here in the u. S. And the market i want to bring you breaking news from wesfarmers. Out, earnings are pouring it is slightly under what analysts had expected. The final Dividend Per Share of 1. 20. They are talking more about the consideration of selling the us trillion mine, saying they are undergoing Strategic Review of their resources business. There is no certainty this review will result in a transaction. They are saying the sales and margin pressures in coal is expected to persist. Accounting foron 60 of their revenue. They say the margin pressure will continue to persist. Lets get back to what happened in the u. S. With market numbers in the reaction to the fed. But also to what has been happening in washington with President Trump and his fight with of the Business Community. I want to bring in su keenan. Su you hit the nail on the head when you said it was an interesting day on wall street. Look at the market, we close with gains. The rally that was in place stayed in place despite the fed minutes. Normally we see reaction in the spot in the stoxx, but the the stocks. Urban outfitters up the most in several years because a positive performance in their various chains. Much better than expected. It target boosting their in spite of some difficulties retailers are having. That underscores the strong july spending report. It will the spotlight, be planning investment in tv shows and films. They have hired executives and are going big with content. G btv 1994. When we talk about the equity rally scene thoroughly in place, they kept moving higher today. Where is the weakness is the big question . From a historical perspective, the rally has room to run. It is now the s p 500 on its for the longest streak without a 5 decline. You see other reference points. Purple is from 1963. It has further to go before we see pullback. Lets look at after hours. Spotlight, that will likely transfer into action tomorrow or in the tech. It is the major machine maker for the internet and it is falling, forecasting sinking revenues. It has been down more than 2 after the growth margin missed estimates. Revenue forecast shows growth remains elusive for this company. Lets talk check to what the fed minutes told us. Janet yellen and company having a bit of a debate. There is a split between the policymakers on inflation. Sticking withe the forecasts, a gradual rise to 2 . Others are concerned it will take longer than the fed thinks. That is going to be an ongoing, large question, when we look at when the fed may raise rates. Shery what is happening to the phillips curve is the big question. Su keenan, thank you. Lets get first word news with rami inocencio. President trump has taken aim at america s one of americas most successful cut companies, saying amazon is killing jobs. Ande is concern amazon other tech giants have become too powerful. Some propose they should be broken up. Said amazon is a monopoly he would pursue if elected. The u. S. Saying it wants far more than a simple revision of the accord. Negotiators say President Trump once a whole thing stripped bare to address it deficits, trade, and jobs. That contrasted with comments from mexico and canada. For countless americans, this agreement has failed. Tradenot ignore the huge deficits, loss of manufacturing jobs, businesses that have closed or moved because of incentives, intended or not, in the current agreement. China driving ahead with the overhaul of Stateowned Enterprises, selling its secondlargest mobile carrier. It is said to be privatized in a deal valued at 11. 7 billion. It includes tencent, alibaba, and others. The unlisted state run parent will remain the biggest partner but give up its majority shareholding. Tencent is reaping the rewards that marry social media with gaming. Its best growth in seven years and profits Beat Estimates by 30 . Tencent has cap to the earning games, helping revenue for mobile games past that of desktops for the first time. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. I am a Ramy Inocencio. This is bloomberg. Shery President Trump firingtwo of his Advisory Councils. Four ceos resigned following the deadly protests in charlottesville. Greg, this announcement came within the hour as a report surfaced this group was planning to defend. Trump is trying to get ahead of Business Leaders. Greg obviously, trumps following highprofile departures from his manufacturing counsel council. Held ahis Council Conference call and took a poll on whether to leave the council. 10 voted to leave. They said they would give a trump a warning they were going to be departing the council. But trump got out ahead with the tweet and disbanded the council, thinking the executives. Have not really seen these councils recently. Will there be any impact on policymaking . Is one thing. The councils have not met in a long time. Trump created them up outside of his administration, he was looking to tout his business experience and have Business Leaders advise them. Theseclearly now executives are losing trumps ear by not being on this council. Betty i want to talk about this other story they got buried a little bit in all of this, which is the new communications director. What do we know about him about her . Tog they named hope hicks replace anthony scaramucci, who lasted in the job less than 10 days. She has been with trump for a while and remains in the white office. Mmunications she is not new to the trump orbit. The New York Times said she is close with ivanka trump and President Trumps soninlaw and advisor, Jared Kushner. Betty a lot of merrygoround going on in washington. Thank you so much, Greg Sullivan in washington. We will talk about what this means for the agenda going forward. We are turned we will be joined by an analyst that worked with bill clinton. And his relationship with Business Leaders. And how the nafta talks will help set the tone for trade relations and asia. We will talk with a former rbnz director. This is bloomberg. Shery we are counting down to asias first major market open. It japan futures looking marginally lower. The city, a beautiful sunny day. A second day of strength for the japanese yen. Equity markets could be pressured a bit. In less than 40 minutes we will get trade numbers out of japan. A tradeooking for surplus, that is the expectation. This is daybreak asia. I am shery ahn in hong kong. Betty i am betty liu in new york. Trump abolishing his advisory you afteraying, thank more ceos walked away. Sources said of the dozen executives on the call, 10 had voted to quit. With aake a closer look former senior policy advisor to bill clinton who often in his role helped coordinate meetings with Business Leaders. Richard, great to have you here. Richard glad to be here. Betty when you see these policy council disbanded and the huge risk between the Business Community and the president , who will be the big loser here . Well ceos no longer have a voice there . Richard it will be the American People that are the big losers if the president is shut off from mainstream america. These are important mainstream Business Leaders. To give you context, the reason any president would bring in Business Leaders to be part of his team is to get there good advice and understa what americusiness thinks. The president has a big agenda that includes business reforms and tax agenda. He is a busy president , by most standards. The market is doing well because businesses think they will not be regulated as much under a republican president. But because donald trump is so and became president with 3 million less votes than the winner of the actual these were particularly important for them to add to the white house a sense of normalcy. Now that trump was in there, business would be betty to have rational, logical thinkers and advisers. Richard it is a tremendous loss. Both a symbolic loss, but a loss of all this input and great advice for this particular president. Betty when you were in the Clinton White house you noted you had put together these councils as well and liaised between the white house and Business Community. What does it take to put these councils together, and what does it mean when he disbanded them . What does it mean between the relationship between these ceos and the white house . Richard these are frayed. Not you resign, you are welcome anymore. You have to be appointed to a president ial council, it is a great honor, no matter who the president is, to be asked to serve your country. I am sure these chief executives thought it was a great honor. Betty they have to worry about getting targeted. Richard here is what i think happened in this instance. Even though it is an honor to serve on the president ial council and give the country the benefit of your thinking, ployees spend a lot of time as saying, why is our ceo on this Business Council with the president saying this crazy stuff . It is difficult for a ceo. If you are working for a company and all your folks are talking about whether you should be there, work at your company is not getting done. It is difficult for these ceos. No, they are not welcome at the white house. But it is a great loss to all of us. Their insight is not available to the president and there are divisors. It is a loss to the ceos. Shery exactly, black rock ceo was one of those first to try to get to the door. Take a look at what he said. He had disagreed with the president in certain instances this year but continued to participate because he believed it was important to have a voice for the people and investors including our clients. Who will be the voice now that everyone has left . Richard you are right. For many people this was a bridge too far. The latest remarks were so incendiary it became too much. It takes a lot. We have seen other moments were President Trump has gotten into trouble and people stood by. It took a lot, but this was a bridge too far. Do other people resign . Do members of the administration on the white house staff resign . We will have to wait and see. These next couple days will be interesting. Shery President Trump has called the people who have left grandstand are grandstanders. But they have clients to face, dont they . Richard i do not think this is grandstanding, they do not want to be in the public eye. Grandstanding suggest someone wants to get their name in the paper or pick a fight because they want publicity. None of these people wanted publicity. It is interesting the way the council did this. They took the vote in private and all stood together, no one stood out. The main council Steve Schwarzman runs is the more important of the two. President to only disbanded when it would be disbanded by the members themselves. Betty what about the relationship between President Trump and his republican members . I want to play for you the very awkward situation vice resident mike pence finds himself in. He was asked about what happened on a trip. Lets play what he said. Mr. Pence what happened in charlottesville was a tragedy. And the president has been clear on this tragedy, and so have i. I spoke at length about this heartbreaking situation on sunday night in columbia. And i stand with the president and i stand by those words. It is interesting because we have had him and other Republican Leaders that condemn the neonazis and White Supremacists but do not address the bizarre News Conference yesterday by President Trump. Richard Vice President pence is in a difficult situation because he has tried up until now to stay above the fray and not engage in the tweets and other stuff to come out of the president s mouth. In this instance he says the president has been very clear. Saying it does not make it so. The president has been anything but clear. He posted one thing and then set another thing. Who knows what he will say next. Hear some clarity from him the other day when he was speaking from the heart and not the teleprompter in trump tower and said, both sides. Look at how uncomfortable the men and women in the cabinet behind him looked. That was really something. Shery people have been uncomfortable about trump for white some time. We have seen him survive many scandals, the firing of comey will this time be any different . The mostthat is important question and one no one can answer. Disbanding ofhe these councils. Stuff that is very difficult in america for many people to face. We have seen in these last couple days around the water coolers and in family people have been affected by this deeply. Other ceos put out statements assuring their employees they stood for inclusiveness and diversity. An Issue Companies and the heads of companies will be dealing with for the next couple days. One that all of america will be talking about. There are signs on the street in new york urging everyone to have a discussion. Every night, protests there outside trump tower. Former special adviser to bill clinton. One feature on the bloomberg we would like to bring to your attention is our interactive tv function. You can find it at tv to watch us live, but also see previous interviews and dive into securities or bloomberg functions we talk about. You can become part of the conversation by sending us instant messages during our shows. That is for subscribers only. Shery welcome back, lets get a quick check of the latest business headlines. Spends 1 billion on original programming in the next few months, stepping up its battle with amazon and netflix. A Los Angelesbased team will buy content for apple music and other streaming contents. Apples budget does not compare with its rivals. Amazons outlay at 4. 5 billion. Rejectinghay pacific declining passenger numbers fares. Aper f the ceo world out becoming a lowcost carrier, saying they are focusing on airport lounges, more wifi on planes, and better food. They say times are tough. Spacex has successfully completed its run to the International Space station, delivering three tons of scientific experiments and ice cream. Linking up some 400 kilometers above new zealand. They took over shipments to them fleeten that shuttle retired. Their next launches in november. Another Global Investment house looking for ways to directly that on chinese debt. We will have the details next. This is bloomberg. Whoooo. Youre searching for something. Like the perfect deal. On the perfect hotel. So wouldnt it be perfect if. There was a single site. Where you could find the. Right hotel for you at the best price . There is. Because tripadvisor now compares. Prices from over 200 booking. Sites. To save you up to 30 . On the hotel you want. Trust this birds words. Tripadvisor. The latest reviews. The lowest prices. Shery it is 7 30 a. M. Thursday in hong kong. A sunny day outside. We will see how the labor market is doing this afternoon. In this bright city, the Unemployment Rate expected to come in at 3. 2 . We are 30 minutes away from asias first major market open. Betty it is 7 30 p. M. Wednesday evening in new york city. We are in late summer. Markets shrugging off turmoil we have seen in washington. The focus on the fed obliterated by President Trump and all that news. We will be talking about that and the impact, the reduction of the Balance Sheet will have on the market. I am betty liu in new york. Shery and i am shery ahn in hong kong. Youre watching daybreak asia. President trump has abolisheds Advisory Council as mo