David and how is he going to pay for it . The United States is a little bit behind the u. K. They are on their second female Prime Minister. Alix glaxosmithkline ceo andrew witty and tom fanning will join us to break down all their earnings. I turn to you and say it is all about fx. Jonathan what captures risk sentiment that are then dollaryen in the fx market . Tn back with a 105 handle. Firmer, apple helping do that in the United States, and equities firmer in europe as well. Fifth straight a day of losses for crude, down 244. 37. Down to 44. 37. You might forget that today is fed day. A lot to discuss. Alix what matters more, the boj or fed . Lets check in with our Bloomberg Team for indepth coverage of all of our stories. Carl riccadonna on the fed as it wraps up its policy meeting as well as Matthew Cantor men on in europe aschael Deutsche Bank signals deeper cuts, and megan murphy in philadelphia. Jonathan lets begin with coverage of global Central Banks. We will have a more indepth Global Coverage report. Is and dougive current. Nondecision im told. I wake up to news from japan and im struggling to figure out what is happening. Enda what we had today was an unexpected announcement of an unexpectedly large fiscal stimulus package. They were showing footage of a High School Baseball game and that will give you an inkling of how nobody was expecting this announcement. What we do not know are the details. We do not know the net new money that will come out of this package, when it will be rolled out. What we do know is that it put pressure on governor kuroda and the boj to respond when their policy meeting ends on friday with more fiscal stimulus of their own. It puts kuroda in a position where he does not want to be. The question is, can he pull another surprise out of a hat or will he disappoint . Jonathan janet yellen, will she disappoint later . Carl riccadonna joining us. Everyone thinks they will do nothing. How do you communicate best doing nothing . To take afed is going different strategy from the japanese and not employ shock and all. They are moving with a tremendous deliberation and what that means is they will very subtly acknowledge the changes in Economic Performance since the june meeting. , express ally means bit more confidence in the outlook for Economic Growth and a sigh of a bit of relief that the labor market is not rolling out of bed. Riccadonna, and enda curran. We will have full coverage of the fed Rate Decision this afternoon at 2 00 p. M. Two big stock stories moving in opposite directions. And Deutsche Bank. It seems like the question for apple is are we going to see a move higher, is the worst over . Matthew it looks like apples business is stabilizing. Expectations were low this quarter and they exceeded, so it seems that stabilization is the way to describe this business. Alix what is the key metric to look at for next quarter . Their fiscal firstquarter is the december quarter and that will give us a iphone what they expect seven to do. Alix to look at the Services Side of the business matthew i think tim cook has not set a whole lot you and it is getting worrisome that he is sticking to the status quo whether rather than trying to find things driving us higher. He has been throwing out the same metrics for a long time. Alix Michael Moore is joining us on Deutsche Bank. It was a different story, particularly when you look at the u. S. Bank. Michael Deutsche Bank was down 20 in the debt trading whereas all the u. S. Banks were up. You are starting to see the restructuring have an impact on the business, whether it is getting out of certain areas of trading and they also talked about clients being unsettled by the negative news around Deutsche Banks Capital Position. Alix Going Forward, what are we going to see what are we going to have to see out of Deutsche Bank . Has been all about costcutting and boosting the Capital Position, and that has been the theme for this year. They talked about more cost cuts, more job cuts, 3000 in germany after they finished negotiations with the labor unions. They will continue to try to boost the Capital Position by selling their bank unit and a stake in the chinese lender. Alix thank you, Michael Moore joining us in london. There are a lot of other movers we want to be watching. The first is twitter. It is really getting hit hard in premarket, thirdquarter sales much lower than estimate. Add revenue from video has not really kick in. Can twitter get more money once they do . Glaxosmithkline reporting the stock is slightly down. Revenue is pretty much in line. The company does see 2016 core earnings per share growing by 11 to 12 . Nintendo did not do well. 5 , still down over dealing with issues about weaker demand for its console as the stronger yen. Rounding it out with tanks in europe, unicredit taking a bit of a hit. Point 5king at a five billion stock sale and is looking to sell its entire stake in a polish bank. These banks need cash and they are trying to raise it. The stress tests will be released on friday after the european close. David we are going to go now to philadelphia. At the dnc bill clinton took center stage to introduce us to his wife. Married in we were that little house on october 11, 1975. I married my best friend. E after morein aw than four years of eating around her at how smart and strong and loving and caring she was. And i really helped that her choosing me hoped that her choosing me and rejecting my careerto pursue her own was a decision she would never regret. David megan murphy reporting from philadelphia, you just heard president clinton giving the softer side of Hillary Clinton. Did he accomplish his goals last night . There to humanize Hillary Clinton. She has struggled throughout this campaign with low favorability issues and trust. He spent a lot of time in the speech going back through things she has done that people might not know about. Challenges she confronted when she was younger, and as a wife and a mother. His second challenge is casting her as a nonestablishment figure , which is pretty difficult when you have been a secretary of state and senator from new york. He said she is the true change maker, the true nonstatus quo candidate. She is the real one between her and donald trump. That is a theme they will be echoing, the real change is with the person you have known for decades. David this was history being nominatedfirst woman by a Major Political party. Does this put the Bernie Sanders schism behind us . Megan i think they have been moving on. Establishing a unity candidate Going Forward, they are going to do that more tonight with president obama and joe biden. Mistake, there are a lot of people in that hall and in that arena that will not vote for Hillary Clinton because they are such active Bernie Sanders supporters. Her challenge is not only going to be to convert those voters but take their message to those crucial independent voters that are on the fence in the swing states, and make the case that she is the agent for change this country needs, she is the one who can carry us forward into these tumultuous times. The polls are very tight. David that is megan murphy, reporting from philadelphia. Jonathan moore cuts from john cryan. Overall chartists hit the bottom line. Japanese Prime Minister shinzo oblique announces plans for 265 million in stimulus. This is bloomberg. Alix this is bloomberg. One stock we are tracking in premarket is apple, jumping over 6 after stelling selling more than 40 million iphones. The Company Still being able to bank on the iphone sales that they get two thirds of their revenue from. Sales in the next quarter or going to fall but less than expected and that is also helping apple stock at premarket. It looks like there are signs of stabilization in its revenue and product stream. Are going to turn back to the big story overnight from japan, the japanese Prime Minister talked about a Fiscal Stimulus Program to get the struggling economy going again. Joining us is kit juckes. We will go up this morning to this news that i am some trouble parsing through. There was a speech given and i am not sure we have a transcript , in a city outside of tokyo. We are not sure of the specifics. What do we do with this information . Kit we wait until we get more details. We have seen lots of packages around the world announced by governments and then you say, how much is actually new . Are we taking existing plans and packaging them together to make them look egg . Big . How many bonds will they have to issue to finance this . I would like to see something that involves additional borrowing to put demand into the economy and try to get things going. Then i would like to hear pretty much at the same time that the boj is going to increase the pace of bonds they buy so they will buy more, and we can have a long and meaningful discussion about whether a Central Bank Buying more and more of a bond market whereyearolds are negative, whether helicopter money is a nonsense concept. Until we get all of that, us is a big looking number. David i wonder how much of this is a minuet between mr. Kuroda and mr. Abbe. There was talk of possible fiftyyear bonds being issued. Might this be a way of funding fiscal stimulus . Kit i think they are looking forward, and it will be much easier for the japanese to fund the debt if what they are getting is increased bond her kisses from the bank of japan. If they can term out on the issue even more longer dated bonds for the bank of devonte where youpan, that is have Monetary Policy and fiscal policy working more in harmony. Im going to find it much easier to be optimistic that that will weaken the yen than i going to be optimistic about what it will do in the long run for the economy. Certainly you need monetary and fiscal policy to Work Together for any chance of getting the japanese economy on a better track. Jonathan the boj as part of the g3. Fed we was the ecb or would have jim bullard on a program like this talking about what the fed may or may not do. The guidance from the boj is confusing and i wonder if they actually care. Againave shown again and that they are not really borrowed by what is expected, they will deliver when they want. Do you get a sense they do not feel the outside pressure coming from market . Kit if we look back at the last month in the u k were we were led on a merry dance by the governor of england. Central banks that communicate a lot have a problem if they are running policy and Monetary Policy committees with 2000 members. We will pass over everything we get from the fomc statement tonight but without a press conference to help them, and we will hang on every word of every governor that we hear from in the next two weeks. I am never sure whether one is that much better than the other. When i would like to see the end of the day or the policy moves that say we want to move this forward. David that is kit juckes coming to us from london. Alix to our big stock story of the day, Deutsche Banks ceo signaling more belt tightening. Apples lowercost iphone eases some growth concerns but does the lower average lower than average selling price affect profitability . Jonathan from new york city, this is bloomberg. Shares of Deutsche Bank trading lower in frankfurt after reporting the Second Quarter profit was nearly wiped out over a drop in trading revenue. Joining us now is chris wheeler. Im going to begin the chart, it is Deutsche Bank price to book ratio going back to the financial crisis. This company is trading at financial crisis levels. It is beyond that. What does that chart tell you and the message that investors are currently sending to john cryer at Deutsche Bank . Chris i think it tells you he has an enormous job to reconstruct the bank or focus the platform and get the bank into the like kind of shape to take advantage of the fact that it does remain a very large bank in the world banking markets. This also tells you this is a long haul as john has alluded to, although he is trying to accelerate the pace. Jonathan numbers coming out of wall street, their trading revenue was terrific for the big investment banks around the corner. For Deutsche Bank it was down 19 . What is the story . Chris the u. S. Banks were up 21 in aggregate over that period. John actually said in a letter to staff that the u. S. Had in a much more robust market during this period. I think we also have to face the its that deutsche and european peers have been losing market share because of the changes going on, and that is a concern because what john wants to do when he comes out of the restructuring is still have a leading player. Alix comparing it to other aspects of u. S. Banks, return on tangible equity was an eyeopener of a number at 1 10 of 1 versus 6 , 8 that we would see for u. S. Banks. Chris i sent that to my equity salesman and i think they were taken aback. The bank is breaking even and the cost basis is too high. Revenues fell 20 year on year and i think revenues costs fell by about 5 or 6 . That does not work and it is part of this process to restructure the bank, it changes, and hopefully step back. The problem is the 20 decline in revenues tells you there is a bad bank round that deutsche is having to cope with. David i wonder if they are trying to ride the horse in two different directions. We want to cut people but maintain our growth, for example fixed income trading. Isnt that hurting them in their core franchise . Chris absolutely. Investment banking fees in particular were weak and the quarter. Certain clients are stepping back and saying, maybe this is not the time to work with them on an m a deal when they are really so distracted. Side,ms of the trading generally speaking lions tuesday very loyal clients do stay it is absolutely essential john holds on to as much as his revenue base as possible. Jonathan i want to pick up on something you just said, clients pulling back from dealing with Deutsche Bank. Do you see that expanding across businesses given that when they are in the news always seems to be negative . Chris certainly in the retail space they have got that. Business,titutional people do have to step back occasionally and say, should we be giving so much business to a bank of this nature that is going through so many problems . I am convinced it will come out the other side but it is just a longhaul. Sitting there saying, we will keep business as normal for the clients is probably unlikely, and they will have to step it back until they see a calm her situation at deutsche. Jonathan down by over 4 . Alix next we are talking oil, jeff currie will join us. Wti at 42. This is bloomberg. . C sv jonathan from new york city, this is bloomberg. Maybe you are thinking about taking an early holiday. Do not, stay with me. Markets are on the move. On the backfirmer of decent apple earnings, up about 110. In europe ace a Third Straight day of gains. Switch out the board on this fed decision day, overshadowed by dollaryen in japan. , a weakerf 1 japanese yen. A fifthtentially straight day of losses at 42. 71. Lets get to some of the stock movers. Alix we are getting some earnings breaking right now. Boeing revenue coming in slightly better than estimates. They are seeing a core loss of about . 44 a share. I am not sure how that meshes up with certain estimates. Bullying is reaffirming its fullyear cash and revenue isdance, boeing reaffirming its fullyear cash and revenue guidance. Adjusted earnings coming in at . 74 a share. That stock pretty much unchanged in premarket. Headingown a little bit into premarket. Psa Group Earnings were up 52 in the first half of the year and it is dragging up all of the other carmakers in europe as well. Peugeot anding that brexit. Can survive airbus, Second Quarter profit did beast Beat Estimates by about 12 however they are taking a 4. 4 billion right off for two of their jet series. Wrapping up in the u. S. , you have got to look at cocacola. Did see a decline in foreign sales and it was not helped by an upward move in u. S. Sales. Lets get an update on what is moving outside of the world of business. Shery ahn is here. It was a historic night in philadelphia with Hillary Clinton the first woman ever to be nominated by a major party for president. Bernie sanders took the microphone and asked that she be nominated by acclamation. Clinton there are clear, achievable, affordable responses to our challenges but we will not get to them if america makes the wrong choice in this election. Her is why you should elect and you should elect her because she will never quit when the going gets tough. She will never quit on you. Sanders supporters continued to demonstrate outside the convention and inside, several dozen sanders delegates paraded off the floor. In france, one of the Islamic State supporters who stormed a church and killed a priest was on the terror watch list, wearing an electronic tag to let police track his movements. In the