Oceans has opened on an ominous note. Secretarygeneral Antonio Guterress the planets oceans are under threat as never before. He said plastic garbage in the waters could outweigh fish by 2050 if nothing is done. Environmentalists and representatives from 200 countries are attending that fiveday conference. Global news 24 hours a day powered by more than 2700 and analysts in over 120 countries. Im mark crumpton, this is bloomberg. Julia live from bloomberg World Headquarters in new york, im julia chatterley. Scarlet im scarlet fu. Joe we are 30 minutes from the close of trading in the u. S. Julia u. S. Stocks fluctuating near records. Joe the question is, what did you miss . Scarlet executives announce a number of upgrades and overhauls including a new smart home speaker. Called the home pod. The highlights coming up. A crucial week for President Trump. Rolling outuse is its infrastructure plan, but all eyes will be on former fbi director james comey and his testimony on thursday. We set up the week in politics. For arab nations cut rolling out its diplomatic and tha economic ties with qatar. We will dig into whatsit stake with the Sovereign Fund and countries that look to it for funding. Great show coming up. It lets get a look at where the major averages stand as we head towards the close. Abigail doolittle is standing by. Abigail we are looking at very small declines for the averages heading to the close. Nasdaq, s p 500, and down fractionally. These losses might be very small but we can see them flip to the green by the close and it would be a new record round for the major averages. The nasdaq earlier today did put in an alltime high. At tech names are carving out highs including microsoft, amazon, alphabet, and nvidia. One stock notably off the boards apple. If we look at an intraday chart, the shares are down about 1 on the day. Really range bound here. Not a lot of movement as the Worldwide Development conference does get underway. The faster mac, and upgraded ipad. We also have a newly developed or completely refurbished app store. And that home plot you were talking about, then is part the new smart speakers. In terms of the overall movement relative to products, lets hop to the bloomberg and take a look as to why that matters. Btv 8524. Phone contribution to revenue. And in yellow, we have the ipad revenue. The iphone had been increasing, declining, and in blue, services. Off of those comes alltime highs in terms of revenue contribution, needing to be picked up by services. All of these new developments, julia, round out apple products. A lot going on there for apple, julia. Lots of good stuff. Julia we will dig into the details. The Worldwide Developers conference just wrapping up. The Company Unveiling a home pot speaker as abigail mentioned. Taking on amazon and google in the voice controlled speaker field. This is their first major new hardware product since the apple. Atch released in 2015 lets go to cory johnson the conference in san jose. Its like they are doubling down on this with the price tag. It is pretty steep relative to competitors. Cory it depends on how you define competitors. Apple says they are in their own category, both a highquality speaker that you might get from it is also the smart device, like amazon echo. You can get it all in one space. The notion that you can put it together and make two products is what they are trying to sell here. It they are trying to sell to the developers. They are leaving the convention center, 2. 5 hours of listening to hardware and software announcements. Software hardware makes headlines. New ipad, new macbook, and this new speaker. And also, really interesting Software Changes to make it work together. Scarlet apple cant get away from the hardware where it made its name. I wonder, when you look at the headlines, home blog will work with an apple musics scripture and to get music directly from subscription to get music directly from the cloud. Apple seems to be moving away from the hardware. Cory ultimately, for this business to grow, it has to add something that is so much bigger. At what we saw with the ipad was something with a faster adaption rate. But it really petered out. The problem is the iphone itself , what could be bigger or grow a lot will be the services on top of that. The question is, how open do they make the system . Podont know if this home will work with spotify or other speakers set up in the home. These are the questions that will matter to users. It might be a cool device by itself. With otherthese companies. Interesting to see amazon and jeff bezos standing in the shadows across this thing. Announcing apple tv will be able to get amazon prime video, suggesting they might have settled their longrunning dispute. Amazon refused to sell apple tv devices on the amazon site. Jeff bezos saying my customers would expect amazon prime would work with it so they would not sell it. We will see if apple tv shows up on the amazon website. And amazon in the back over the speaker announcements. The announcements of crummy retail sales, amazon looming large in that category. So really, amazon is really the stocking horse here. Is 179 amazon echo dollars and the home pod will cost 349. An excuse do not miss of interview with apple ceo tim cook. We will be discussing the home pod among other issues with emily chang coming up at 5 30 p. M. New york time. Did you miss . President trump will not use executive privilege to block fired fbi director james comey from testifying. He will get his chance to talk about his private conversations with the president before the u. S. Senate Intelligence Committee in an open session. For more on this, lets bring in Bloombergs National political reporter from capitol hill. Itmises to be a very promises to be a very busy week from the comey event. It has already been a huge week. O far he was quiet for a while and then last night and today, really going back at it again, bringing himself to the center of attention. I think the president pots tweet storm this morning, there was a lot to unpack in that. Legal experts, including george conway, Kellyanne Conways husband suggested that it undermines his own immigration travel ban to say things like that. To call it a travel ban let me white house is arguing that its not. When the white house is arguing that its not. In the wake of the terrorist attack in london. This comes after an important week, and infrastructure plan that is overshadowed by stuff. It you mentioned the James Comey Hearing on thursday. Them across want to get to the bottom of what trump told him in those private conversations. If he did encourage him to squelch the investigation into michael flynn. President trump asked him for loyalty. Scarlet i wonder with james comeys testimony coming up, is this delay and or gumming up the expected staff changes that we ing or laying d delay gumming up the expected staff changes . This person potentially leaving or that person potentially leaving, we know the Communications Director left last week. That was a major shift. In terms of potential other white house shifts, i dont know that the events have much to do with them. I think it has to do more with the way the president is happy with the way things are going at the white house. We focused a bit on infrastructure because there were questions asked about the likelihood of any kind of deal being funded appropriately. It passes through the senate, not get dones this year, then in 2018. What is the feedback on what has been announced . Part of what has been announced as the president wants to privatize the air Traffic Control system. It is based on a bill that the republican chairman has proposed. There is republican support for that. That idea andse democrats are key for President Trump if they want to get anything through. President trump also wants to get to a place where he can put a lot of money in infrastructure. Supports do not want to this part of the plan. Anding something forward kind of going with what seems to be the low hanging fruit in terms of his own party. Joe Bloombergs National political reporter. Thank you very much. Julia seems like a regular theme. To theection news going final stages as voters head to the polls on thursday. George joins us to discuss the latest terror attacks and what it means for the campaign. And how the results will impact the countrys economic prospects. From new york, this is bloomberg. Joe coming up on Bloomberg Technology, an exclusive interview with apple ceo tim cook. You will get his thoughts on everything from the products they revealed to his thoughts on the Trump Administration. Stay tuned for that interview at 5 p. M. Eastern. Scarlet it is time for the Bloomberg Business flash, a look at some of the biggest business stories in the news right now. Manager raydge fund dalio not is bullish on President Trump as he once was. He sees the president move toward conflict rather than cooperation, the more he worries about the presidency. Dalia was the founder of Bridgewater Associates that manages 150 billion. Qatar airways could be the biggest loser when arab allies propose isolation measures next week. 76 faisal be grounded, 52 of which Qatar Airways controls. Saudi arabia, bahrain, the united arab emirates, and egypt penalizing qatar for supporting islamic groups. Harvard university has withdrawn 10 acceptances for offensive facebook posts. Sharing means about holocausts in the private message group. Harvard says they do not publicly comment on admission status. And that is bluebird business flash. Julia Prime Minister theresa may remains the most likely outcome of the u. K. Election even though the lead is narrowing. After the terror attacks, there was an official pause in campaigning. Bloomberg be you see the white line is the composite of the u. K. General election. If you look at the blueline that represents the labour party, what you can see below in the green is the relative spread that is going on there. We talked about this last week as well. The real story is the gains we have seen since the election was announced from the labour party. Perhaps rather than the conservative party. What we have seen in the past is that you see a draw to the dealbent president as they and talk about the need for more national security. The author and who joins us from london. Thank you for joining. It is clearly a very difficult time for the u. K. In light of what happened in the last four or five weeks and the attacks we have seen. How do you see this playing into the election this week, if at all . You mean the impact on the economy . Is that what you are referring to . Impact on the economy, but also Voter Sentiment. Does this drive Voter Sentiment . Play intoes that negotiations over brexit Going Forward . I think during the last whatever it is, three days before the vote on thursday it is possible that the most immediate or the very last swayk that we had, it may opinion in ways that havent yet shown up in the opinion polls that have come out. Up to and including yesterday. We dont know. There is one other poll out today that is the outlier amongst the nine or 10 polling organizations which regularly publish information. It suggests the conservative party might actually be short of an overall majority in the house of commons in the parliament by about 20 odd seats. As thetom line, really, package and chart made clear, there has clearly been, during the last two weeks, a shift towards Popular Support for labor. But not so much that it is actually completely overtaking the lead the conservative party has. Most polls still suggest that the conservative party is on course to win the election with a majority of seats in the parliament. But how big that majority is, nobody really knows. There is a magic number, below which the Prime Ministers personal position could be very tricky. It might spell the end of her tenure, but we will have to see what happens at the end of the week. Joe why dont you tell us what your magic number is . And if you fall below it, what does it for them greg at whatiations going or does it mean for brexit negotiations Going Forward . Mr. Magnus when the campaign started, people were talking about the conservative Party Getting a majority of 100 seats, maybe more than 100 seats majority. I think the market havent checked today. I think the market is somewhere between 30 and 80. If theresa may gets less than 50 45, imajority, less than think that will be quite a difficult thing for the party to swallow. It doesnt mean the government is unstable, i just think that her longevity there may be a question about how long she stays as Prime Minister . Brexit negotiations will get cracking very quickly after the election. What has been going on here will not be lost on the negotiating partners in the eu. A particularly strong position before the election, i dont think we will have a particularly strong position afterwards. The government will have its work cut out trying to get a deal that is acceptable to its own party. The people of the united kingdom. George, you said from an Economic Perspective that election is timed to perfection. Is that the case . Mr. Magnus it was timed to perfection in the sense that the out. My look to be peaking i think that has been borne out by some of the data we have been getting. We had First Quarter gdp numbers which were rather anemic. They be the worst in the al whole of the eu. We have other information that is not really in the mainstream of regularly published data that indicates constraints for consumer credit. It indicates constraints for consumer spending. Rising inflation is cramping a very stagnant crimping very stagnant wages. It doesnt look dire. If the u. S. And eu economies now,going the way they are we will be ok for a little while. But we are very dependent on what happens to you, to the eu. The Brexit Process itself is a corrosive drag. It is a glacial phenomenon but it is corrosive on the british economy. Scarlet George Magnus will be sticking with us and discussing china, whether the country is headed toward a banking crisis. From new york, this is bloomberg. Scarlet what did you miss yeah . China risks harming its Banking System. Still with us is George Magnus. China watchers have been warning about the dead burden for years the debt burden for years. You say china is that is funded. Chinas debt is funded. Mr. Magnus can it get much bigger . Or what level does gdp become critical . These things dont basically spell crisis. Particularly not in a state owned Banking System where bad loans can be extended. It they can be evergreen. The accounting regulations can be very opaque. So that bad debt doesnt necessarily have to be recognized or accounted for. So on and so forth. If you think back to the crisis that we had in the u. S. And u. K. 2008,rope in 2007 and basically, what precipitated the crisis wasnt necessarily the debt stock itself, but the banks suddenly dried up. We had leverage structures that would put in place and we had asset structures that people owned that suddenly became liquid. And when people lost confidence, the banks went liquid when everybody started selling. The china situation is not the similar. It is subprime in 2006, but fastforward 11 years and here we are. The funding structure of the assets that make up, on the other side of the balance sheet, the debt of chinas corporations and the quasifiscal agents. The funding structure has become progressively more risky and short. There is kind of a process there that, i think, and less than a couple of years, could become very critical. We will have to leave it there. It George Magnus, associate at the china oxford cen university. Julia here are the major averages, just tilting to the downside here. Dont miss inexpensive interview with apple ceo tim cook coming up on Bloomberg Technology. That is at 5 p. M. Eastern. From new york, this is bloomberg. What you miss . U. S. Stocks closing mixed. Little reaction to diplomatic tensions in the middle east and the terror attacks in london. I am julia chatterley. Scarlett i am scarlet fu. Joe i am joe weisenthal. Thanks for tuning in on twitter. We want to welcome you to our everyg bell coverage afternoon on twitter. Scarlett stocks not making much of the move today after closing at record highs. By 10sdaq moving south points. In terms of individual movers, that is where we are going to go because its more interesting there. We begin with para go. Because it isded facing structural headwinds from erosion pricing and market share pressures. Para go down by 2 . Staying with health care mallon cropped down by better than 5 . And buffalo wild wings, the shakeup will not be enough to shake it out of its funk. The ceo announced plans to step down because there was a feud between management and activist investors. And of course we need to mention apple shares. Apple is a lag are today. This is the worst day since may 17. Nevertheless, the announcement made at the conference boosted a medical device maker, its best day since march 24. Investors bidding it up. Appleypal up. 5 because announced enhancements to the iphone operating system that integration of iphone pay. As a reminder, do not miss the exclusive interview we have coming up with apple ceo tim cook at 5 00 p. M. On Bloomberg Technology. Chang and cook coming up at 5 00 p. M. Joe not a one of action on the yields. At 2. 1 8 . 10 year hovering for the lowest levels of the year. Levels right at we