Counterpart to discuss a potential military response. Reachedles has agreement with the lipid we just open the way for the city to host the 2028 summer games. The Los Angeles CityCouncil President confirmed the agreement. The deal would make l. A. A threetime olympic city after hosting the 1932 and 1984 games. Global news 24 hours a day powered by more than 2700 journalists and asked him journalists 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 im joe weisenthal, 30 minutes from close of trading. Data later this week, and all eyes on the white house once again. Joe the question is, whatd you miss . Anthony scaramucci has been removed as Communications Director. The u. S. Dollar falling under hard times. We look atbetting how losses pile up amid political turmoil. The worlds most valuable company by market cap reports earnings tomorrow after the bell. Investors are looking to pass we guidance and the longer term upside for apples new iphone. Miss . Whatd you Anthony Scaramuccis brief tenure, President Trump removed lets bring in our white house correspondent. And joining us, congressional. Eporter in the d. C. Bureau it is the shortest length of time that someone was in role of communications at the white house . Nothing is regular in this administration. It is certainly high drama. But retired general john kellys first job on chief of staff, he seems to have decided a little bit of drama on the frontend will save him a lot of drama on the backend. Prompting the exit today of mr. Scaramucci after an incredibly short and tumultuous time on the job. He could not have made this move without the support of the president himself. Was that new Yorker Interview or rant or whatever that was something that was considered too much . In talking with officials across the various different Computing Power centers, it became clear that pretty much uniformly, a lot of them were pretty uneasy about everything that happened last week from the cnn interview talking about cain and able to what the new yorker reported about that conversation. And i was told earlier today that that really core group of support for Anthony Scaramucci, not just the president but the president sosts daughter and soninlaw all of the safety nets seemed to receipt. The decision was that it would call. Lys we are still learning the details of what happened after that. Was a swift departure, and not just from his position as Communications Director, but from the white house. Scarlet what happens to sean spicer . He was the press secretary. And he resigned from that role. I believe his last days today and tomorrow, he wasnt staying on the white house. Reince is gone and scaramucci, might it allow him . O contribute something ech newoth sean spicer and the press secretary Sarah Huckabee sanders, neither one of them would bite on this question that all of us were asking. Sean spicer was always expected to stay on this job around mid august to help with transition. The question is, will that now become extended. Kelly towas for john install his own people. It is not clear that there would be that sort of future. But at least in the near term, he was planning on being around anyway. This changes the dynamic, for sure. The same time, this administration wants to enact some form of policy and is still wrangling in the gop over whether or not the path forward was health care, if the needs to be another vote, or if they need to close the book on that and move on to tax reform. Divisions within the gop. Where do they go from here . I think that the scaramucci supernova this past week has really been a huge distraction on capitol hill. Drama was when the going down on the health care bill. Histors were reading comments in the new yorker and shaking their heads. You have people like chuck grassley, tweeting out, dont have scaramucci use that language around me. It might be some relief on capitol hill. They are will have it is not a disciplined white house up until now. And if the chief of staff, john kelly, if he gives an empowered chief of staff reince prethis was sort of the chief of some staff. He was not able to hire and fire people. If john kelly comes in and has run the whiteto house, it would be a change that would probably be welcomed, frankly, by both parties on capitol hill. That is the question. The problem is that john kellys boss has access to twitter and can change the message of the white house at any moment while everyone is just getting to work. Do people feel like john kelly has a shot at making the white house more organized . I guess. Only so much. Certainly the president s tweets over the weekend, ultimately warning republicans would be losers or quitters if they didnt do away with the filibuster and try once more to pass health care, i dont think thats the kind of action that people in the senate want to hear. I dont think john kelly will change the things that have not gone very well with the Trump Administration and congress. That scaramucci, his 10 days of performance were sending shock waves concern through capitol hill. We will see. Course, what bloomberg customers care about is the state of tax reform. Our people now increasingly talking about a tax cut that might be more temporary in nature . I think so many decisions still need to be made on taxes. Everybody has been distracted by health care and by the white house chaos. And right now, the tax discussion is at such a leadership level. Members, rank and file the public dont have a good idea of what going on. Talking about timetables, saying optimistically they will get something on the senate floor in may be october or november. They are very far from having tax reform done. Thank you very much. Julia who replaces him . Scaramucci . [talking over each other] anyway, be sure to tune in wednesday morning as Goldman SachsCeo Lloyd Blankfein joins us live at 830 new york time. Dont miss that interview. Plenty more to come. From new york, this is bloomberg. Shares ofscarlet pandora are down sharply today. Better than 5 . Abigail doolittle joins us now for the stock of the hour. Abigail this is really a continuation of what we have been seeing over the last year. Stop down more than 30 over the last year. I did reach out this afternoon to a Bloomberg Intelligence analyst. This is coming down to Competitive Pressures from amazon, alphabet, and apple. A have been pumping of music in a big way. G btv 8548. K at this is a chart of pandora. See the stock has had a wild ride, at one point, up in a big. Ay by more than 40 . And in blue, we have the Revenue Growth yearoveryear. Investors simply not investing for that. It tells the story more of a macro standpoint. What are the metrics people want to see at this point . Abigail investors are looking for a loss of . 25 on 367 million. This is a great function on the bloomberg. It is the earnings function. We have the stock price in red. We have the best estimate over the last year and it has been trending down. Uphaps setting the company potentiallyt in a big way. We will find out, soon. We lost management and we got investment from sirius xm as well. Where is that headed . Abigail it is a big deal with a possible buyout from sirius. 480 million. T that is the most likely outcome, sirius will buy them in the near future. It is probably the most likely scenario. They will look for information on it as well. Scarlet lots of questions on that front. Thank you so much, abigail doolittle. Julia a look at some of the biggest business stories in the news right now. Wells fargo is facing a second lawsuit after the bank account scandal last year, accusing the firm of forcing them to buy Auto Insurance they did not need or want. The charges resulted in 250,000 dealings and 25,000 vehicle repossessions. Wells fargo disclosed it charged customers for unwanted insurance. After of bonds fell today scrapping plans to redeem some of the 14 billion of debt. The move sparked speculation that it could be worse than expected. Banks want more liquidity reserved. Carsble to overhaul rental and upgrade to newer suvs. It reports earnings on august 8. A 42 billion stock manager who womenthe bank study leaders return to 25 a year since 2009, more than double the index. The reasons are not exactly clear. They suggest women tend to be more conservative in their predictions intent to be higher caliber and their top roles. It is your Bloomberg Business flash. Scarlet dillards stock down more than 6 today after are targetingtors the Department Store chain. I spoke with Jeffrey Pierce, managing partner at the firm for his changes on the Company Including locking in the value of dillards real estate portfolio. As you guys reporting her article, there is 10 million square feet of retail. And another 4 million of industrial. This is a large real estate company. Convert all the real estate to rent, it will be about 350 per foot. There is a sears wrapper instead of a dillards rapper but i would argue the dillards wrapper is worth a lot more. The average rent is 470 for. As they capture that space, we think the average quality within a diverse portfolio has better demographics, higher growth, and higher household income. Over time, if you just converted this. This isnt the strategy weve been advocating for. Over time, if the retailer didnt work if you converted that rent to 11 a square foot and we have done a mall by mall analysis, we think that would be market rent that would get you to 500 million in net oi. And that gets you to a 300 stock price. Not pushing for dillards to spin off the assets and put it into a Real Estate Investment trusts, right . Was 400 million. There is no reason to, you know, over leverage the story. You can do this with cash flow. You can put any market rent you want on it and you will get to a number in the hundreds. A lot of people feel it is undervalued, but it has a lot less at the top rate. ,f you put the first valuation that is about 150 per square foot. The marginal buyer and seller is estate we are real guys. We dont need to have that view. But if you just put the per square foot valuation that it is traded at, it makes it closer to 200 than 100. Scarlet who would likely be a tenant . Who would take up that space . If you look at dillards store locations, most are in the midwest and the south. More than one third of its stores, in fact. Who would be appropriate tenants for this real estate . If you look at the demographics of dillards, they are great. Growth where population is and Income Growth is. This is where retailers want to expand. At who is taking of junior anchors or many anchors, you can look at the prime market and it leases 20 to 30 per square foot. We think the real estate is at least that value. Dave and busters is expanding, marshals, dicks. I can name 20 retailers taking space. You have a lot of throughput in a mall. They own the dirt and they own the box, the 200,000 square feet on the las vegas strip. Right across the street from wynn. 235 a footdoing and you can run the math ball on that. If you run the portion on that, you would get to a much higher number. Scarlet why would the family be inclined to amass real estate value would you have sears and mace is dumping millions of Square Footage onto the market . You could argue there is too much supply. Scarlet if you look at the core if you look at the Core Portfolio dillards has, it is an attractive portfolio. I have a list of malls that are doing similar or above that number. There is a lot of throughput and a lot of dollars there. I could open up a store and generate a lot of income at the right rent. At five dollars a foot, i could find a concept that would generate a lot of income. You have those dollars flowing through that mall and it is just a mass game math game. Look at where sarah tosh look at where they are signing with. That was my interview with Jeffrey Pierce on Bloomberg Markets today. If you haveeminder the bloomberg terminal check out tv. You can watch the breaking news. You can watch the live interviews. Here is us a few minutes ago talking about the breaking news on Anthony Scaramucci. It is the best way to get tv. You get charts, headlines on the side, you can send messages, complaints, anything you want. Line at see that blue the bottom . Asked the guest a question. Joe where else can you do that . This is bloomberg. Scarlet im scarlet fu. Whatd you miss . Rends in Retail Market looking ahead, what this chart shows you is how rising home prices, which is the bottom panel, the yellow line, is creating a bit of a conundrum. According to the university of michigan latest sentiment report, more consumers will list because of the rising prices. Selling conditions have increased. That is the white line. The blue line shows buying conditions are dropping to 111 year low. What to do . Joe its a problem, if you are a seller, you think higher prices are good news. But when you sell, you have to move. You end up having to pay more. Julia i want to move on and talk about currency. It is the final day of the month today. On track for five straight months of losses, the longest losing streak since 2011. It is also six months into Donald Trumps trading advisor saying the euro is grossly undervalued. This is looking at purchasing power parity, oecd metrics. Each of the g10 currencies are undervalued or overvalued relative to the u. S. Dollar. Actually, the euro almost 14 undervalued relative to the u. S. Dollar. Good calla pretty from navarro. Maybe traders will listen to him when he says that kind of stuff from now on. He does that pretty well. Julia still going, as well. Joe heres a chart i so from a Bloomberg News reporter. Nasdaq 100 etf that tracks the big tech stocks just had its worst weekly outflows since november of 2007. Its really important. This is a very noisy outflows dont tell you necessarily anything about what has happened or what is going to happen. It is one potential indicator to watch. Scarlet that is a big drop. Big move. A it is interesting we see this persistent weakness going to the close. Despite all the tech euphoria, they seem to be a little skittish. Julia and rounding out the scarlet big tech names tomorrow. Scarlet apple shares off julia and rounding out the big tech names tomorrow. Heading to thet close. The s p 500 unchanged and the dow up i. 33 . The nasdaq, as just mentioned,. 4 . Ing down almost this is bloomberg. We check our phones 85 times a day. So it only made sense to create a network that keeps up. Introducing Xfinity Mobile. It combines americas largest, most reliable 4g lte with the most wifi hotspots nationwide. Saving you money wherever you check your phone. Yeah, even there. See how much you can save when you choose by the gig or unlimited. Call, or go to xfinitymobile. Com. Xfinity mobile. Its a new kind of network designed to save you money. Whatd ya miss . U. S. Market showing a mixed bag and monastic underperforming under 4 10 of 1 . Apple in focus as we round up the big tech earnings this week. Joe if you are tuning in live on twitter, we want to welcome you to our closing bell coverage. Markets begin with our minute. A mixed day and market equities. The s p 500 with little change here. There are some m a news to announce today because it is monday. Lets get to it. We have been speculated on and reported in the days leading up to this. The bid has been put in and accepted as well. Charter communications up by 6 . We should mention that snap, the company that ipo did not so long ago is up by under 1 . Joe lets take a quick look at the bond market. Real quick, because nothing happened. Lets move on. [laughter] julia some weakness here as a mentioned earlier on. The dollar index is down from 0. 4 . That is the highest level of the euro we are seeing since january of 2016. The bank of englands meeting on super thursday. We get an Inflation Report but nobody expecting the bank of england to move here. I want to point out some of the emergingmarket currencies. We see some weakness and dollarruble. I want to show you a chart that refers. Up. Pulling this i am trying to multitask here. His is the correlation this is the weakest dollarruble has been since may. Talking about all of the sanctions and tensions with russia. That is the dominating factor, rather than what is going on with the oil price. We have had brent rising 6. 3 . Commodities on the front, the big winner today is iron ore. Up 0. 7 ron ore crude and west texas above 1 . Crude has been in a bull market lately. It was in the low 40s the week ago. Those are todays market minutes. Julia a couple of headlines claude crossing the bloomberg terminal. We have been talking about the fact that Anthony Scaramucci, the Communications Director at the white house, was removed today. He is expected to keep his wall street exportimports post. If there is anything mentioned in this press briefing, we will bring you those headlines as they go. For now, we will carry on with the show. Scarlett will carry on with the markets. Whatd ya miss . . The u. S. Dollar has been a big loser with all currencies this year. A big factor weighing on the currency is the continuing impasse in washington. Thence, how much of the dollar weakness is due to political impasse versus other factors . The political impasse has to do with the lack of policy stimulus. It is not the politics so much as whether we like trump are dont like trump. It has to do with the fact that nothing is going to happen. A lot of enthusiasm was built into that trade and it is turning over. Scarlett when you look at equities, this is a great chart. It has come off that high a little bit. The white line is the s p 500 adjusted by the blo