tv Bloomberg Markets Americas Bloomberg October 30, 2017 10:00am-11:00am EDT
♪ vonnie: here are the top stories we are covering. indicted. former campaign manager paul manafort and his business partner charged on 12 counts including conspiracy against the united states. muellercounsel robert probe intensifying after five months. a big week for the federal reserve with the president leading towards powell for the next fed chairman. more on what to expect this hour. seatacebook in the hot with high hopes for a third-quarter earnings. this as a company continues to struggle to stamp out "fake news." minutes intoe 30
the u.s. trading session. a lot of new this morning and our markets are reacting. julie: we are seeing a mixed picture. there does seem to be a little bit of trepidation and the ratets, mostly seen on the side with the 10-year. stocks in the u.s. are mixed. we saw a straw finish -- we saw a strong finish to the week with technology. we see more bumping as and the downdraft we are seeing with big names has more to do with earnings fallout as well as analyst calls. if you look at our big three declines today, we have merck shares trading down. the stock was down. down at morgan stanley and barclays. the shares down almost 5%. general motors being downgraded. 27 analyst saying he sees
downside potentials with cyclical pressure and changeover and north america, driving the company's e-business down 5%. advanced micro devices is trading lower. this one is from morgan stanley, that stocks being cut to underweight. those shares trading lower. overall, as we head into this , a jobs report, the fed meetings, we are not seeing much trepidation in the market volatility. this is an index that looks at financial stress in the mountains -- stress in the markets. this is the monthly average come on track for its lowest monthly average going back to august 2014. it doesn't look like, at least by this particular measure, that
markets are bracing themselves for any kind of negative news. also, want to mention on the more positive front, at least for the stock, cap atlanta group has agreed to be bought by lennar that will form the largest nation's homebuilder. we will get more details at the top of the hour with abigail doolittle. but new-home sales with a backdrop for this. and new home sales are pretty strong here. we have new home sales covering near their highest since 2008 as we had been seeing this build post crisis. and then a more recent dip and build as well. these two companies looking to capitalize on that. vonnie? vonnie: julie hyman, thank you for that. president trump's former campaign manager paul manafort and is one time business partner, rick gates, charged in russian meddling in the 2016
election facing money laundering and conspiracy in a 12 count indictment. chieftest is our counselor. we had the indictment, 12 counts. what do they include and what is potentially the most damming of the indictments? >> the indictment insult -- the indictment itself does not address collusion between the trump campaign and russia operatives. in that sense, it is just the indictment insult rather than the specific charges that caused the problem. vonnie: we are starting to pull on a piece of string that was pulled before manafort's involvement? marty: correct. these were all purported events that took place before the campaign and do not involve his work is campaign chairman. then again, it does subtly
become a real thing for this white house that they have to deal with -- this becomes a real thing that the white house have to deal with. many people have speculated that this is an attempt by robert miller -- robert mueller to try to get manafort and his partner to provide evidence, if there is any, of the collusion he was charged with investigating. shery: over the weekend, we saw the white house insisting they were not very anxious about a potential probe or indictment. what was the response since then? today, it is expected that former trump campaign paul manafort will be here at some point. his top deputy, rick gates, also wrapped up in the scandal. 12 counts is what they have been charged with -- conspiracy against the united states, as well as failure to disclose who exactly they were represented -- who they were representing.
i have spoken with several top for president trump, as well as one senior republican lawmaker, all of whom were shocked about the charges. they suggest they are much more far-reaching than previously had believed to be so. was askedlawmaker who to speak on background simply because they were going through the charges said, they don't dissipate this will have an impact on the republican-controlled congress. that said, i can also take that rick gates, let the campaign. rick gates was still at the rnc. he even was a top deputy later on to tom barrick was a close relationship with president trump. so, all of this is moving incredibly quickly, but i can tell you that this is fairly -- this is the vary beginning. the judicialo
system and becomes a legal matter. , 31the charges of which page indictment is very remarkable to say the least. marti shanker, at what point might the office of the president gets involved in a legal capacity here. marty: it is interesting and kevin would mention this that donald trump has not mentioned these events at all. his legal advisers are telling him, it has become real. it is in the judicial phase. commenting on it one way of the other could be interpreted as obstruction of justice. so, he is being silent, which i think is a wise thing for him to do. the onlyer he gets -- speculation is he -- the only speculation is could he pardon
one or both of these individuals before going to trial? there is a lot of debate on whether that will be legal. this the beginning on bigger things to come? toll to get be the more information. marty: this is the first concrete action that robert mueller has taken that will create a cascade effect of seeing whether or not there are further indictments, further charges, and whether they become cooperating witnesses. i mean, those are the things you have to watch for in the days and weeks ahead. vonnie: some of these charges are that he failed to represent himself as an operative of , and moneyernment laundering, and some tax avoidance issues. if any of these are proven, could it be possible for the president to claim, yes, that is irrelevant to the three or four months he happened to be working on our campaign? marty: very well could and
probably should. there's nothing in this indictment that links activities to the campaign or possible russian collusion. with that said, it is a pretty juicy indictment. there are even reports that they used a landscaping bill of over $650,000 to help launder this money. it's, it's, it's the salacious, the indictment itself. shery: this comes at a time when the republicans are trying to push this tax bill forward. will this be a distraction that will in fact help republicans passed a tax bill -- past the tax bill very quietly on the side. kevin: this will dominate the national and geopolitical news coverage. the chair of the president being charged, but there are no plans to move around the schedule like tax reform. republicans in the house expected to unveil their
proposal, where there will be a public meeting on november 6. spoke withorning, i a former senior white house staffer, who told me that rick gates, paul manafort's deputy/business partner, who was wrapped up in the charges as well, without the white house himself at least five to six times this year alone. he was also his deputy chairman of president trump's inauguration committee. shery: kevin cirilli, thank you so much. and marty shanker. let's get first word news. is the week that the president will announce -- -- will announce the next fed chair. spending in the u.s. rose last month by the most innate years.
shares surged. in spain, the government is cracking down on leaders from the cap the land independence movement -- the catalan independence movement. spain's attorney general has stopped short from ordering an immediate arrest. the euro area has risen to the highest level in 17 years according to the european commission on employment on the region. employment is falling. corporate investments are rising. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. vonnie: thank you. coming up, the rise of past investment. george walker talks to us exclusively about how the firm is competing the giants such as
♪ vonnie: this is "bloomberg markets." i'm vonnie quinn. it is time for futures in focus. president says president says n enough for the new fed chair is coming this week. the dollar taking a break. we are close to highs of recent months. will it stay there if we get another announcement -- if we get in announcement --if we get an announcement? >> we found our lows and 91 and
we will work higher. i think we have an outstanding chance to go back to a dollar. you will see some selloffs in now, i wouldright be lucky to buy at 94. lucky for a break and 95. the question is, how fast do we go higher? vonnie: we have oil trading above $54 a barrel. how much of this has to do with the movement in the dollar, and how much of it is truly fundamental with opec? >> actually, i think it is artificial in my opinion. it doesn't have anything to do with the dollar because oil should be going down with a higher dollar. of course, it didn't go way up when the dollar was going down. that is a weird relationship, but if there went to cut supplies, it is tied to the aramco deal and a lot of other
things. i will sell more here because i don't think this is based on anything but speculation that we may or may not get cuts. the shale producers will start pumping away and take this at $54 a barrel. vonnie: todd, thank you so much. that was today's futures in focus. money managers are trying to find their place in the tug-of-war between active and passive investments. he is going up against giants such as jpmorgan and goldman sachs. bloomberg's erik schatzker is here with more. erik: i'm here with george walker, bit ceo of neuberger berman. good to see you. george: good to be with you. erik: you have been through a lot, including a financial crisis. what would you say of the biggest challenges you face
running and asset management firm today? george: i think the challenges are no different today than at any period when you are a fiduciary responsible for other folks's money. performance is the primary challenge. it is perhaps harder today than it has been historically, given the rise of passive and the increase in compression taking place. but at the end of the day, is the need to deliver real value for clients. erik: what do clients want? george: performance. erik: four outperformance, naturally. but i am thinking more along the lines of asset classes do they prepare -- do they prefer today? george: people continue to invest in each of the asset classes and we have growing businesses in equities and fixed income and private equity.
but the low rate environment we have experienced over the course of time has certainly led to folks taking more risk with an asset classes, so more in high-yield then in high-grade and more in emergency markets in developing markets within fixed income, for example,. . our alternatives business has grown faster than the traditional money management portion of the business. erik: for how much longer do you think can clients continue reaching for yield? in other words, you know, if you -- if you face absurd take it to an absurd conclusion, they will be in high-yield. do you see money continuing to move in that direction? george: yes, money is continuing to move. many of the spaces are small relative to the core,
traditional market. recession onot see the horizon, certainly not in the next 12 to 18 months, ultimately, the business cycle will intervene and decide will go out. folksthink some of the looking for higher returns is going to be, some will be well rewarded in some approved to be difficult, and at that point, the business cycle will cause folks to rethink their allocations. erik: what about hedge funds given the disappointment returns in recent years? and a growing number of institutional investors seem to have this taste for hedge funds. george: the case i would make for hedge funds for asset classes starts with risk. clients who have been able to build thoughtfully, diversified portfolios of hedge funds can end up with a portfolio that looks like fixed income levels of risk, but different risks.
i think the case for hedge funds will be stronger in retrospect after we go through a period of rising rates and get to a place where rates are higher. so, at a place like this where we have seen low rates shrinking rates, low dispersion within equities, it has been challenged. that having been said, i think the fee model for many in hedge funds is broken. and i think that hedge funds in the future will, there will be less constrained investment than traditional, but done in a fashion where fees are more balanced between investor and client, and that is a good thing. erik: what is the right fee model for hedge funds? george: first of all, i think it is hard to say, and people do hedge funds as an asset class. feereality is that it is a class, and there are people who
are of radically different skill levels competing and thinking they should get paid the same. erik: should it be more outcome-driven? george: that would be a constructive place to be. there are a number of people who have been leaders in this. the folks down at texas futures have been some of the most aggressive. the 130 model is an interesting one. there is no right or wrong answer. but anything that generates closer alignment between our folks fundamentally delivering for their clients, and of a being compensated and realistic levels? not at the levels that have happened historically, it is a good thing. erik: you mentioned the low rate environment. four two years, that has been what managers have been saying regarding quantitative easing hurting returns. yet, the stock market has been on fire since the last call it correction since 2016.
what are you telling clients to expect now? have a we continue to healthy, if you have been overweight towards equities, grounded in real earnings growth, which we have not seen for a while. so, the earnings pictures you are reporting on each day is improving. and we expect that to continue to improve next year. i think the reality is, you will see improved earnings, rates while they may increase, are still fairly low. inflation is not on the horizon and a significant sense. so the valuation levels, while high and a historical context, are not high relative to rates and inflation. we continue to have clients invested, overweighting risk asset classes, and probably have less in the u.s. been we had a year ago and more in europe and more japan, and continuing to be overweight with emerging markets. shifting from large-cap toward
smaller cap and will picvot from growth toward value. people's instinct thinking we have come so far in the course of the past eight years, they should be nervous. that is the right instinct to have. the challenges the numbers suggest that people should remain invested, and their returns will be had prospectively. erik: what will happen if congress gets rid of the 401k deduction? george: i don't -- if they actually got rid of it, it would be absolutely a bad thing. rumors are if they were to constrain it, which i think would be a bad thing, they anht couple that with increase in people's ability to put money to work after-tax, growing the amount you can put in a roht. th. we have an enormous savings
challenge. the 401k has helped us address that, and any moves to reduce hard-working folks' ability to set money aside for retirement, i think is, i think would be an enormous mistake in a longer-term, social sense. erik: you mentioned earlier, george, that fees are challenge for somebody in your position. how much pricing power does neuberger berman have over management fees today? george: zero. [laughter] george: we work for clients. clients are, are, are tough. consumers are tough now. technology is changing and people's ability to negotiate has changed. challenges are significant and are real. but in a good sense, right?
to deliver we exist for the retired teachers in the state of texas, for example. and the fact that they are getting a bit more, and wall street is getting less, is a good thing, not a bad thing. erik: george, thank you very much for spending time with us on bluebird television. vonnie, that is george walker, the ceo of neuberger berman. shery: thank you. we have breaking news looking at investigations into russian election meddling in hearing at the special counsel has announced that a trump campaign guilty ofas pleaded given false famous to the fbi, and those are directly related to russian interference. the justice department saying that he made false statements and that he said that he heard about "dirt on hillary clinton," and agreed to a deal released by the special counsel office.
we know that he was a campaign volunteer with limited foreign-policy experience. hehave heard reports said sent an email to other campaign officials, proposing a meeting with russian president vladimir putin. this is a part of the ongoing investigations into russian meddling in the 2016 election. vonnie, this is developing. vonnie: i want to mention we have our first trump tweet on all of this of the day. the president weeding out moments ago, sorry but this is years ago before paul manafort was part of the trump campaign. hillaryaren't crooked and others the focus? and there are five question marks after that. foreign-policy aide pleaded guilty to special counsel. let's see what the ramifications are with kevin cirilli.
partnerhave a managing specializing in white collar crime. kevin, let me ask you. they addition of this new piece of information into the matter that in next one policy aide pleaded guilty back on october 5, and was obviously seeking -- speaking to special counsel, what is that mean in terms of what we are hearing today that we have indictments against paul manafort and his business partner? kevin: well, i am outside the courthouse were charges were filed, and i don't want to speculate, but i think it is that george, the senior foreign-policy advisor to the trump campaign we are now learning did plead guilty to giving false statements to the that george, the senior foreign-policyfbi, cluest mueller's investigation has extended beyond just paul manafort's former campaign manager as well as rick gates, and suggests there could be a situation where the relationship
between the former trump campaign advisor and their relationship with russia officials v is stillery much of focus -- with russia officials is still very much of focus. there is no line of collusion and the 31 page indictment brought against mr. manafort and mr. gates, but this would suggest that these charges filed against george that there could be other angles that robert mueller is in fact exploring and investigating with relation to s to russia.ies shery: shery: let's bring in brian. give us the significance of this extended drive into george pleading guilty secretly into giving false information to the fbi, and how this relates to
paul manafort's indictment on 12 accounts? and given how much momentum we are getting, what is next? having mest, and for this morning. with respect to the significance of having george's indictment unsealed, it shows the independent investigator is coming at this from several different angles and is not limited to one sort of inquiry focusing on paul manafort where manafort and his direct associate -- the coming -- but coming under other directions as well. if you look at the indictment, you don't see anything that matches papadopoulos by name or by inference. there could be some secondary information that could connect and the papadopoulos. what i think you are seeing is that there are several different angles that are coming out. they also timed the unsealing of the indictment to time with the manafort indictment.
so, they did not want people to know what they were doing until today. vonnie: interesting we are getting a second tweet from the .resident under his president there is no cold asian, he says. , he says.on why aren't crooked hillary and the dems the focus? speculating as to how robert mueller will .trategize on these charges will you get someone to flip, to give information in relation to other things that might happen for leniency. hat part of the strategy already done, that george papadopoulos is being helpful for more leniency to be extended
towards him. certainly possible. this is a competent strategies investigators use, because of the federal sentencing guidelines, which would impose stiff sentences for the crimes men of fort has been -- matt nafort has been accused of. this is common and effective. i think they have already started it with george papadopoulos and i think it is the intent with manafort. kevin, we are now getting these tweets from president trump. the white house insisted they concerned about potential indictments. what response are we expecting from the president? is a pardon on the table at this point?
>> the president tweeting there is no collusion is what you are going to be hearing. i spoke with one prominent member of the house who asked not to be named because their office was going through the charges. this lawmaker told me there was shock at the severity. that was their word, severity of the charges. i want to read again from these charges on george papadopoulos. according to the court documents the nature of his relationship and interactions with certain foreign nationals who he understood to have close connection with senior russian government officials, if this is the cause against george they brought why these against him for lying, for having a relationship with russian officials. in terms on if this will affect republican policy, this is
clearly a distraction. i spoke with several folks who worked at this white house is the beginning of the campaign all morning since these charges indictment since the was brought forward, all of them noting me this is clearly good behavior on the behalf of rick gates and paul manafort. in terms of the broader context here, about not disclosing which foreign entities these consultants and lobbyists are beking for, that is going to a storyline that is going to fall out for the next several months, years in both political parties. that is where republicans will try to focus as well, as well as to put the focus on other consultants and lobbyists who have not disclose they are working for or in governments, and corporations, and businesses
as well, including the tech companies that will testify on this matter this week in congress. vonnie: you represented plenty of people that have been accused of white-collar crime, or have been charged of white-collar crime, and dealt with government agencies. if you were representing paul manafort in this, given that there are accounts of money laundering, 12 counts of such matters, how would you tell him to act? what would your strategy be? are veryese counts specific. there is ambiguity about what a question asked and what the proper answer would be. i fully expect mr. manafort to come forward with defenses that say i understood the log required something different, i fully expect him to say i had other lawyers look over what was
being done, or advising me, and i relied on them for a proper interpretation of the law. the key to being prosecuted of these crimes, he had to know what he was doing was a crime. .he law can be complicated i think he is going to say i did not understand this, it is a mistake, i relied on other people to help me get it right. shery: there is very little precedent for an investigation of this magnitude into election interference. is there a chance robert mueller could charge foreign entities? bryan: there certainly is a chance of that. i think the fact that robert mueller has attacked the case from several different perspectives indicates it is a wide-ranging investigation, there will be more shoes to drop. would you beopeful
that a pardon might be used down ?he line would you want that given, if someone is pardon of federal crimes, they can't use the fifth amendment to not give witness or expert testimony? bryan: you can only pardon so many people, and do incredibly, .ntil -- and do it credibly instead of pardoning him, distancing himself from manafort, saying none of this tax stuff had anything to do with me. i think it is going to be more of a distancing and less of a pardoning. if mueller goes after four or five people, for trump to pardon all of them it would look incriminating for trump. shery: thank you. paul manafort and rick gates will make an appearance there
this afternoon. vonnie: the charges against chairman paul manafort and rick gates are roiling. what should have been a good week for the white house, from expected to announce the new fed chair before leaving for asia. the president said to be leaning toward jerome powell. kevin, all eyes are on the federal reserve. all of this breaking news with the russia investigation, we are already making progress in terms of charges and indictments, does that impact markets? kevin: if this was any other week, i would say that information would dominate trading. when you line up what we have going on, including the numbers taxad today, potential
reform, and the nomination of a new fed chair, it is still sitting to the side. while it is important data, the real market moving data is going to be later this week. how interested -- shery: how interested are markets on gdp markets, which were pretty solid, against everything else that could be affecting how u.s. debt is being treated? that is worth five or six basis points. the gdp numbers. looking forward basis. it is all about inflation. we knew that from friday's gdp. kevin: inflation continues to be the stored or for the debt markets beyond what the fed is doing. the long end of the curve is still getting boosted by what is happening overseas. low inflation, the fed only has
one more tightening move before the end of the year, probably well into next year. talk wasast week the about how the bull market is over. 10.93%.ack to kevin: this has been written 12 times for the bond market. if we could ever get sustainable solidion along with economic growth, you can see rates move up. tax reform is a big if he out there that could push rates up. it is expected to bring rates up. as long as we have less than 2% inflation, the bond market still has a good play on the long end. that is what we are saying. there is a flight to quality that may come about whether it is spain, ecb, or happening in this country.
there is still a stronger underlying bid. shery: at the end of the day, treasuries are still better to sell. to shortwould not want into the treasury market against any news i thought was going to affect it grandly. 240, it is it is at still better than any other sovereign credit for its rating throughout the globe. there is enough out there that people invest in. due to wednesday we are get the details of the tax plan, hopefully. some time by thanksgiving there supposed to be a vote. it is supposed to be done by the end of the year. if that were to happen, when the treasury need to issue more treasuries? lots of supply question of supply question mark what was that due to the markets? kevin: you may see that.
uptick that might prepare for that. the expectation is there would be more debt to fund a tax reform package. the market has been able to absorb that. the fear would be if in europe the economy grew enough, money repaid trades itself across overseas, then you have this gap in yields potentially. in absence of that, you can handle the supply come you can handle what is coming, as long as it is not too severe. they: as you can see on bloomberg, we continue to see the spread becoming the slimmest in a decade. is the only sure thing in the markets given that we don't know who the fed chair will be, the only sure thing we could see a flatter yield curve. with the expectation they will raise rates, in december,
short rates are going to go higher. any little bit of inflation will flatten that curve. vonnie: last question, are you looking around the world as well? what about china? any interest in dipping your tell into that water? kevin: a little bit but most of our investments are domestic. mortgages.rate and will the emerging markets rally? we would hear from the executive chairman of emerging markets from franklin templeton investments. this is bloomberg. ♪
>> this is bloomberg markets. vonnie: time for the stock of the hour. lenarare is buying it -- is buying its rival. explaining why this deal is happening, the largest deal ever. washe last largest deal back in 2009. it has been some time. this is significantly larger and will create the u.s.'s largest homebuilder. , homebuilding index, up 50% this year, the best year
since 2012. lots of optimism around the economy helping americans go out there and buy homes. this is true leading to the u.s. housing starts. 3592, this is a long-term chart. this was before the housing bubble burst, where new home plunged.l now back above one million. september brought u.s. housing starts to the highest level since 2007. the fact that this huge deal is coming together, they think the cyclical tailwind we have seen is likely to continue. shery: we do have the tax overhaul coming up. what else do we know about this.
the ceo of lennar is saying they will pay down debt. homebuilding companies do use a lot of debt for found enhancing. -- for financing. it looks like it will boost the average price. homes, that should be good for the combined entity. thank you-- vonnie: to abigail doolittle. >> the emerging market still steaming ahead. surge? powering this should investors expected to slow down? what the interesting thing you have the u.s. growth
theng back up, because of floods, emerging markets are still powering ahead. 6-7%.and india growing at it is remarkable. struck me and others, we have had a rate hike cycle, it this isand yet em, basically emerging market index, one that you love, it is going higher. what do you make of that? mark: what i have been trying to tell people for a long time, don't depend on interest rates to determine what is going to happen to the markets. there is no correlation over a long time. in certain. there it -- in certain periods, they sell the market, but it doesn't happen all the time.
>> one thing that has been beneficial is the stability in treasuries and the u.s. dollar has been weaker when others expected it to get stronger. seem to be a side story. does that need to continue for you to be bullish? mark: yes. we are seeing a lot of movement up to the bottom. we think that is going to continue. >> are we also seeing a structural change? it used to be the it was all about commodities. now we have a growing middle class, and take coming on strong. on strong pay fundamental change. mark: the u.s. index, the japan index, is bigger. this is because of the impact of
these billions of smartphones being sold around the world in emerging markets. 70% of sales are in emerging markets. >> people can afford to buy them. mark: exactly. beingia you have a phone lent for $25. it is remarkable. >> you have -- [indiscernible] look at how em has performed this year. if we can break it down regionally, you have this terrific outperformance in emerging market europe. then behind that my the story of europe, and lacks the lat-am. which do you want to get exposure to? mark: i would look at latin
america. you see tremendous change in argentina, brazil. you need to have some blind faith in politicians to deliver on what they said they were going to deliver? mark: given what has happened in brazil, if they can do 10%, it would be a big revolution. at franklinmobius templeton investments on bloomberg daybreak. our facebook's fake news efforts working? bloomberg. are facebook's fake news efforts working? this is bloomberg. ♪
all of this comes as facebook officials affect a series of congressional hearings tomorrow and wednesday. the focus, political advertising. facebook in the election, and fake news. frier, explained the efforts facebook is trying to make him and why it is struggling. they are not deciding on their own what is true and false. they want to outsource that. our do not want to be borders of the truth and they don't want to be a media company. the system allows political fact, the associated press to go through this dashboard of bogus links you will see, and one by one say true or false. it is a time-consuming process. there are a lot of duplicate links.
dent difficult to make a in overall content. we are expecting facebook to make an appearance at these congressional hearings, what will be questions from lawmakers? sarah: lawmakers want to understand how facebook, google, and twitter were manipulated by rush ahead of the election. they want to know how it can be prevented in the future, and insight into what they can do to prevent it. all of the companies have come up with some self-regulation, adding transparency to their ads. twitter banning russian news sites from advertising. that sounds like it is not enough. we are expecting some tough questions from regulators. you get earnings wednesday. earnings from any of this?
sarah: it is going to make the $100,000 in ad spending look tiny. facebook is on eight hair in terms of its financials. we do have more bloomberg markets, next. you have tons of guests coming up. we are keeping an ion the markets as they await the -- [indiscernible] 95.dollar is approaching you are seeing major indices down a 10th of a percent with the exception of the nasdaq, which is rallying a quarter of a percent this monday morning. ♪
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♪ vonnie: here are the top stories we're covering from the bloomberg and around the world. firstanafort among the charged in the russia investigation. why robert mueller's probe poses a threat to the white house. in spain, the prime minister appears to be gaining the upper with little resistance. [laughter] [applause] the focus turns to the regional election in december. a big wait for central banks. an fomc meeting that may give the all clear for a december rate hike. we are 90 minutes into the u.s. trading session. ju