vonnie quinn. this is the european close on bloomberg markets. ♪ mark: here are the top stories from the bloomberg and around the world. the ecb will remain accommodative as the fed may turn hawkish, driving stocks and the dollar higher. how to invest amid central bank uncertainty. i wall street firms set to get a major reprieve from the upcoming missive to rules and learning goldman sachs may chart $50,000 for post- mifid research. president trump due to meet with members of the senate finance committee, a key committee when it comes to passing tax reform. can he make progress towards this agenda.

european equities are trading under 30 minutes until the end of the wednesday session, rising for the first day of three with highest levels for the stoxx 600 since june 19 with all currencies falling against the dollar. bond yields are daily -- gaining. dax isnd in the diverging from the technical momentum indicator. the relative strength index. something usually seen as negative and technical analysis. whenivergence occurs prices make higher peaks as the dax has done in recent weeks. while the rsi makes lower highs. that indicates momentum is fading, even as prices keep going higher. the bullish trend is intact for now, according to day by day. it will be interrupted if the index ranks below 12,930.

we are at 13,000, 46. -- 13,046. let's stick with germany. j.p. morgan chase and morgan stanley have differing views on what the ecb's policy decision next week will mean for german bonds, jpmorgan recommends taking an outright for a position in the 10 and 30 year bonds and selling five-year german securities versus comparable u.k. government debt. analysts are expecting a hawkish ecb to cut his monthly purchases to 20 from 60 billion euros for nine months. in contrast, morgan stanley expect the qe program to be tapered to 40 billion for six months, followed by 20 billion for three months, a total of 300 billion with the continued buying, pushing down german bond yields, particularly in the five-year sector.

yields confined to a narrow range this year. asml withnews, quarterly sales trailing estimates, it stuck to its outlook for full-year revenue growth. backlog 5.7 billion euros with shares down 2.2%. in the u.s., how is it looking? orie: thanks for working up major averages, nasdaq now slightly in the green as the s&p and the dow hover and records with the dow over 23,000 and holding above it. finance is already part of the story. for the groups on the move, that is not my bloomberg terminal. maybe we can get that. financials, there we have it, the best performing group, up of a half of 1% with health care i

wanted to highlight. health care a group in the s&p also trading at a record. we haveseen trends -- seen an on going back and forth about whether states will retain subsidies for the aca health plans. individual movers, a lot of health insurers on the list, anthem, it will set up its own pharmacy benefits management unit, which signals a break with express grip over whom there has been disputes about overcharging . anthem of 4%. i will get into that in our stock of the hour segment. other health insurers extending the gains from yesterday in the wake of earnings from unitedhealth group. you are seeing gains for shares of abbott labs anyway cover their earnings. that itsreporting earnings are doing well after its m&a activity had settled down with earnings beating estimates for the third

consecutive quarter and its medical device unit doing well. itshe flipside, allergan price target cut at wells fargo in the wake of a federal judge on monday invalidating several patents covering their therapy re-status with creeks dry eye. eye.eat dry looking at the bloomberg, hopefully we will get mine this time. health care performers, the s&p 500 is in yellow. we have been looking at this chart because it is managed-care. the outperformance we have seen of year is remarkable for a group over which there has been a lot of debate. keep in mind that a lot of the largest health insurers in the u.s. have pulled out from me aca -- the aca changes entirely. mark: as wall street guys reported there results mifid is springing up on earnings.

no doubt that, over the course of the year and beyond, people get clearer and clearer of transparency and cost to execute versus device versus content that there may be competitive dynamics to change and we feel like we have been building several years to be ready. bumps, i dobe some not think it is anything we are concerned about. months to than three go, the fec on because of providing a key reprieve to wall street over mifid 2. let's bring in our team of financial regulator reporters. what start with the sec, sort of retrieved is that offering to wall street> ? >> among the complicated issues with>> mifid, one of the most complicated with the u.s., by

complying, they will be violating u.s. sec rules and the sec, they have been lobbying them for months, the sec seems close to saying, it is fine if you violate u.s. rules to comply with mifid, we will not punish you. mark: how will that go down eu?in the ed -- >> one of the last pickups before mifid starts. the global reach of mifid, a lot done in brussels for european markets desk law done in brussels for european markets has a wide range of fact. a large relief to wall street and probably do some of the european investment funds that will be consuming research from wall street. vonnie: last -- on the goldman called, the cfo was asked about the impact on goldman and we got interesting details. let's have a listen. >> mifid 2 will make it more

important than it has ever been, always been important, to have scale. i would not trade our franchise with anyone else. vonnie: putting on a brave face. we got details about goldman prices, didn't we? -- we have seen prices throughout the year come out from every bank. $30,000st was the number they came out with. forth.f back and over the course of the year, prices have come down from more in the range of $100,000 or more. something we are watching closely. a chart, jesse, different banks and different pricing. barclays may charge $450,000 for its gold pricing range. what do you get for $450,000?

>> what is interesting, it is hard to see world in which wall street will make more money selling research than it has through trading. wall street has benefited for a long time from bundling the services. as investors say, i like getting research from one firm and i like someone's trade execution better, that creates a problem for wall street. that is going away in europe and a good chance u.s. investors start to see what european investors are getting. they will want the same thing. just because the sec is solving an issue for mifid on the horizon, there will be a lot more issues on the line as client perhaps go as far as revolting and saying, we want what the europeans have. we do not want a conflicted arrangements where we pay you one fee for everything. we want to pay the firm that

does something the best to get that service separately run them. , jesse,w much lobbying has been done by wall street over mifid 2? we started with the sec possible reprieve, that would be hugely significant. how much lobbying is being done up until now? >> the lobbying has been intense. probably from the moment the fcc chairman got into the building chairmane had -- sec got into the building in may, he had 10 rules on mifid. sounds like obligate a stuff but he gets to the core of how wall street brokerage firms make money, they make money for executing trades, make money for setting up meetings between ceos and big investors, they get money for setting up conferences. they get money for publishing research. these are core elements to the business. mark: you have written a great story today, mifid still a model

in many eu states is the start date looms. .- ascii started looms why are countries -- as the start date looms. why is this when january 3 -- january 3 is looming fast? >> it is a part of how legislation and regulations are made in europe. laws making it through a first part in brussels a few years ago, since then, there have been many regulations that have come out. what happens is, it needs to be put on the national law books in each of the 28 states that are a member of the european union. there was supposed to be a deadline, there was a deadline of july 3 for each country to have done that. some did, the u.k. was one of the first. some others are not done. it is one of these additional last-minute scrambles.

mark: thank you. our financial regulator reporters. check out mifid go on the bloomberg for a maze of solutions for navigating mifid 2 regulations and catch our show on financial regulations bearing weekends on bloomberg television. vonnie: let's check in on the first word news with courtney donohoe. >> republican senator lamar alexander says president trump called him to prop up obamacare. lamar alexander and patty murray every city of to resume subsidies to help insurers that president halted, that agreement likely to run into republican opposition. there will be an early test of president trump's decision to take a tougher stance on the iranian nuclear agreement. the u.s. ambassador to the try at theons will security council today to

measure international support for american criticisms of the deal. u.s. allies have said they still backed the accord. in beijing, the chinese president has laid out a roadmap for turning china into a leading global power by 2050, she warned of severe challenges in a speech to the congress party cut that converts and called for a reform of state run businesses and tougher financial sector regulations. george soros has been pouring billions into his foundation in happen money managers waiting until the end of the two pay taxes from and fees they earned in offer funds. -- offshore funds. billioned more than $13 to the use of deferrals and has given his open society foundations $18 billion in recent years. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. mark: coming up, an uphill battle for akzonobel chief

executive, they are looking to shore up support from investors to go it alone after an unwanted approach from a rival. more from that interview next. this is bloomberg. ♪

♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn. mark: live from london, i am mark barton counting down to the european close. the future of akzonobel after a failed takeover bid from a rival. their chief executive thierry vanlancker has a long road ahead and making the go-ahead alone approach and he spoke to us earlier. >> the most important task for shareholders besides the

dialogue that stepped up massively to explain what our plans are, what our future steps are. the others that is to deliver and that sense, the third quarter is a mixed message, encouraged by the volume momentum and a positive turn on prices in the market. at the same time, the third quarter from a variety of industry announcements, everyone in the same boat, a number of very natural disasters, hurricanes, earthquakes, all sorts of items happening that have made it eight bit more muddled in the third quarter. the best way to get shareholders back on boards is to show our plan and how we get to the 2020 targets and showing the steps to get another direction. execution, author chemicals unit is something shareholders are watching and you said you had a significant

amount of interest from corporate bidders. how soon do you expect to be able to get to investors results? announced that we go for a shareholder meeting at the end of november to ask the formal approval. we will do it for a track that is both a sale or a legal the merger of the company. we are on track, a complicated process to get a big chunk of the company basically independent. we have seen and the three-phase that's a lot of interest from strategic players, from private equities -- a lot of interest from strategic players, private equities. as soon as we have the approval from shareholders, we will be able to execute the process and it will be quite some buzz around what would be the right ownership to a sale or by a

public listing. >> if you go for a sale, do you know if you would prefer to go to an industry player, or to a private equity owner? do your labor unions have a preference? what would push you in one direction or the other? >> i do not think we have a special preference on which direction it would go. we will look at a combination of what is the value being offered, monetary volume and assurances on what the new owner is planning to do with the business. it is not to the identity of the buyer, it is about the best overall package for what is an excellent asset to make sure the future contains use for all the stakeholders. >> you have expressed some confidence in the past that ppg will not come back with another bid for the business, why are you so confident? are you speaking to ppg?

>> i have indicated that because it is not part of our management team meetings, something we do not take in our plans. any company publicly traded, if there is an offer, you have to assess the offer on its merit. my point was that there is -- it is not part of our agenda, not part of my management team meetings. we have our hands full to make sure we deliver on our 2020 plans. that is what i was indicating when i may be statements. mark: thierry vanlancker, the akzonobel chief executive officer. vonnie: happening now on capitol hill, u.s. attorney general jeff sessions testifying before the senate judiciary panel. he has addressed a variety of , including the russian conversation with presidentill donald trump. follow the hearing on the bloomberg on tv . this is bloomberg. ♪

♪ live from bloomberg world headquarters in new york, i am vonnie quinn. mark: live from london, i am mark barton. give localomy facing headwinds and nikkei, the future of brexit negotiation stalling and the bank of england could be preparing for his first rate hike in 10 years. joining us is the chief market strategist. what is a question you have been asked the most in town in the last few hours? >> coming from the state, we get asked about donald trump and tax reform. feels have a real cyclical , when the framework was announced a few days ago, market rallied.

like most donald trump proposal, want to get into the details, the market came back. mark: we will talk more about the u.s. in the next segment but what do your u.s. clients ask you about europe? what is the question they want most answer when it comes to europe? >> extremely confused by brexit and what the u.k. wants out of brexit -- why the u.k. wants out of brexit? what do they want out of the negotiation? i do not think americans worry about it as a macro risk, but they see it as an outside event, a potential tail risk, if it go sour. not the top on anybody's minds but when they look at europe, that is the headline they gravitate towards th. vonnie: what are you doing in terms of investing with brexit, someone said way to much uncertainty. ,> that would not be our view

in the equity markets, if you look at the managers, on the equity side, we favor europe, broadly speaking. it is not that the european markets are dramatically cheaper than the s&p 500, but we think they are a little bit cheaper and there are places of dislocation like the banks, we think the european banks are really cheap. we think u.s. banks are cheap it.we are not running from we tend to be bottom-up value managers across our money managers. the bigger the headline risk, a lot of times we will run into that. mark: where is the value outside the u.k.? a chart that shows you how the european equivalent to the next is at it -- vix is at an all-time low with record low volatility in the u.s. at the same time as record for indexes. not records for indexes, why not? >> there is still a fear of the political ramifications. this brexit, you have angela

merkel having to develop her new coalition. what is going on in cattle on. -- catalonia. .ownward pressure there most of the markets continue to move up, but the u.s. is where maybe the earnings have been strong and there is still this embedded hope that somehow tax reform will come through. it is a bit more political taylor went to the u.s., a bit of a political headwind in europe. mark: great to see you. you are staying with us on bloomberg. look at were equities are faring as we approach the close. this is bloomberg. ♪

♪ mark: live from london and new york, this is the european close. i am mark barton with vonnie quinn. europe's toxic hundred gaining. -- stoxx 600 gaining.

a lot today about today from the corporate perspective. sweden's second largest bank -- third-quarter profits that beat expectations, a pick up 11 -- in lending. bigfirst of the six nordic banks to report earnings. some insight into how banks are benefiting from improving economies throughout europe. let's talk spain, worries about catalonia's bid for independence saw investors pulling money from it spanish etf for a third straight week. just stretch of --

record redemptions in the days following the region's referendum. spain cutting its 2018 growth outlook this week, citing the impact of the catalonia crisis ahead of the big thursday deadline for the region's president and his claims for independence. finishing up with spain, holders of catalonia's 2020 bonds may have stopped sweating and now optimistic going into thursday. the securities yield spread, the spanish government has narrowed to an nearly 310 basis points, the cap alone -- catalonia bonds front to a high 28 basis points from a one-year average of 30 basis points. all eyes on spain tomorrow. vonnie: we have a stronger dollar. the view of some other currencies. yen is 113, weaker by 7/10 of 1%

and the mexican peso back below 19. stronger thanks to the idea we will move onto a fifth round of negotiations and keep talking about nafta. theears when it comes to mexican peso, they are out of hibernation, forecast is 18.27, the median for their dollar peso forecast. we are at 18.88. canada boosting today, below 1.25. you one around -- a mixed reaction to the beginning of a party congress. if we moved to global macro movers, the cfi 300 is up 8/10 of 1%. some investors like what they heard but not a lot to go on we did not expect. versus the u.s. dollar, many

emerging markets currency having a down day. europeat land, mostly in -- band land, mostly in europe. puttingesident trump tax reform on the radar for investors as u.s. stocks hit more records and his meeting with the senate finance committee at the white house. his take for the next fed chair on the writer as he will announce his decision in early november. talking to david lafferty, natixis. where are you leaving with the new fed chair -- leaning with the new fed chair? david: my preference would be janet yellen, she has done a fairly good job, no need to rock the markets. would not be surprised what a new name, taylor. interestingly, we know donald

trump is a fan of low interest rates. we know the taylor rule what imply higher interest rates. part of the gap has closed and people overestimate how much more restrictive taylor made the. the rate -- may be. what you use for your real interest rate assumptions for your normal fed target interest sureassumptions, i am not the fed has not closed that gap a little bit with the four rate hikes. i am a fan of the status quo but not surprised if it is taylor. mark: adverse market reaction, if it is taylor versus warsh. let's say they are the candidates that can provide the most interesting market reaction, what market reaction are we talking about? david: warsh is a critical pick because he was critical of qe given that $4.5 trillion of liquidity into the system,

people are as worried about that as they are the level of interest rates. the tinkering of interest rates, the market will accept more than if there was a view that we will unwind the balance sheet more significantly. one of the smartest things janet yellen has done is set the path with the caps for drawing down the quantitative easing program. that is presented as a fait chair,i to the next fed if it is not miss yellen. i would be more worried about warsh because the balance sheet has potential shock value more than just the level of the overnight interest rate. vonnie: where are you putting your money? under management, shifting it around? david: not enormous shifts. the asset allocator today has a real dilemma that the world offer some pockets of relative value. , 15, 1614 -- 14

trillion of quantitative easing, does not offer a lot of absolute value, everything is kind of expensive, between moderately expensive and really expensive. where you can find pockets of value are emerging markets on the debt and equity side. we like european equities, not dirt cheap but cheaper than probably the u.s. market. in the bond market, we stay in credit. we lean towards credit and want the additional coupon. unlike 1.5 years ago when you have superlow interest rates and much wider spread, you have to be more reserved. maybe moving up out of high yields and crossovers double b and triple b, even bank loan where you are happy -- we still like credit but do not think we can stay out at the -- vonnie: some of the emerging markets doing great and you get a geopolitical jolt like with iraq and the bonds plummet. what are you looking at in terms

of emerging-market debt you are excited about? david: i think there is a couple of things, what everybody worries about in emerging-market debt, particularly u.s. dollar denominated was that the fed would be super aggressive and raise the u.s. dollar funding costs. we are not worried about that. we think that a lot of emerging markets have better diversified their issuance, the issue a lot more in local currency now. about the as worried dollar funding crisis you hear about. we have seen china stabilize. china has the elephant in the room when it comes to emerging-market activity and almost all facets. the idea that china is better balanced in growth and structural reform, we have a big fear last year, the terrible january when everybody was worried about a slowdown in china. it seems like china has been, not taken off the table as a risk scenario, i worry about their level of debt, the buildup

in debt, but in terms of generating between 6% and 7% real gdp rates, i think that will keep the emerging-market carry trade continuing. ,ast but not least emerging-market currencies have been doing better lately. i think owning those in local currencies may be is not the risk that people will have worried about, at least for dollar-based investors. normalizationrate , what about the u.k. and the ecb, the bank of england and the let's talk bank of london, inflation figures yesterday 3% and wages of about 2%. real pay is still negative. does the bank go ahead? rid of theon and get emergency cut post-brexit? david: an interesting time to it rid of the emergency as is going into the reverse gear, the negotiations.

they price things in the futures market, it is pricing its 75%, 80% chance of a hike on november 2. we will find out what mark carney is made of. given the inflation numbers, if you went to the old-style traditional central banker, i think he would raise. a will take him, he has problem that other central bankers do not have right now, most central bankers are worried about inflation being too low while he is faced with, given the pressure on sterling, he is faced with inflation that may be higher than he wanted to be. he has a more difficult choice to make them janet yellen or mario draghi. mark: great to see you. david lafferty of natixis global asset management chief market strategist. vonnie: let's check in on the first word news with courtney donohoe. >> outside of baltimore, authorities say three people were killed and a shooting of a business park and two wounded. police searching for a suspect

and the shooting took place in edgewood, maryland. the european union unveiling new measures to counter lone wolf attacks after a number of killings in major cities by extremists driving vehicles into crowds of people. these steps are aimed at better protecting major gatherings like concerts and sports event. british prime minister theresa may says that one thing is certain during the brexit talks, the u.k. will leave the eu in march of 2019. she told parliament that the government is ready for either a deal or no deal. >> i can confirm that what we are doing is working for the best possible deal the united kingdom. kingdom.e united it would be irresponsible of government not to prepare for all possible scenarios. that is what we are doing. >> the u.k. and eu divided on a number of issues, including how much the u.k. should pay to leave. the government in spain will decide whether to oust the president of catalonia the next day.

the spokesman says it depends on whether he renounces his claim to independence. been trying tos persuade the catalonia leaders to back down to avoid a confrontation. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. vonnie: getting headlines from president trump's meeting with members of the senate finance committee which is ongoing. donald trump said he expects the largest tax cut in history and says that he will not enrich health insurers and will try to get something done with lamar alexander on health. he also says that he is expecting the largest tax cut in history. we will bring you any more headlines as we get them. this is bloomberg. ♪

♪ mark: live from london and new york, i am mark barton. vonnie: i am vonnie quinn and this is the european close on bloomberg markets. tod lanter anthem, our stock of the hour -- health insurer anthem, president trump he will get something done on health lamar alexander but not enrich health insurers. why anthem is moving? >> nothing to do with washington but pharmacy benefit managers, and am starting its own pharmacy benefit management unit to get more control over costs. according to jonathan plummer who covers health insurance for bloomberg television, anthem in a dispute with express scripts, one of the biggest pharmacy benefit managers, over what it says is overcharging. they have been suing each other and anthem says express scripts

has overcharged by as much as $3 billion and anthem is taking back the business and saying it will have its own unit. growing its own business with what it says is a full suite of products. , becausenthem and cvs they will partner with them five years from now when it will be ramping up the business and express scripts is here because it is the company getting cut out. express scripts is higher, in part because analysts and investors were expecting a move like this from anthem, because of his ongoing dispute between the two companies. this is the expected outcome by some. vonnie: isn't it a tricky time? >> they are under pressure from outside sources. you have conflicts like it is having with anthem and lawmakers asking how these pharmacy benefit managers make their money.

toy act as middlemen administer these drug contract and negotiate prices. you have scrutiny from lawmakers perhaps about the opioid crisis. a drugmakers are upset about consumer outrage and blame pharmacy benefit managers in part. speculation about amazon entering the business which has caused disruption in stock prices in a wide swath of different kinds of industries. anytime a whisper of amazon entering it. when i talked to jonathan plummer, i said what is this company for an where did they come from? he said maybe 30, 40 us go pharmacy benefit managers handle the part of the business that health insurance -- health insurers were happy to outsource. at the time, drug costs not an issue as they were much lower. now that they are higher and scrutiny has increased and conflicts have increased, you see the companies bringing it back in-house. look at the bloomberg, united

health care has its own pharmacy benefit management unit already comment for the good chunk of revenue, a quarter of revenue from that pharmacy benefit business. the total revenue from united health care in white and its segment in orange. vonnie: comprehensive stock of the hour report. president trump moments ago told he it has support on taxes from both sides of the aisle but he did not name names. senate democrats are meeting with the president now to discuss what they want to see in a tax bill. john thune earlier expressed his confidence lawmakers can achieve reform, even in the short time left. >> whether it gets done at the end of the year or sometime in the next year, it will be done in this congressional cycle. we have two years every congress and we are committed to making sure that tax or form is

something we can deliver for the american people. i hope it happens by the end of the year, that is the goal and we will try to make that happen. vonnie: joining us is our washington correspondent, kevin cirilli. they point the president made, he has support on both sides of the aisle, where might it come from on the democrat side? kevin: i have been speaking to republicans who say to me that simply they are not anticipating brought widespread democratic support. vonnie: i have to cut you off and come back in a moment as we want to listening to what the president had to say. president trump: thank you ron wyden for joining us. we are here to discuss our plan to deliver historic tax cuts for american families. beinesses, workers, it will the largest tax cut in the history of our country. here are some of the highlights from our framework. we are doubling the amount of

income that is taxed at the zero bracket. the zero bracket, many people will take advantage of that bracket that are not in that bracket. we are increasing the child tax credit. we will end the estate tax sometimes referred to as the tax. we will -- death tax. we will cut the business tax rate from 35% to no more than 20%. according to the council of economic advisers, reducing the corporate tax rate from 35% to 20% would increase average household income by $4000 a year. each household on average will taken $4000 and they will spend the money, which will be great for the economy. we are cutting taxes on small businesses to the lowest rate in more than 80 years. 430 million americans who own small businesses -- for 30

million americans who own small businesses, a tax-cut and they will thrive and expand and be happy. for the next five years at least businesses and manufacturers will express the full value of new equipment in the year in which they buy it. something nobody thought in terms of and something which will have i think one of the .iggest impacts on our economy we will impose a one-time low tax on trillions of dollars of wealth parked overseas to encourage companies to bring back those profits and bring them back home. and spend the money at home where it belongs. they cannot bring the money back in now because of bureaucratic problems, because of certain legislation, and because the tax rate is so high that only a very foolish company head would bring the money back. the numbers could even hit the $4 trillion mark. people have been saying $2.5 trillion for years but we know it is now much higher.

the vast majority of americans will be able to file their taxes on a single sheet of paper. not only will these be massive tax cuts, they will be a big supplication. -- simplification. it is tax cuts reform but i focus on tax-cut because it is such an important weapon to get our country really moving. we will go from being one of the highest tax nations in the world to one of the lowest taxed, meaning more jobs, higher wages, and more products stamped with the words "made in the usa." this is a once-in-a-lifetime opportunity, in my opinion. this is something that will be really unique, the timing is right. sides had people on both and i promised documenting the names of the people on the other side, or names, a lot of people or that are liking this and i

think we will have tremendous support. we will restore america's competitive edge and restore the middle class, this is aimed at the middle class and render the promise of the american dream. we will have companies coming back into the country instead of leaving our country. we will not have them leave and fire everybody, and make products and sell them back into our country only untaxed been -- untaxed. we have people been without jobs and no product. it will not happen anymore. i want to thank everybody for being here and we will have a great discussion. i am sure we will have unanimous support, right, ron? [laughter] thank you very much, thank you. [reporter chatter] trump: i did not say what that congresswoman said, she knows it and now is not saying it, i did not say what

she said. i would like her to make the statement again. i did not say what she said. i had a nice conversation with the woman -- with the wife who sounded like a lovely woman and i did not say what the congresswoman said. most people are not too surprised to hear that. let her make her statement again and you will find out. let her make her statement again and you will find out. chatter] president trump: we will see the bipartisan. lamarr alexander is working on it very hard from our side. if something can happen, that is fine, but i will not do anything to enrich the insurance companies because they right now are being enriched and have been enriched by obamacare like nothing anybody has ever seen. i will not do anything to enrich the insurance companies. lake erie much, thank you --

thank you very much, thank you. vonnie: there you have it, the president donald trump speaking to reporters before the big meeting with the senate finance committee, surrounded by some of them. ask questions about health care and his conversation with a fallen soldier's mother who died in niger. on tax reform, he said that he has support on both sides of the aisle. let's get back to kevin cirilli. who is he talking about? the cryptic thing where he says, i promise not to reveal names. who may it be? [laughter] takes two republicans say the thinking is the administration and republican leadership's do not think they have massive democratic support. that said, they are hopeful they can get a couple, a handful, three or four lawmakers in both the house of representatives

where they would need 10-12 lawmakers and in the senate where they could potentially get one or two, someone like joe manchin or heidi heitkamp. if they can get that, they feel their chances of getting tax reform by the end of the year would be more strong. vonnie: what about john kuhn who says this is so complicated it may have to wait until next year. ? kevin: a great point from him, , you are publicly starting to hear some administrative officials and republicans on capitol hill saying that, unless they pass a budget this year -- this week, the chances of tax reform by the end of the year become more tricky. listen to what mick mulvaney said when i told him that yesterday. >> if it does not get this -- done this week, more likely it gets done in the beginning of next year. we need this reform, we need this tax package sooner rather than later. that means by the end of this year. kevin: i checked with a helper

of senator rand paul and he is still undecided come he got a call from president trump and urging him to vote yes to did it, but i he sure we will get a budget vote. a hurdle for tax or form by the end of this week -- tax reform by the end of this week. vonnie: thank you. mark: coming up, the chief executive of an italian energy giant joins us at 2:00 p.m. eastern and 7:00 p.m. london time. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered.

leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. vonnie: the new name you are and follow the theme in london at midnight in hong kong. i am vonnie quinn. >> i am shery ahn. welcome to bloomberg markets. ♪

shery: here are the top stories on the bloomberg and from around the world we are following. the stock market slowly grind out record after record with the dow reaching 23000 and the s&p 500 is an all-time high, we will speak with the deutsche bank chief global strategist. sources say the securities and exchange commission is preparing to give wall street a big reprieve concerning new mifid set to take effect, the plan and what it means for brokered read -- broker research costs. automation coming to wall street in a big way, bloomberg is taking a look at the critical issue in a series of reports. they focus on the coming revolutions and what it means for workers across the industry. here.hyman is halfway into the trading day alread