where the world of politics meets the world of business. today, from hong kong, stephen engle on the continuing pressure on the administration of carrie lam. from washington, the standoff between iran and the united states, and from the white house, kevin cirilli on president trump's switch out of his bowling team. let's go to hong kong. give us a sense of what is happening. they were backing up the legislation, i thought it would all go away. it did not. stephen: no it did not. we are taking into tuesday and the march was on sunday. many of the protesters are still here, albeit shrinking. an hour ago there were several hundred behind me, now it is just a few dozen behind me. behind me is the offices of carrie lam and they have been here most of the day. protesters have gotten a couple of big victories as the local

government has backed down from this controversial extradition bill. they have suspended it. they want it withdrawn. that is why they are staying here. they also want carrie lam to resign. in a press conference, carrie lam was asked about it at least seven times. she sighed skirted the issue. that is the big elephant in the room. will carrie lam eventually have to step down because she has blown what analysts tell me is all of her political capital. david: we want to talk about the big elephant in just a moment. in the meantime let's go to washington. news came out earlier that iran will be going beyond where they had been on the nuclear agreement with respect to uranium. how big of a step is this? nick: it does not alter the trajectory of iran's nuclear program. it is still within the bounds of relative normalcy but this is

clearly a message iran is sending to europe to say we are going to start to test the limits of the nuclear deal that the united states abandoned about one year ago but europe continues to it here to and iran has also been expected to adhere to. what they want are measures to make sure trade is able to continue. have beenions that imposed since the u.s. left the deal have been so restrictive they are completely bottled up the iranian economy. iran is now looking to europe to say, if you want us to stay in need to do your part which is to make sure we see financial benefit. the concern is what happens next if iran is found to be in violation of that deal, what pressure will europeans put iran and what will the u.s. do? that is what we are looking out for. david: you mentioned europe, which made the audience everyone

is playing to. beyond ramping up the enriched uranium, we of the series of incidents in the gulf with respect to sanctions. we had mike pompeo say we can protect all of those tankers. where is europe? how nervous are they getting? what there is concern that may happen here is the law of unintended consequences. you could spiral toward some conflict. the u.s. could deploy more military vessels to the region to escort ships through the strait support news. -- through the straits of hormuz. the question is what now? the united states came out strong last thursday after the attacks came out and said evidence showed conclusively iran was responsible. we have since had a long over the last -- had a lull over the last few days and it is difficult to tell what happens next. spike so high that the

bot and the concern was is the u.s. going to respond militarily in some way. what seems likeliest is this issue will go to the un security council and the u.s. is trying to marshal support from european countries to exert more pressure on iran. have now, the europeans stopped to give iran more of a past and continue to abide by the deal in the u.s. is the one that to back up its pressure. david: thank you so much for reporting from washington. now let's go to kevin cirilli at the white house. we had a swapping out of some pollsters over the weekend by the president. is that because he did not like what they were telling him? kevin: that is what critics are saying. the president's reelection team says they had severed times with the pollsters that leaked out polling that found the president trailing to joe biden in key battleground states like pennsylvania, wisconsin, michigan, and ohio. the president has all of his focus set on that reelection

campaign. he is headed to orlando for a rally tomorrow night he is already tweeting about, saying it will have record-breaking crowds. he will attend that rally to formally kickoff the reelection effort. we all know the importance of our ground state like florida. david: no question. thanks to kevin cirilli reporting from the front lawn of the white house. let's go to stephen engle in hong kong. you mentioned the key question -- whether carrie lam could hold -- or not. thetalk to joshua wong, leader the umbrella movement. this is what he had to say. >> that is the reason for us to organize five years ago to ask for free elections. it is time for us to freely elect the leader of our city. you heard what he had to say. it is that we want someone we

elect, not someone imposed by beijing. what are the chances of that? nick: varies -- stephen: very slim. that movement took to the streets and camped out for 79 days. they were fighting for something they never had, universal suffrage. this time it was different, because they were fighting for , anthing they always had independent judiciary from china's communist party judiciary. this is more critical, this fight. that is why going forward these protesters say they will stick , until until carrie lam this government withdraws the bill completely, even though a number of people in the government are already telling alreadysentially dead by suspending it were postponing of. it is a face-saving move by carrie lam. whether she will be able to

survive for a term, that has yet to be determined. for has will be determined -- perhaps it will be determined by her bosses in beijing. the job of chief executive of hong kong since 1997, there have now been four, they have all ended badly. is anuntry, two systems almost impossible business model to be chief executive of. david: thanks a much for the great reporting from stephen engle in hong kong. let's check in on the markets and find out what is going on. emma: we are in the green, but not by huge amounts. the dow jones and s&p 500 both around just under .2%. the nasdaq doing a little better, up .6%. we are off the lows and highs. the nasdaq gaining because the big tech names are gaining. apple, amazon, google, and

netflix among the top performers on the nasdaq. another top mover is the biotech index. having its best day since january. this is down to a number of movers. take a look at array biopharma up after pfizer says it intends to buy it. array makes a number of cancer drugs which pfizer things are promising, especially because they could eliminate the need for chemotherapy for some patients. also looking -- the company says it is putting itself up for sale. both of these companies make cancer drugs and getting a bid on the array-pfizer deal. 3%e a look, halliburton up along with some of the other drillers after hearing we could get access to more acreage in alaska. this on the new oil and gas lease program. boeing having its best day since

mid april. the ceo at the paris air show saying the company is open to a possible name change for the grounded 737 max jet. having its best day in 31 years as a public company because it is about to go private. buyingopean billionaire it for $2.7 billion. some investors, particularly download, looking at an $85 million profit. strategists have been cutting the s&p 500 29 profit estimates but not the year end target for the overall index. they say this is down to the fact that bond yields have been dropping. the spread between earnings heels and the 10 year, equities to more attractive. david: thank you so much to emma chandra.

geopolitics seems to be the order of the day. talk to our guest for our global assessment. this is bloomberg. ♪

david: this is "balance of power" on bloomberg television. we turn to mark crumpton for bloomberg first word news. mark: the european union has joined china and other countries in protesting the trump administration $16 billion bailout for farmers promising the subsidies could violate wto rules. the program seeks to help american farmers -- mexico says it will not tolerate human trafficking. the country says 150 of the hundred migrants it stopped

working's it or rescues because people were stuffed into trucks and could have suffocated. of the migrants paid to be smuggled into the united states. argentina is not ruling out a cyber attack from causing a massive blackout that friend five south american countries -- that threatened five south american countries. cyber terror is not considered the primary culprit. vanderbilt, the artist and fashion designer is dead after battling stomach cancer. her life was chronicled in sensational headlines from her chronicle -- from her childhood through four marriages and divorces. she was the great great granddaughter of cornelius vanderbilt and the mother of anderson cooper. she was 95 years old. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

david? david: thanks so much. iran has announced resumption of its nuclear program while the u.s. promises to keep shipping safe in the persian gulf. the ranking republican on the house foreign affairs committee told daybreak audiences the goal remains to renegotiate the nuclear deal with iran. >> our role is not to be aggressive in going to war with iran, but rather defense it in protecting our allies and keeping commerce open. the ultimate goal is to get back to the table to get a better deal than the jcpoa, one that would include better inspections, stopping iran nuclear production and also the icbm capability. ,avid: we welcome reva goujon joining us from austin, texas. you extract for -- you at stratfor have a comprehensive

survey of the world. let's start with iran. what is the prospect of getting them back to the table versus the prospect of getting into some sort of conflict? reva: the prospect of a renegotiation with the current trump white house is next to nothing. there is no point for iran to engage in negotiation with this white house. you can see how bold and resolute iran has been in its retaliation. it is occurring much faster than anyone thought, including the biggest hawks in the white house. this shows the white house has misread iranian intentions and iran is engaging in actions and appears to be engaging in actions that could invite a limited strike. david: if the prospects were renegotiated deal are not high, what about the prospects we work our way into an armed conflict of some sort? reva: this is where we have to watch those incremental steps.

attacksseen two tanker a month apart from each other. to engageoes not want in another politically unpopular war in the middle east so you are seeing some restraint. the focus has been on more sanctions, sending more military assets to the region, some of the more interesting developments to watch for is how the u.s. sends naval escort to protect commercial vessels. there is talk of reflecting tankers with u.s. flags that would entitle them to u.s. protection. if we see iranian retaliation continue in this harassment near the strata for news, -- near the , that couldrmuz turn into a military clash. there is no guarantee that remains limited. david: a crucial third party is europe. where europe stands with respect to the sanctions, iran has said they want to put pressure on europe. where is europe?

are they steadfast with united states? will the united states hold them? reva: the u.s. and europe are very far apart. iran has given europe a deadline for july 7 to provide an economic safety net. iran knew the europeans were not going to be able to do that in circumvent u.s. secondary sanctions. iran is saying we will reach the jcpoa, we will bridge the levels of our uranium, we will abandon our plans for the redesign of the water reactor. these are incremental steps. they do not completely break the jcpoa agreement, but it allows iran to build up leverage for an eventual renegotiation that would have to come beyond this white house. david: you also cover china in your report. let's talk about china. a lot of pressure on the g20 meetings in osaka. our people expecting too much

out of a possible meeting between president trump and president xi? reva: a lot rides on it and the trump white house has made it clear it wants this meeting and china has been playing hard to get and we have seen no confirmation from the chinese side. that is due to the fact that the white house is not willing to relent in pressure ahead of that meeting. it wants to use maximum pressure tactics of the terror threats and the technology war and the assault against huawei. it is now trying to roll hong negotiation, with trump saying he will bring it up at a g20 meeting with xi jinping. that is not going to help the chances of a negotiation for a trade truce. david: let's turn to europe. we have brexit on the one hand and italy on the other trying to reach the rules on the budget. what is the future of europe over the next year or 18 months? reva: a lot of stress still hanging over europe but not to the point of worst-case

scenario. for the quarter, we are not going to see a note yield brexit. certainly the election of a hardliner brexiteer to lead the conservative party is going to raise the risk of that and that is going to create a lot of turmoil in markets. parliament can still, if it sees it going down that path, can force a no-confidence vote against the government. that could lead to early elections. a lot more political turmoil but not quite the heart no deal brexit. usual dance is the between brussels and rome. the italian government is making a lot of promises about how much the economy will grow but it is not moving away from its physical expansionary policies and you will see that standoff continue. probably the eu will hold off on any punitive measures like sanctions. david: the one constant through brexit that strikes me as pressure on the fusion of europe, on the european union.

traditionally it has been france and germany who hold it together. are they in the same place? reva: no. france has had a much stronger hardline position toward brexit, saying enough of the delays. let's do this. if it will end in a no deal brexit, let's brace for the impact. germany has a much more pragmatic, economically cautious position shared with many other european countries who do not want to see the economic calamity that comes with that. in the end, france's voice gets drowned out in the room and the europeans go back to consensus. the europeans are experts at buying more time. with more political turmoil out of brexit we will see more delays in the process. david: thank you so much to reva vice presidentr global strategist.

in egypt, state television is reporting ousted president mohamed morsi has died. a member of the muslim brotherhood, mom and morsi was the first them are chronically elected civilian president. he was ousted a year into his first term after a massive uprising against the islamic linked group. facebook is about to announce its own cryptocurrency which is our stock of the hour. that is next and this is bloomberg. ♪

david: you're watching "bounds of power." facebook is our stock of the hour. shares rising most in eight weeks and adding $18 billion to

its market cap. emma chandra is here with more. most people just like a market cap of $18 billion. they added $18 billion. emma: in the retail sector a lot of companies would not mind $18 billion market cap. they are set to unveil a new cryptocurrency called libra. it has already been endorsed by visa, mastercard, paypal, and some retailers as well that should be able to allow in app purchases for facebook. a number of analysts have spoken on this. manyf facebook's mather -- -- say this is a major initiative that could expand the market. it is about turning this into a transactional platform. barclays saying it could lead to some $19 billion in additional revenue by 2021. we have seen bitcoin crossed on thousand dollars today and the

number of bitcoin exposed stocks also doing well. david: my understanding is it is different from bitcoin and they will have to tie it to a real currency. emma: it will be tagged to real currency so it will not float in the same way bitcoin does. that should make it more stable, a stable point. david: is this a not-so-subtle challenge to amazon? emma: it could be. it is also a challenge to regulators. regulators are concerned about the growth of big tex like facebook and picking on another area would be something you would assume regulators would be taking a look at. the last time you were talking about facebook when facebook was becoming -- was the focus of an antitrust investigation. since then, the stock has risen nine of the last 10 days. david: the of antitrust and then you have the financial markets, it is like a bank.

from some ofrstand the reporting that big banks were not so interested. david: there you have it. up next, the path to the democratic nomination for president run through south carolina. we talk to a man who knows democratic politics in the state like few others. that is next. if you turmoil -- if you have a terminal, you can check us out > onne, just go to tv

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excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. david: this is "balance of power" on bloomberg television. i'm david westin. for bloomberg first word news, we go to mark crumpton. are meeting in

germany for talks on climate change. diplomats meeting today will focus on resolving issues that could be agreed upon -- could not be agreed upon at last year's summit in poland. this includes trading carbon certificates which allows rich countries to offset emissions by paying for projects in poor nations. xi jinping will visit north korea for the first time thursday. he will meet with kim jong-un at a time when both countries are standoffs with the united states. china is the north's only ally. as told supreme court in oregon court to take another look at a $135,000 award against a bakery that refused to make a cake for a same-sex wedding. the bakeries owners who are religious cited grounds when they refuse to make a cake for a gay couple in 2013. the state appeals court found the bakery violated antidiscrimination laws. the owners say the state

violated their speech and religious freedoms. prince harry is lending his support to a cause championed by his late mother princess diana. he is backing a $60 million initiative to clear landmines from a wilderness area in angola, saying it will help protect lives and communities. he made the enough for today in london. diana drew attention to the dangerous conditions in the african nation in 1997 by taking a walk through an active minefield. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: thanks so much, mark. last week, four democratic candidates for president all travel to charleston, south carolina two appear at an event held by the black economic alliance.

it is a critical early state in the primary, as we know. we welcome a true authority on south carolina democratic for many years, the chairman of the south carolina democratic party. good to have you with us, senator. >> good to be here. david: you are supporting vice president biden, as i understand it. he has been ahead in the polls pretty consistently in this presidential cycle. t thatis a new poll ou shows joe biden is still well ahead, but other people, particularly elizabeth warren and pete buttigieg, are cutting into his lead. why is that? >> i think they are the new flavor. by the way, both have great messages. both are very personable, articulate. this is not going to be a runaway, this is a fight.

joe biden is ready for that fight. david: give us a sense about what the south carolina democratic voter in the primary is looking for. if i'm a candidate, what do i have to address to make progress? to addressyou have the issues that matter to south carolinians, that matter to every voter. in a democratic primary, the number one issue i believe is going to be a more pragmatic issue, and that is can you beat donald trump? can you go toe to toe with him and beat him? that is all that matters to the democrats this year. all the candidates want better health care, a more aggressive environmental policy, gender equality, all sorts of issues that are common. the question is who can articulate the message in such a way and go toe to toe with donald trump? i believe there is only one candidate that can do that and that is joe biden. david: when it comes to the

election, people say it is the economy that matters. president trump is presiding over a pretty strong economy right now. if we continue the direction we are going right now, is in any democrat going to have a hard ?ime > >> no. is presiding over was created by barack obama and joe biden. he has been trying to destroy it with the tariffs and a tax policy -- i grew up with republicans railing against deficits. this guide, last month, we had the highest monthly federal deficit in the history of the country. this economic train is heading for a derailing if we don't change presidents soon. david: you mention tariffs. what is the general attitude toward tariffs? my sense is that south carolina would be for tariffs, protecting

some of our industries. remember now, we have a huge bmw plant, a mercedes plant, plant being volvo built, all of these foreign corporations building here that will be crippled by tariffs. generally, those in south carolina are against tariffs. in 2008, it was a race between hillary clinton on the one hand, barack obama on the other. how critical is the african-american vote in south carolina, and is it different from the other primary voters for democrats? >> i think it is critical but it would be a mistake to assume it is monolithic. there are all kinds of different, bearing opinions within the african-american community. by the way, has been coming to the state for 30 years. he has personal relationships

with many in the state. it will be tough for anybody to break that. david: we have an important fish fry coming up on friday. is he going to endorse anybody? will not endorse, i don't think he ever has. barackhave endorsed obama over hillary clinton in the primary. to 1992,fry goes back has been getting better and better. jim clyburn does the state a huge service by having this event every other year. warren,bout elizabeth of course, more or less from the northeast, not originally, but perceived that way. her message has to do with beating up on the big banks and things like that. is that a message that appeals in south carolina? she appears to be gaining in your state. >> i'm not sure that beating up

on the big banks is the message, but economic inequality is a big message. we are a poor state, 50th in the country and education. we have huge economic problems. even though the country may be doing well, we have counties where unemployment exceeds 25%. that message resonates, especially with democrats. david: we have been talking about the primary process. when was the last time a democrat won a statewide office in the state of south carolina? 2006, i believe. tannenbaum won the state commissioner of education. david: it is a tough state for democrats historically, right? >> it has been. i was chairman of the party in 1998. we beat an incumbent republican governor. ink we have given

up too many issues and too much ground to republicans, who continue the same old drum. where people are physically conservative, we have the largest deficit in the history of the country, and growing every day. these republicans of today, the donald trump republicans, are busting the budget, getting involved in many, many foreign affairs we should not be involved in. we are getting ready to have a word with iran, if he has his way. those are not values that most south carolina told. david: nobody i would better talk to then you for democratic advice in south carolina. thank you. the man about to become the recipient of the presidential medal of freedom, arthur laffer. this is bloomberg. ♪

david: you are watching "balance of power." i'm david westin. the presidential medal of freedom is the highest civilian

award in the united states, given in recognition for especially meritorious contribution to the united states. this year, the president will bestow it to our next guest, arthur laffer, former reagan economic advisor. to beffer is supposed coming to us from nashville, tennessee, but i'm told we just lost his shop. can you hear me by any chance? the problem is we are having trouble seeing you. must be some bad weather down there. dr. laffer, start out with a trump administration's record on growth. he said he wanted to be progrowth, pro-jobs. how has he done compared to his predecessors? [indiscernible] we are only here are some of what you have to say, but we

want to hear every single word. take a breakto ge right now and get him on the phone. this is bloomberg. ♪

david: this is "balance of power" on bloomberg television. i'm david westin. the paris air show got underway today. front and center other challenges boeing is facing because of the 737 max situation. the company is trying to assure customers that the aircraft will return to the skies safely. earlier, we spoke to the ceo. >> first of all, we are focused on safe day. that is the paramount focus, the tone for the entire show. we are making progress on bringing the max back up, working through the simulation this week. we hope to schedule a certification flight shortly,

and then get the airplane back up in the air. all of this is being done through the lens of safety. we will take whatever time is necessary to make the plane safe. >> 2019, 2020? >> something we expect before the end of the year, certainly. but i don't want to give you a timetable. we want to be clear that we want to be safe. we expected to happen this year. >> is this a more thorough examination of the aircraft? >> it is a very thorough examination, and we expect that, and encourage it. we are working with regulators around the world. two weeks ago, the faa held a multi-regulator for him in dallas. we are working with the bodies around the world. it's important we do this in a thorough and disciplined manner. >> you keep emphasizing the thorough. are the regulators going further in that you would've expected initially?

>> we are going deeper than normal, and that is good. we encourage that. we are looking at every dimension of the max, a software update, but not only the airplane itself, but the training, materials, and to end design and certification process. >> are the regulators all on the same page? >> they are well aligned. i see growing convergence between the regulators. a lot of questions we are answering, detailed work on the certification. we are encouraged by the collaboration between the regulators. >> do you think the aircraft will fly first in the u.s. than in europe, or the same time? >> i think there's an opportunity to do it together. i know that there are meaningful discussions happening as we work through certification. we will support whatever the regulators want to do. >> your sense is they are getting closer together, not farther apart? somethink there is still

work to do, but clearly, the trend is they are converging. that alignment at strength a ngth.-- adds stre if i look at regulators across the world, i see convergence across the group. our focus will remain steadily on safety. david: that was the boeing ceo dennis muilen for speaking earlier in paris. let's go back to politics and dr. arthur laffer, and invited to president reagan, and has also written a book, "trumponomics." will be theay, he recipient of a presidential medal of freedom. thank you for staying with us here. >> i think your viewers should be pleased they don't have to look at me. i have a face for radio, not tv. david: we are happy to hear you. what i was asking, talk about president trump's track record

on growth. that was very important to him when he came to office. >> the tax bill is the single most important thing. dropping the corporate rate from ,5% to 21%, 100% expense and and getting rid of a global tax and making a territorial. a lot of other features, but that is a huge impetus to growth. economistsis, most believe the u.s. economy could only grow at 1, 1 .5%. this is called the new normal by them. we have been up to almost 3% growth, which is way above what economists thought would happen. employment growth has continued even though we are and what they call for employment. i'm very pleased with the performance of the u.s. economy. deregulation has been amazing. the top and most people want to talk about today is about trade and his threats and imposition of tariffs.

from all i understand from the president, from the discussions, he really wants a free trade agreement, and this is the only leverage he has to get china, japan, and these other countries to reduce their tariff and nontariff barriers. if he is successful with that, this will be as important as any single policy any president could do. it is like the kennedy tariff negotiations. i am not a negotiator, so i cannot tell you whether he will be successful. david: you use the crucial phrase twice come if he is successful. there estimates that say we have given back an awful lot of the benefits, at least for the middle income person, giving back what we got in taxes through tariffs. who knows what happens with mexico. negative. net art: i don't think that is true at all.

we put some tariffs on trade, but gdp has not fallen, no reduction in employment. i don't know how anyone could say we lost the benefits from the tax bill and deregulation and other policies that we had in 2017, 2018. i think that is a gross exaggeration. fortariffs are not good economic growth, countries, but this is the way the president thinks he can get lower tariff barriers. i support any policies that would get china and japan to reduce their tariff barriers against not only the u.s. but other countries. named you have a curve after you, the laffer curve. let's talk about the federal deficit. we were told the tax cuts would pay for themselves with so much revenue coming in. deficits are now on the increase after trending down. art: let me say the laffer curve is my profile. just joking.

from this tax bill, we have been very fine on the bill that was passed in december. the revenue numbers are coming in nicely, thank you. we had a repatriation of capital from abroad, which brought in $250 billion. in 2018, revenues have looked ok. it does take some time for these to have full effect. i think the gdp numbers, which are clearly a result of the tax bill, and the cumulative effect of those -- this will pay for itself in a couple of years, if not already doing so. david: what about entitlements? art: they need to be addressed. they have not been addressed by any administration in ages. david, if you tax people who work, and you pay people who don't work, you are going to get a lot of people not working. a lot of the entitlements we

have really do influence the willingness of people to work. the one study i did a couple years ago, a single mother in philadelphia earning $29,000 a year. if she were to earn $59,000 a year because of all of the welfare losses that she would no longer get and because of the additional taxes, she would be in the same after-tax spending power earning 59,000, as if she were earning 29,000. that is the equivalent of a 100% tax on all additional earnings, which comes through entitlement programs stopping. that is not the way it should be. it is called the poverty trap. i wrote something years ago called enterprise zones. i wrote it in the 1970's. that is what we need, tax-free havens in inner cities of the u.s., to really allow this group that has been disadvantaged for generations to get the

prosperity they desperately need. david: thank you for being so patient with us. most of all, congratulations on a presidential medal of freedom we will be watching on thursday. thank you so much, dr. art laffer. that it is mynd office, i have some people i can execute. thank you. david: former reagan economic advisor, and co-author of "trumponomics." in a couple of days, we get the first night of the democratic debates. 10 on the stage for each night. for a viewing guide, we welcome marty schenker. two nights, one debate. what should we be looking for? >> what everybody will be looking for, that breakout moment for a candidate that is not pulling above the single digits, and whether or not one of those candidates has the strategy to accomplish just

that. some moment that will cast them into the limelight. david: is there a donald j. trump playbook that they could take from him, or is unique? marty: we talked about this off air. authenticity, i think, is the most important thing that comes through in debates. wasou just -- donald trump , andntic in those debates casting the others in the debate as to your politicians. if someone tries to be authentic, you are not authentic. it would have to be natural. david: is it joe biden's to lose? marty: it sure looks like it. his numbers have been trending down, elizabeth warren, pete who judge going up -- pete buttigieg

going up. but he still has that core number. he would have to make a big mistake to a road that we. david: we will be watching. thank you for being here, marty schenker. sign up for the balance of power newsletter at bloomberg.com. get the latest on global politics in your inbox every day. yale's senior fellow steven roach. the chinalk about trade and the fed decision. live from new york, this is bloomberg. ♪

mark: i'm mark crumpton with bloomberg first word news. the european union says it will wait for scientific reports on 's compliance with a nuclear

deal before announcing a response. the eu says it will not speculate on what will happen if tehran beers away from the terms of the deal. iran says it will break the uranium stockpile limit's set by the nuclear deal by world powers in the next 10 days. the political crisis in hong kong has deepened. hundreds of thousands of demonstrators again protested a bill that would allow extradition to china for the first time. the chief executive has apologized and shelves the bill, but protesters say that is not enough. they want her to resign. all of this puts pressure on china to compromise on the protesters demands, or risk further unrest. in africa, health officials are concerned the ebola outbreak has spread to a third country. the epidemic began in congo last august and spread to uganda last month -- this month. now doctors in kenya are testing a woman with ebola-like symptoms.