Good morning.

Martin Sorrell, founder and CEO of the advertising giant WPP, was Fortune’s featured guest at a dinner in London last night. The U.S., the U.K., and China are WPP’s biggest markets, giving Sorrell a close view of developments in all three. His take: political volatility in the U.K. and the U.S. have handed China “an incredible opportunity to exercise greater influence, politically, socially and economically” in the world.

In an interview with me during the dinner, Sorrell said neither the Conservative Party nor the Labour Party manifestos in the U.K. election gave business any reason for optimism. They are both “treating business more as regulated utilities,” he said. And uncertainty over Brexit is also a damper on business.

As for the U.S., Sorrell, who is active in the Business Roundtable and the Business Council, said the Trump administration has been far more open to business than the Obama administration. But self-inflicted set-backs are squandering the opportunity for action. “Because they control the House and the Senate, they should, in theory, be able to” pass pro-business legislation, he said. “But of course, there are all the missteps we’re seeing.”

“All of this presents a tremendous opportunity for China; a tremendous opportunity,“ Sorrell said. In particular, he said many Chinese Internet companies, and particularly e-commerce companies, have moved “way in advance” of what he sees at “legacy companies” in the West: “This sort of feeling that we in the West are more sophisticated is very, very misplaced.”

The London dinner was part of the run-up to the Fortune Global Forum, which is being held in Guangzhou December 6-8. You can find more information here.

News below.

Uber’s open COO job in the spotlight

With CEO Travis Kalanick taking a leave of absence from Uber, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled. It is part of a leadership vacuum that extends through the company and up to the board of directors. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before former U.S. Attorney General Eric Holder’s report that recommended sweeping changes. Still, it remains unclear if the company can attract top talent while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Reuters

Yellen deflects on length of tenure

Federal Reserve Chair Janet Yellen declined to say whether she would serve a second term at the helm of the U.S. central bank if asked to stay on by President Donald Trump. “I fully intend to serve out my term as chair,” Yellen said at a press conference in Washington. She added: “I have not had conversations with the president about future plans.” Yellen’s four-year term as chair expires on Feb. 3. Trump has not indicated if he’ll re-appoint Yellen or name his own choice to lead the U.S. central bank, though he told the Wall Street Journal in April that he’d not ruled out keeping her in place. Yellen, meanwhile, has said she hoped the White House would move soon to nominate candidates for three current vacancies on the Fed’s Board of Governors….