francine: zero appreciation. singapore surprises. he president reassure russians as they enter a second-year precession. he will be quizzed on oil and geopolitics. vote cast a long shadow over the central bank. investors push back a rate hike to as late as 2017. that decision at noon. so, welcome to "the pulse" live here in london. i'm francine lacqua.
just getting breaking news from the iea. leading up to that doha meeting on sunday, on oil. the iea coming out with some figures. shale output drops. we had the head of commodities from goldman sachs on a couple days ago and he says the problem with shale gas producers in the u.s. is because they can come back online quickly. we have a great lineup. joining me this hour is paolo scaroni, former ceo of italy's largest oil company. a bloombergk in exclusive. we'll talk luxury. burberry down a percent. let's get straight to what some of the major market moves are. european stocks opening flat. curdrude, that is the one we are
watching out for, because of the doha meeting. we will speak to paolo scaroni. i wanted to show you the singapore dollar. it's boe day. let's get straight to the bloomberg first word news. nejra: new zealand central bank has said a journalist great surprise interest-rate cut last month. a news hub reporter sent information about the cut to media lockup on march 10 before the release time. although the reserve bank says there is no evidence the leak has any impact on financial markets, it will discontinue embargoed lockups. the chief investment officer's at goldman sachs said expect a wild ride in the world stockmarket and not that much to show for it. he oversees about $15 billion of volatilityouts
will continue as nervous investors dump shares that even the slightest hint of bad news. he predicts mid-single digits return on stocks. singapore central bank aexpectedly eased, moving to policy last adopted during the 2008 global financial crisis. zeroove to a appreciation on the country's it feels thes as effects of china's weakening economy. you can find more stories on the bloomberg at top . francine: singapore's dollar fell the most since november and response to their spies move -- from the surprise move from it central-bank. take us through what the policy is and how much of a surprise was it? david: it was definitely surprised, no doubt about that. economist, 12 are
predicting no change at all. some economist did see it happening that the majority did not. singapore's policy is a big difference to most central banks. most use interest rates to control the economy and inflation. because singapore has an open economy and very trade itven -- it will trade exchange rate against a basket of currencies and will let its currency trade get into a basket. what it will do sometimes it will let that band depreciate, meaning the singapore dollar will appreciate against the goest or in this case, it sideways. it does not mean it is a depreciation. it just means we are going to let the band, the level it is trading at, let it trade sideways within the existing band. comes amidhe easing
a slowing economy. were you surprised by the very big action its had on other emerging currencies? david: well, certainly, the general movement was surprised to see the markets move as they had when they got caught off guard is not that much of a surprise. gdp was 1.8%, slightly better on a year-over-year basis. on a quarter over quarter basis. so, the economy is definitely slowing on they did say, it did refer to the external headwinds they have moving forward and referred to america's space of modererating and the pace in europe will be future headwinds. they are worried about things moving forward and this adoption of an easing bias. francine: thank you so much.
with me is paolo scaroni, deputy chairman at rothschild. great to have you on the program. we spoke a couple months ago and you are saying that the global economy wasn't great, around the turmoil we had in china. growth forecasts have been getting a lot worse spirit policy action has been getting a lot bigger. should we be a lot more worried when we were five months ago? paolo: no, i don't think so. in fact, the chinese economy is showing some sign of improvement. apart from the oil-producing countries, which is a completely different story, there are other emerging markets doing reasonably well. india is doing very well. the big issue now is brazil, among emerging economies which apart from the economy, there is a political issue which has not been resolved yet. atncine: when do we look stronger growth are doing need to get used to lower growth?
given how much we have done on central-bank policy-wise it is amazing that growth forecast haven't gone up. paolo: true. it is true also that after so many years of high growth, emerging markets cannot continue to grow at the same pace. we should get accustomed to growth of 4% rather than six percent or 7%. and this is kind of normal. not too: so, you are worried about emerging markets. are you worried about saudi arabia? we had a great interview with the deputy crown prince. they are trying to shift. this is an economy that needs to rely on higher oil prices. paolo: saudi arabia can survive a long time with low oil prices because there are such big reserves that they can afford a period of five or six years of lower oil prices. still, saudi arabia has a lot of issues. not only the fact that their economy is relying only on oil but also political issues. yemen sounds in a
better condition but is still there. they say, fight on oil prices and not only on oil pricesw on iran is ongoing. the region is in trouble. francine: think you so much. he stays with us. we will talk about some of the other gcc countries and i want to get his thoughts on what the iea said a couple minutes ago. oil oversupply will be almost gone by the second half, because, of course, shale producers will probably not come back online as much as we thought they would. now back to some of our top stories. singapore's move towards easing as boj warned of the downside risks of negative rates. >> a key challenges is that the negative interest-rate -- therwise affects on
profitability of the banking sector. the reason is that private banks will end up holding assets, including current accounts at the bank of japan, that will have a negative -- francine: t >> it is nevertheless important to recall that there are clear limits to the use of negative to positive facility rates as a policy estimate. the assistance by just passing direct cost at the margin can mitigate these concerns, but cannot dispel it altogether. francine: today we are very central-bank heavy. those comments, singapore surprise move, head of the bank of england decision later today at noon u.k. time. expectations are for no move as the bank is in a wait-and-see stance ahead of the june brexit vote on june 23. plenty coming up, including vice
president -- president putin gets ready for his annual phone and with the russian public. we will look at the process for -- the prospects for an oil production freeze. we will discuss the future of luxury as we speak exquisitely with the company's ceo. as the pound slides further, worst-performing major currency this year, we will look ahead at the u.k. rate decision. ♪
we are right on "the pulse" as oil extends losses, president vladimir putin is getting ready for his annual call-in show. ryan chilcote has the story in our chart. this is one of the highlights of the year for me. i can't wait to get paolo scaroni's take on this. this is a six-hour phone-in. we are getting live images shortly. president putin will answer everything and anything people want to discuss. ryan: one of the interesting things in the russian newspapers this morning is that he's going to be asked a lot of questions that he only knows about because we learn that the kremlin gathered all of the participants that will be in the room with him, there is an audience. the questions were selected in the practiced asking the questions. francine: we are dealing with vladimir putin. ryan: chart of the year for
russia, looks at how many rubles per barrel of oil russia is getting right now. what you can see with that chart -- that is not the chart we are showing on the screen. there it is. is that russia is getting almost as many rubles as it needs, almost as many rubles as it needs right now to fill its budget, which i think underscores, that thanks to the oil price, and an that has come up 30% since the russians and the saudis started talking and for russia, for putin, the importance of these talks on sunday. phoneit comes up in his call. francine: i want to ask paolo because he knows like no other the oil market, are we expecting something in doha on sunday? ryan: i think we can anticipate
some rhetoric because the russians, the saudis, everybody recognizes if they come away usth having been seen as j arguing and a couple's nothing, it could be hugely interest to the -- injurious to the oil price. prices rallied on the back of some kind of collaboration. other than that, i do not know how substantive it will be. francine: i'm sure there will be a little bit of shouting. this is what we are expecting. paolo, when you look at the price of oil, the iea report says the oversupply is almost gone. what do you see as production? paolo: well, because the key issue today is who leaves room for iran to get back in the market? iran should gain 3 million barrels of oil. and russia to
agree something around iran coming back into the world market. wantine: but saudi do not to give them space. they've been fighting for decades. paolo: that is the big issue. they can discuss it. they might stop production at the level at which we are today, comes agree that iran back to the market for saudi arabia is almost impossible. having said that, in my view, whatever they would decide in doha, we should always keep in mind the price will not go beyond 50, 52, $53, because at this moment the shale oil in america will start again in push prices down again. francine: we know there has been an oversupply problem. are there other factors, also, regarding either panic in the market or concern about slower growth worldwide that have been artificially weighing down the price of oil? paolo: there is always a certain amount of speculation, of course. paper rather on
than on oil are always a multiple of the real oil exchanges -- today, i believe the real market is in equilibrium because shale oil has been going down in the last few months. the simple fact the saudi and russians sit at the same table is great news because it shows they are showing some pragmatism, which is badly needed in the oil market today. francine: ryan, one of the things we have been trying to figure out is if iran is showing up on sunday. yesterday we heard from the oil minister. he is undecided. we have heard from the iea that there would be little impact on the price of oil. ryan: the iranian oil ministry said that the oil minister has not made up his mind. as far as i'm concerned, you have a much better take on this, but i'm not sure how relevant it is. it might be relevant to the
saudis, because the deputy crown prince told us that iran has to join in a cap if the saudis will join. though we have heard contradictory things on that front. but the iranians have been consistent with their position since the middle of last year. we're coming back to the market. restore ourto production levels and only after that will we discussed being part of some cap. notesshows up, to take and talk about what he is prepared to do in the future. whether he sent a representative -- it is irrelevant. what thenow saudis are really thinking. francine: iran just wants to pump. they feel like they have been cheated with sanctions and they wanted pump as much as they can. paolo: they want to get back where they were. there has been a time in which iranians were the second oil
exporter in the world. so, this is the position that they believe the right to take b ack. who gives them room? for the time being, libya is giving them some room. libya has almost disappeared from the market. but without a decision from saudi arabia and russia, this of the impossible. pressure will start again to move prices down. francine: i know you have been doing a lot of work in thinking about how we could find -- you have done a lot of work with libya. so, now is there an ideal solution or is their solution that is not as bad as the others? paolo: for libya. libya, for the time being there is this government supported by everybody in the western world which show some sign of strength. it is early days, but, of course, if libya can find a government after 2011, this woul d be great news for the world and this would be in oil terms,
new oil coming into the market. i read somewhere that mr. o bama said the biggest mistake he made was to leave libya. i have to say i share his view. ryan: one of the things we do not have about the iranians might not be at the meeting that we know the libyans will not be at the meeting, either. that is not helpful. francine: paolo scaroni, thank you so much. the former ceo of italy's largest oil company. and we will talk a little bit about brexit. our russian oil expert has to go off-site to tell us what putin said. up next, tough and challenging. two words used by the leader of burberry to describe the environment. how his company navigates the current environment. that conversation is coming up next. ♪
francine: we are right on "the pulse". let's get to the bloomberg business flash. nejra: burberry shares have fallen this morning after it said earnings this year will be at the low end of analyst estimates. they said wholesale revenue will drop 10% in the first half of this year. burberry like lvmh is ebbinging to cope with
demand in asia and europe. nestlé beat analyst estimates led by nescafé. sales rose 3.9%. analysts had expected a 3.6% r ise. the first quarter growth rate is the slowest since 2009 as they struggle to get consumers interested in convenience meals. unilever reported first-quarter sales growth in line with estimates and gains in its laundry detergent and personal care unit offset falling prices in europe. underlying sales increased 4.7%. the company said thursday that consumer demand remains fragile and volume growth slowed in the court. that is your bloomberg business flash. francine: think is so much. unilever warning of a tougher external environment. burberry called the current climate challenging. how do ceo's deal with slowing global growth? well, let's ask paolo scaroni,
former ceo of italy's largest oil company and not rothschild. w talk to little bit about oile anda little bit about the fact that you are not overly pessimistic about emerging markets. yet growth is very difficult to come by. as a ceo, do you cut costs? what do you do? paolo: it depends parent consumer products are doing reasonably well all over the world because essentially consumers have more money in the park it for the fall in the price of oil. wellare doing reasonably all over the world, including the u.s. now, there is the dramatic situation of the energy companies which are suffering all over the world. and of the banks, which have led to money to the energy industry money to the energy industry. these companies are cutting costs because they need to do it. this is the only answer they can get to the crisis.
but there are still companies which are investing in growth. francine: is it more difficult to predict a shock? shocks are shocks. no one really talks about them but we see brexit we see this no growth environment. how do you prepare for brexit, how do you prepare for something that is so big that no one perceives? differentere are views. in my view, i do not think brexit will affect -- i've heard many political leaders and europe which regard brexit as not a negative thing because they believed to have within the european union a country which every 10 years wants to get out is not the best solution to have a more political union, what is has b een so far. so, brexit is viewed in europe from some political leaders as an opportunity rather than a threat. francine: that is even more dangerous.
francine: welcome to "the pulse" live from the mot reheadquarters in london, i'm francine laqua. >> global markets will move close to balance the second half of the year. the i.e.a. predicts the world crude will decrease in the last six months of the year from 1.5 million in the first half and comes as oil producers fwear in doha this weekend to discuss a deal on freezing output. singapore's central bank unexpectedly eased the monetary
stock moving to a policy adapted in the last 2008 financial crisis. the move to zero appreciation stock on the currency comes as the asian financial hub feels the effect of the global downturn and china's weakening economy. the chief investment officer at goldman sachs asset management says expect a wild ride in the world stock market and not much to show for it. bouts of volatility will continue as nervous investors dump shares at even the slightest hint of bad news. he also predicts mid single digit returns on stocks as low inflation and high debt strains growth in the world's biggest economy. world news powered by our 2,400 journalists in more than 150 news bureaus around the world. find more stories. francine: european stocks in the red this morning. let's talk to mark barton. mark: the four-day rout has
come to an end. 9%. stock 600 down by .0 four groups rising out of the 19. health care, food and beverage and construction. the big story today coming out of singapore when it comes to macroeconomic policy or central bank policy and asian central bank. the monetary policy of singapore unexpectedly easing the monetary start, moving to a neutral policy of zero appreciation in the exchange rate, like during the height of the financial crisis in 2008. this is asia's hub and it's feeling the effects of the global slowdown and china's weakening economy. this is the dollar against all the asian pairs. you can see the singapore dollar has fallen 1% and was down as much as 1.2%, the most since august. the fed raised this announcement by the monetary
policy of singapore and will spark a round of easing among the regional pairs. big day for the likes of nestle, the world's biggest food company reporting a stronger than estimated 3.9% increase in first quarter sales, nescafea was boosted to marketing with increased competition in coffee and unilever reporting first quarter sales growth in line in gains in laundry detergent and personal care products, francine, upset falling prices in europe. in the last 12 months out of the big three food producers, union leave up by 11% and nestle down by 4.7% and the french food group down by 6.6%, unilever leading the charge and but berry reporting a drop in revenue as terror attacks weighed on spending. the external business climate
remains challenging and a 10% drop in revenue is forecast in the first half. pressure mounting on mr. bailey who became the chief executive on may 1, 2014. so i made up this chart for you, francine, showing the big players in europe how they fared since bailey took over. you'll see that burberry is bottom of the pile, shares down y 16%, hermes and lvmh and christian dior between 20% between them. pressure on bailey today. francine: mark, thanks so much. it's been a difficult quarter for luxury brands and lvmh has weaker than expected growth. the leather goods section has been hit hard but perfume and watches and jewelry has seen a rise with the burberry brand gaining.
the c.e.o. joins us and they'll open tonight after a lavish party at the bulgary store in london. as we were doing our research, my favorite quote ever is elizabeth taylor saying the only word she speaks in italian is bulgary. how important is it to have that star quality? you've always been trying to get into watches, has it had the same star quality the jewels have? guest: it's a brand, like bringing the brand into the country from the original country, or the city, because in bulgary, it's not so much italy but 27 years of architectural influence on our craft masters and this obviously is to be brought beyond the jewelry, the watches. we have this beautiful design and capture releases of clues
of our past as well as using futuristic methods. francine: when you look at the london store, who comes to the store? i imagine we don't buy your jewelry online, people want to come and try them on. from what parts of the world are they? is it more from the middle east? guest: from london, the british people and it's important for bulgari to root itself into the markets first and foremost and tonight will be very much towards our british clients. francine: the britts buy a lot of jewelry? guest: london is one of the richest cities in the planet because tourists are coming from russia and asia and a huge community of westerners living in the city typically with reasonably good jobs and indulging in high quality
jewelry. primarily local people and obviously taking advantage of the flow of clients from italy, typically. russia a bit, slowing down the past three or four years related to the ruble but still, i mean, a group and now rising in more and more the chinese. francine: how much do you worry about currency and a weaker pound for you means you're probably expecting good growth from the bulgari boutique in london. guest: with the situation between the major currencies which took place in 2015, we're in a world between the lowest and highest market is very, very reduced so if is it we planned a strategy for the unique world price meaning obviously people tend to buy in the domestic market and less when traveling which is logical because when you travel you buy for conveniencey and one hour
to kill why not indulge in something you want to buy and sometimes there are settings. it remains with europe and u.k., it's cheaper, for instance, in china or the united states but not as much as it used to be. francine: are there different trends in your jewelry section compared to the watches section, is it the same clients, are they after the same things? guest: the markets are quite different. you start lower in watches, obviously and a ring will start 900 pounds and you find a watch below 2,000 pounds. that jewelry can attract a broader base of clients, meaning also younger and earlier time with financial assets. whereas watches are starting at a higher price. and the second point, why jewelry is such a good trend worldwide, jewelry is about
precious metals, diamonds, so besides the timelessness of design, in terms of future value, very much venturing. francine: i want to come back to some of the materials but we're getting breaking news out of the ukraine. we knew the parliament was meeting to vote on a new government that basically would be able to restart billions of dollars in foreign aid and so what we understand now is that the ukraine parliament has approved mr. hroisman as prime minister. we have news on how that prime minister tries to bring ukraine back at the level the president wants it to be. we have to keep an eye on that. we talk about geopolitics. let's get back to the bulgari c.e.o. we're talking about some of the jewelry and differences between jewelry and watches. do you expect jewelry to do a lot better, i guess you can negotiate in terms of raw material prices this year, or is there a renewed interest in
your watch business? guest: i think that jewelry, also because mankind started to indulge in something else, more than survival, so jewelry, coming from ancient times, bulgari has been inspired by egyptian jewelry from 5,000 years ago. jewelry is presented everywhere. and why, because you know, it's timeless for the metal itself which never will disappear. francine: who buys the most jewelry, is it cultural? are women buying more for themselves? guest: for sure. it corresponds also to a turning point in life and it has been, the wedding is one but it can be valentine's day because 21st century is also creating new events and new reason for celebration and it can be an anniversary, anything. but jewelry is rooted into the
culture. so there is kind of a natural swing towards jewelry and at stages in life. and also the fact today everyone knows that gold, diamonds, sapphires, rubies, maybe 15 years down the road will ease or will cost much more. francine: will keep their value, actually. it's an investment and something -- guest: if i take some 70 watches we crafted in the 1940's, the price now would be 200,000 pounds and if you find one from the 1950's or 1930's in christie's, you will pay millions. we prove what you buy today, tomorrow will surely be more valuable. francine: are you concerned about politics or the aamericanning markets? what's your biggest challenge in the next 12 months? guest: in luxury you bear in mind that people do not need to
buy your masterpiece now, or maybe never. so eventually you have to igure out how in the long time period your rent can become desirable. and then according to the equation and indulgence, you will be acquired. the first is the brand, the desire, the timelessness of the designs. people at a certain point find this is the thing they have to buy. francine: great pleasure having you in the studio, the c.e.o. of bulgar isks. the world's biggest food company beats estimates with the hit, all about nespresso and who would have predicted such a hit 15 years ago?
francine: welcome back. nestle shares up after the world's biggest food company reported first quarter revenue which beat estimates. it looks like coffee, nescafe giving the company the kick it needed. >> exactly. it's the first quarter organic sales growth number i want to draw your attention to. that was up 3.9%. the estimate was 3.6%. that was a beat. and that beat, as you say, was
driven largely by nescafe coffee was nestle spent more on marketing costs for these brands. despite the beat, the first quarter growth for nestle, the world's biggest food company, was actually at its slowest pace since 2009. what happened is nestle has been struggling to get consumers interested in frozen pizzas, convenience meals and in response the company is pushing into new areas like medical nutrition and skin care which promise faster growth. now, nestle did confirm the full-year outlook and said for maggie noodles, they regained market share in india of course after that recall. but nestle said in february you might remember this, that it expects organic revenue growth, that 3.9% number for the first quarter, to actually be similar to last year's 4.2%. now, that of course is below the long-term target of 5% to 6% and says because it's hard
to raise prices. in fact the number we had for the increase in pricing, 4.9% was a myth. still, investors taking positives out of the numbers today because we've seen the shares rise as much as 1.7%. francine: so nestle gaining as much as 1.8%. unilever, the shares aren't rising, they were in line with estimates but i guess investors were hoping for a little more. nejra: with unilever we've seen the shares down 1.8% and as you say, the first quarter sales growth was in line with estimates with the number 4.7% and the expectation had been for 4.6% so pretty much in line with estimates there. but really unilever struggled with weaker volumes and deflationary environment which made it hard to raise prices. this pricing issue becoming a common theme between the two companies. basically what we've heard according to the c.f.o. on a call with analysts is the
pricing environment is very, very mixed. and europe is competitive due to heavy discounting from rivals and prices also lower than historical averages in asia. you have challenges on both fronts there. also, of course, unilever has been struggling with the spread business. sales there continue their multiyear decline in the first quarter. francine? francine: thank so you much. we have breaking news out of ukraine the last 10 minutes. the country has a new prime minister. ryan joins us with the details. this was a political mess going on for a couple days. ryan: it was. the prime minister before announces readiness to resign and yet we weren't able to get any kind of agreement on who would be the new prime minister. we now have that. his name is hroisman and for the last week or so, it's been pretty clear he was probably going to be the guy but there was a lot of horse trading going on at the level, who is going to get jobs in the
various ministries. so a little bit of a break in the deadlock. the old prime minister and the president of ukraine, who you've interviewed, they didn't get along and that was an issue. now the new guy is an ally of the president so at least we have a little bit less political infighting. francine: does it mean they'll get easier access to aid? this is an economy on the brink and needs external help. ryan: this is perhaps the most important thing here is that this should unlock at least some aid. the i.m.f. promised $17.5 billion worth of aid to ukraine and they got a little bit of that money but then the i.m.f. said you need to do a lot more in terms of reform and the idea of the i.m.f. and the other creditors because the i.m.f. is the lead creditor, giving ukraine money when you had this deadlock on the political level was pretty unthinkable. the ukrainian president just a couple days ago was saying look, if we get this deal, the americans told me we'll get the loans they promise, that the
e.u. will give us the money and we'll get some of the i.m.f. money. going forward in the long term, the i.m.f. is going to want to see that the new prime minister , together with the president, actually deliver the reforms and the fight on corruption that they're looking for before they give them all of the money. francine: ryan, thanks so much for the update. we'll keep an eye on that, ryan chilicote with the eye on ukraine and a new prime minister was appointed to the parliament. the bank of england is set to make the interest rate announcement at midday and look at how the risk is impacting policy decisions.
francine: let's get straight to the bloomberg business flash with nejra. . jra: burberry has fallen wholesale revenue will drop 10% in the first half of this year. burberry like livals lvmh and prada are struggling to cope with demand in asia and europe. labor reported first quarter revenue that beat estimates led by nescafe coffee and sales rose 3.4% and analysts expected 3.6 rise. the fourth quarter growth rate is the slowest since 2009 as nestle struggles to get consumers interested in frozen pizzas and convenience meals.
unilever reported first quarter sales growth in line with estimates and gains in the laundry detergent and personal care units upset falling prices in europe. underlying sales increased compared with analyst estimates of 4.6%. consumer demand remains fragile and volume growth slowed in the quarter. that's your bloomberg business flash. francine? francine: thanks so much. the bank of england announces the latest interest rate decision midday and comes as a risk of a exit casts a shadow ahead of the referendum. we're joined by jamie murray. great to have you on the program. if you look at the chart, it's all about pounds, dollars, volatility and must impact b.o.e.'s thinking. jamie: you see the tunnel clearly. the volatility has rocketed for the next few months because of the referendum. but we'd argue it's not just in sterling you can see this risk, but also in the market path of interest rates. we've had our calculators out
and trying to adjust what we see, the market passing rate for that brexit risk. we think there's a 1 -- 1/3 chancening lind will do something it's in the market curve and we made that adjustment and on june 24, if we decide to stay in the union, we'd expect a pretty sharp repricing of the yield curve shifting upwards as that risk is priced out. francine: the problem is that if you're the b.o.e., you have this huge referendum and then it impacts, and you can go quickly from no hike this year to a hike this year if inflation picks up. jamie: exactly. that's our supreme case of bloomberg intelligence and think you would see a repricing of interest rates and we think inflation will be probably 1% before the end of the year and if those conditions are met and recovery continues, you could see the bank of england lifting rates. francine: who has the toughest job looking at brexit?
jamie: the b.o.e. it will be a small issue. the leaving will not cause a unraveling of the e.u. and the real demands will be felt in the u.k. francine: biggest swings in terms of interest rate hikes will be the b.o.e.? jamie: exactly. francine: we won't get clues from mark carney because he can't talk about -- i mean, he's kind of locked by the brexit personally? jamie: i expect it stable and quiet and little discussion of brexit risk especially going the next few months and won't be until of a june he talks more firmly. francine: what an interesting time for the b.o.e. and mark carney. interesting. code word for what a pain. jamie, thanks so much. from bloomberg intelligence. stay with bloomberg, "surveillance" is up next. we kick off the conversation with the senior advisor to p.w.c. and former member of the bank of england's monetary policy committee, and is ahead of today's b.o.e. decision and
francine: zero appreciation. singapore surprises policy easing, an asia currency route. can the president reassure russia that they will enter a second year of recession? rates. as the brexit votes, investors put bassh past the first hike. that decision at noon. this is bloomberg "surveillance." tom, we have two significant pieces of news. first of all,