tv Bloomberg Markets European Close Bloomberg July 1, 2016 11:00am-12:01pm EDT
you are watching the european close on "bloomberg markets." ♪ york to're live in new london in the next hour, plus covering stories around the globe in austria, silicon valley, puerto rico, here's what we're covering today. yields on 10 and 30 year u.s. treasury's falling to record lows. they join a rally of bonds around the world as some of the world's biggest investors including vanguard say the brexit vote means subdued growth and lower yields for years to come. vonnie: it has been a wild week for u.k. politics. compare leaders launching their campaigns to game of thrones. we will tell you what to expect. mark: the chief executive of
formulae joins us to discuss the state of spain after its general election. it's 90 minutes into the trading day in the u.s., let's head of the markets desk where julie hyman is looking at some industrial movers. julie: we start in the industry -- energy industry. we are getting confirmation from williams company that frankie mcinnes is stepping down. earlier they have been reports about a broad board shakeup, and indeed it looks like other members of the board are resigning from that board. disagreed with the strategic direction of the board. williams is going to take appropriate actions to position for the future and review the size and composition of the board. the new chairman of the board is kathleen cooper. all of this is in the wake of acquisitionanceled of energy transfer.
that had been agreed upon last fall, and than the two parties had been in dispute over whether the deal was going to go through in the wake of the collapse in energy prices following that. i'm seeing another headline that alanoard determined that was the right ceo. they evaluated leadership and found that he is the right ceo. i should mention that shares are halted in advance of this news, they haven't opened up as of yet. energy transfer is trading lower today, it had been trading sort of volatile in recent days in the wake of a court decision last week they cleared the way for these two companies to cancel their deal. in terms of the broad markets today, we are seeing a lift in the u.s. averages to end the week. we are on track for the best weekly performance going back to november, for the s&p 500. if you look at the groups that are on the move today, we have consumer discretionary leading the pack, industrial is certainly part of the game up
about two thirds of 1%. as more defensive groups fall. to come to an industrial side, we've been watching manufacturing numbers. atufacturing, if you look the isn index, arising at the fastest pace, expanding at the fastest pace in about a year. one more stop any to point out is harley davidson, which is inside of that industrial industry. shares are spiking 16%. we are hearing there is some talk of takeover speculation. it doesn't seem to be based on anything can create. -- concrete. but the rise in the shares is worth noting. mark: a week ago today, the board was already. what a difference a week makes. bonds, andrencies, commodities. the stoxx 600 is rising for the fourth consecutive day. i just want to tell you about a bit of data we had today. starting with u.k. manufacturing picking up speed in june. it was glowing -- growing at the
fastest pace in five months. head of the referendum, expectations were for the gauge to remain unchanged, we rose to 52.1. probably won't see big fallout from the brexit for some time in the hard data, the governor saying the outlook has deteriorated, policy easing may be needed for months. he says uncertainty could remain elevated for some time. some pmi data out of the eurozone as well, growing faster than initially estimated in june. recording its best performance this year. results were connected -- collected prior to the brexit vote, highlighting the challenges the policy makers facing coming months. the only nation to show manufacturing in contraction was france, due to strikes. greece enjoyed a welcome return with its best rating in more than two years. i wanted to show you the yield on some of europe's principal bond markets.
u.k.ve record lows for the 10 year today, record lows for the french tenure. yearer, the italian 10 reached deals it hadn't reached since march of last year. the most amazing is the spanish 10 year reaching a new record low. we are hearing to people familiar with the story, the ecb has decided or is thinking whether it should change its allocation procedure for the qe program, instead of focusing on the size of the economy, it will focus on the amount of debt that economy has. it benefits the likes of spain and italy, which have a big proportion of debt relative to the size of their economy. so the spanish 10 year yields falling to record lows. among the many that did so today. -- no wonder the ecb is talking about changing its rules. courtney collins has more from the newsroom. courtly: --
courtney: loretta lynch moves to defuse controversy. accept thekely resolution of prosecutors whether to bring charges. she sparked a political firestorm when she met privately with bill clinton. i agreeing to likely follow others'advice, loretta lynch is addressing concerns she could third influence over the case. she is reserving the right overrules recommendations. puerto rico has defaulted on its debt after president obama signed a restructuring plan. the first time, the u.s. territory failed to pay on his general obligation bond. puerto rico's governor declared a moratorium on debt payments. the bills shoulders the island from baumholder lawsuits. puerto rico had already said it could not pay $2 billion that was owed today. michael gold is laid out the reasons why he shouldn't be the uk's next prime minister. the british justice secretary vowed to reduce immigration and make the country a fairer place to live.
he described himself as a reluctant candidate. >> i never thought it would be in this position. i did not want to. couldalmost every thing i not to be a candidate for the leadership of this party. courtney: he broke with david cameron overstaying in the eu. he torpedoed the leadership ambition of his fellow brexit campaigner. now he has his sights set on home secretary theresa may. she's the early favorite to leave the conservative party and the country. in austria, there will be a do over in the presidential election. the constitutional court ruled in favor of the far right freedom party, which had disputed the results. lost by justdate over 30,000 votes. more than 4.5 million votes were cast, the austrian coat found violations -- court found violations and counting mailed ballots.
global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. i'm courtney collins, this is bloomberg. courtney, thanks. a positive sign for the u.s. economy, activity expanded in the fastest clip in more than a year. with the supply index increasing to 53.2 last month, exceeding estimates. it comes as the eyes them released a new report on the business impact of brexit. isning us from phoenix thomas derry, ceo of the institute for supply management. thanks for joining us. explain to us why you carried out the survey on brexit, and why we might learn something from purchasing managers that we won't necessarily know from voters. thomas: it was very important i innk to put some actual data the hands of policymakers and the investing public. that's what we have done with this report. we also want to make sure that we factored in the impact of the data that was collected post
to during theed referendum were prior to the referendum. for both reasons, without it was important to go out there and get the data directly from american businesses. vonnie: american businesses, you ask them some questions. give us in brief the conclusions. the overall headliners is that the impact is not to be very negligible by a large majority of u.s. businesses across both the manufacturing and the services sector. that's very good news. some findings underneath that main headline would include the fact that there is really no expectations this could impact plans for capital spending, that it will impact employment levels in the united states. there is some concern about the strength of the dollar, that seems to be the primary concern. and also concern about the overall impact on global demand. reaction toy muted brexit from the point of view of u.s. companies. mark: are you surprised at the muted reaction?
if you pulled the same procurement executives in a week or a month, do you expect a different outcome? if you think about how global trade is transacted company to company, it indicates procurement executives see their relationships in the short term as being very stable. and relatively not impacted by this particular vote. of course, we have yet to see how it will play out over time over the next two years, article 50 is yet to be triggered formally at this point. the could be some longer-term impact. i think it indicates confidence on the part of companies and their procurement executives of the short term and medium-term relationships are quite stable. were6% of respondents concerned of the high level impact of brexit. the number w quite l. it goes with what james bullard was telling us today, but it's possible the impact on the u.s. economy will be negligible or zero. thomas, i'm going to make you
put your speculative hat on. if you surveyed european procurement executives and asked in the same questions, what sort of response -- i'm in london, have to ask. once a response to think you would have gotten? it would'vesure been more pessimistic and reflect more uncertainty. u.k. is still the fifth largest economy in the world. a lot us-based companies and global companies use the u.k. as their point of entry into serving the european union as a single market. that is likely to change rather significantly over time. i'm sure that is weighing heavily in the minds of u.k. procurement executives. mark: this morning, we had a two-point bump in manufacturing in the ice and manufacturing numbers, 53.2, almost a two-point bump. it's already beyond 50 for the last four months already. but the bump was nice, that's what we look at for the pace.
we expanding so fast when things like construction spending was lower, the dollar has been gaining? thomas: obviously, energy prices have moderated. that had a net positive effect in terms of the u.s. economy. we are seeing that impact finally flow-through. we adjusted to the strength of the dollar to a large extent in the united states. at a relatively isolated or less impacted by exports in the u.s. economy, it only accounts for about 13% of u.s. gdp. on ae starting to get roll, seeing internal demand in the u.s. economy began to pick up for it as was mentioned earlier, this is the highest level of the pmi index in the last year. it indicates relatively strong performance in the manufacturing sector. i would have to say that even though growth is slow but we are still probably the healthiest economy globally as well as the largest economy globally. this is indicative of that. the backlog is higher,
inventory is higher, most of that is good. one of the comments to do take to be a risk or challenge for manufacturers right now? too much bad's not news. some commodities are reporting short supply. there are some crossed signals in the data about what's happening in steel markets for the u.s. economy. some people are reporting the prices are up, others reporting prices are down. steel pricess climbing would indicate relative strength across the broad industrial sector of manufacturing. that's really positive news. i would point to the unemployment number, rather the employment of her crossing into the positive above 50 territory. it's a very strong signal. it should have repercussions for the broader u.s. economy. derry, thanks for joining us. coming up on "bloomberg markets," the european close. european banks turn positive
vonnie: live from london and new york, i'm vonnie quinn. mark: i am mark barton, this is the european close. think of england planning to ease capital requirements for banks in the wake of the brexit vote. this would allow banks to have more flexibility, after mark carney warns of an imminent slowdown yesterday. mark carney: what we said in terms of the risk to the economic outlook, in terms to
the risk to financial stability -- does anyone in this room not think that those risks have begun to manifest? does anyone in the country think that those risks have not began to manifest? mark: joining us as michael moore, who covers banks. you had better tell us what this is first and then we will get cracking on this interview. michael: the countercyclical put in tosomething make banks hold more capital during good times and then they are able to scale that back during bad times. this is what this is for. times like this where you have a shot -- a shock like brexit, the bank of england can say we are lowering the requirements, see you can feel more comfortable continuing to lend into the economy, and not worry about running into your minimum capital. mark: they were only a stone's
throw away from raising the requirements. michael: three months ago, they were saying we're going to raise it, it's going to become binding next year. things are looking ok, we feel comfortable raising it. all of a sudden, you have an economic shock. mark: it's a welcome vote of confidence in the new system. that's how you could look at this. michael: this is how it is supposed to work, when you have something like this, you are able to use that. the regulators have gotten so cautious about the banks that they wouldn't use this. but it does signal some confidence and banks have enough capital, we are able to lower those minimums for the time being. vonnie: when does it get triggered, michael? a bad word to use, i admit. michael: [laughter] there's a lot of triggering going on these days. the next week is when the financial policy committee report comes out. the meeting has already taken place this week. that is when we expect an
announcement on this decision. mark carney, in his speech yesterday, kind of indicated they would do whatever would be necessary for financial stability and for propping up the economy. this does seem in line with his tone that he struck yesterday. vonnie: which banks will feel the most relief? michael: i think you'll see it across the u.k. bank sector we saw stocks rally after this news . certainly, all of them want to be lending or feeling some pressure from the potential of an economic slowdown here. i think it is fairly across the board. that markhere a sense carney said as much yesterday that the system is in pretty good shape? it's well-capitalized. toshouldn't draw comparisons 2007, 2008. that in itself is a metric, it's
been remarkable stable. michael: libor hasn't moved much, you are hearing that from not just market participants, but bank executives. that there is a lot of concern and a lot of legitimate concern about earnings for banks over the next few years. but you haven't seen the same level of concern about capital or funding or liquidity that we saw in the 2008 crisis or even in 2011, there was a lot more concern about the viability of the banks, right now it's more for profitability. what is that is reflected in the stock price? , since on the ftse friday, hsbc up by 3.6%, standard chartered up i .5%, rbs, 32%. there's a bit of irony, those two in the green. michael: earlier this year, those two were getting hammered for their asia exposure. right now, it's what's helping them out, diversification, not
being is exposed to europe, which people see is slowing down. the others certainly feeling the pain from what is perceived to be an economic slowdown. michael, thanks for using metaphors. set to ease capital demand after the brexit. bloomberg news reporter michael moore. we are seven minutes away from the end of today's equity session. bonds rallying around the world, yields plunging to all-time lows. we are going to dive into the credit market, but vonnie, breaking news. reading these headlines for my bloomberg terminal, attorney general loretta lynch on the probe into hillary clinton's e-mail and private e-mails. she is speaking of the absent ideas festival, and she has been saying the following. at the meeting between her and bill clinton, questions about that meeting were fair. it was fair to be asked those questions. she says she has been briefed and will be accepting the findings.
she says she fully expects to accept investigator recommendation on the hillary and that-mail probe, the investigation was independence. to give you some background, the assertion was questioned after loretta lynch met with bill clinton on a tarmac at an airport in phoenix earlier this week. republicans have criticized her, saying that was not a meeting that should have happened. she said it was an accidental meeting, he wasn't planned, that they only talked personal information, they didn't talk about the findings of the investigation. once again, the latest is that the attorney general says she will be accepting the findings of the investigator. you can see all of these headlines on your bloomberg, this is bloomberg. ♪
mark: i am mark barton. this is the european close on "bloomberg markets." vonnie: the performance of government bond yields around the world is shaping up to be the market story of the year. as bonds continue to rally. take a look inside my bloomberg, you can see this charge -- this chart. u.s. yields still the cleanest in the room, just below 150. mohamed el-erian saying it could go to 125 or lower in central banks continue to be the only player in the room. look at the u.k., right down under 1% this year. germany right down below zero, that has been for some time now. in japan, of course, the worst performer. the u.s. 10 year yield right now is 1.45 26, it might be going lower. steven major of hsbc told jonathan ferro earlier at the
low is in for the 10 year yield. interesting what mohamed el-erian was showing 1.25 is where the u.s. 10 year could go. some of the chart that want to focus on in the u.k.. let's start with the spanish 10 year yield. new record low today, vonnie. the big story in spain is an electoral one. the spanish election threw up a surprise, in that the candidate acting prime minister got more seats than was expected. there is this ecb rule that we are hearing could be changed. they might buy bonds of nations with regard to their debt, rather than their economy. take a look at where european markets are looking as we head to the close, seconds away. stay with us. ♪
stoxx 600 down 7%, biggest one-day fall since 2008. how things have changed. in the last four days, this index has reason by 7.5%, the most in february -- since february. every single industry group rising today. let's get to the ftse 100. himbiggest four-day gain in a state years, since 2008. daysgain in the last for -- last four days. they gauges on track for us best date since 2011. it is also at the highest level since august. the footsie was the best performing major developed market in june, buoyed by the weak pound, buoyed by rising commodities, buoyed by mark carney.
3.8 percent. footsie 250, the u.k. century and dexcom is down by 5%. on monday, it was looking at two-day losses of 14%. things have definitely looked up since monday. you, say the same for the bloomberg british pound index. this is a six-day chart. versus its sterling biggest fears. on monday, we were down by almost 3%. on tuesday, a by .9%. on wednesday, by .5%. yesterday, down by 1%. that was kind after mark harney said, blame or stenosis be needed over the summer. said it probably needed more stimulus over the summer. the median forecast for all 63
estimates is into appreciate the 1.38. let's look at the world interest rate probability function. the yield on the u.k. 10-year falls to another record intraday low. we heard mark carney speak yesterday. we heard him say the likely that there will -- the likelihood of policy loosening over the summer. what is the probability of a rate cut in july? 66%. september, 82%. you get the gist. areprobability as investors telling us that we will see a rate increase in the coming months. vonnie: that's right. we are paring back gains. the s&p is up five points. the nasdaq is up half of 1%.
abigail: we know that it has in a tough week for stocks been tesla shares were lower earlier, in a modestly higher. -- on then the you news that a 40-year-old man was inled in his tesla while autopilot. but asad and tragic, nonevent. it is somewhat surprising. supplies company that the century information for that autopilot. that there isying no sign of misconduct and century technology is not meant to stop a car front of a laterally moving vehicle. not comforting. kevin tynan says he is surprised that these shares are not down more. so, too, investors in the 26% ye.rt interest on mobile
vonnie: what's the standout winner? looking at are netflix. shares are up 5.5%, the best a since the middle of february. looking at potential of international bribery -- subscriber growth. this is very important. it could also domestic minas -- the mystic weakness. this company has put up a couple of sloppy quarters. so we will have to see what the quarter looks like an guidance when there -- when they report on july 18. vonnie: courtney collins has more from our new york newsroom. courtney: justice secretary case forrove gave his why he should be the next prime minister. >> i'm in this contest for one reason and one reason alone. i want this country all love command which has given me so
much, to embrace this opportunity for change in optimism and with conviction. courtney: he broke with david cameron overstaying in the eu torpedoed his fellow brexit campaigner boris johnson. thes the favorite to leave -- to lead the conservative party and the country. many parisians are looking for alternatives, including low-cost cars and write healing apps like uber and hula cars. feeling the heat again. since 2012, 30,000 americans taxes i saying they had innocent reasons for not revealing their offshore holdings. france, it is the 100th
anniversary of the deadly spell of world war i. francis holland, david cameron, and prince charles were among those marking the occasion. more than one million people were killed, wounded or went missing in the battle of the song. -- the somme. mark: thanks a lot. u.k. justice secretary michael gove is the latest looking to replace david cameron. it will be one of these contenders. >> the campaign was fought to the vote was held. turnout was high. and the public gave their verdict. there must be no attempts to remain inside the eu, no attempts to rejoin it through the back door, and no second
referendum. >> and are candidates and leaders who change their education system. i'm the candidate who is changing our prison system. i am that candidate and leader who led the things for change in this referendum campaign. and the country voted for change. >> i love my country. i love my party. that'senerally believe genuinely believed, that what i stand for, the values that i represent, the strife that i bring are exactly those required. >> if we are to heal the divisions, we must fully implement the instruction given to us by the british people. so let me be clear. i do not believe there is room for membership of the single >> i think people want someone to lead the country who believes in britain's future outside the eu and i felt that
should put my name forward for someone who believes are best use lie ahead of us. >> having consulted colleagues and in view of the substances in parliament, i have included that person cannot be made. now with the us latest on how the election is john, we discussed this yesterday. john: they don't really have a choice at this point. if you look at how the momentum of this works for now, as long as they don't trigger article 50, all of the power stays in london. they have time to come up with a negotiating strategy. once they actually trigger that, then they are on a serve two-year roller coaster to the end point of leaving the eu. what we heard again for michael likely seewill
article 50 trigger this year. the line included i'm so very reluctant. i know my limitations. and then he is standing as the candidate for change. all the media is running with this backstabbing boris line. and am looking at the odds. it is 3-1. gove is the third favorite now. john: kenneth clarke is one of the most respected members of the party. he said this morning he cannot run. he cannot be prime minister. he made the point. how can anyone in his cabinet trust him after the last four months? so you sense this growing sense of deep unease about his candidacy. say that he is quite popular with the rank-and-file of the party. the question for him is can he get into the runoff after the parliamentary party wills the
field data to people? vonnie: can he get donors after party whittles down the field to two people? vonnie: can he get donors after that? who would pull the trigger he were to be elected? john: the timing. they are all pretty much on the same page they have all said ,his would be a fiendishly complicated process could but whoever becomes -- for whoever becomes prime minister. remainer. for her, the most important thing is to come out as the most pro-brexit person. her weakness is that she opted for remain. but she probably came out with the most memorable soundbite
when she said "brexit is brexit, and there's no going back on it." vonnie: does the labour party have any voice in this anymore? is a separate conversation that we will get to the in the weeks ahead. yes, they could. firstly, there will be enough whenith the establishment they sit down to agree to a negotiating strategy with brussels. the labour party will have a seat at the table. and there is the extremely tortured and tangled question about what sort of voice the u.k. parliament will have in the process as well. a lot of constitutional experts say there is no formal role for parliament in this but equally respected voices say it will be very difficult for any prime minister to push this through without parliament agreeing to it. and there is sort of a constant question that hangs over the whole process. is there anyway to roll this back? in majority of mps parliament during the referendum
supported remain. again, very difficult for parliament to go against the will of the people. but those are questions that will be with us for the weeks and months ahead. mark: maybe johnson could have rolled it back, but we won't go down that road. i want to ask you about george osborne. he turned of today again. it was interesting i thought in he commented on this role of coming to a surplus by 2020. but it was theresa may who was the first person who said it yesterday. the timing. what we make of that? john: that was very interesting. almost four and osborne on this, say we would walk away from the government -- she an osborne on this, saying we would walk away from the government. she must have been in some sort
of conversation with george osborne about this. it raises an interesting question. mark: is he backing her? time in london is 4:40 2, 1142 in new york. coming up on the european close, prime minister is trying to build a coalition after the general election. where do things stand in the country? this is bloomberg. ♪
of bloomberg markets on bloomberg television. began talks with other political parties yesterday to try and form a government. this after his conservative popular party won a repeat election last sunday but fell short of an absolute majority. he is also the socialist party, the basis for a grand coalition. will they agree? joining us to discuss it, the former spanish politician and the current chief executive. your spanish put politics hat on first. what sort of outcome will we seem? will we get a government this time or are we looking ahead to a third election? o: good morning. it is a better result than expected.
i think brexit had a little bit of an effect. but it is still a perfect because it is not a clear majority. so i think there is a little bit of uncertainty. but i think it will be responsibility by everybody to go to a third election. mark: so what is the outcome? who does a deal with who? alejandro: most likelyalejandro: and will be with popular ciudadanos. the problem is that they do not want to deal with rajoy himself. mark: you've been critical of him before. correct? alejandro: i've stayed out of politics as much as i can. i left politics 13 years ago, so i try to stay out. i'm not critical nor positive. still neutral. spain: the economics of
are not all the fantastic at the moment. unemployment is pretty high. the unemployment rate is 19.8%. what can be done for the youth of spain where it's even higher for them? alejandro:alejandro: clearly, the youth unemployment is one of the main problems we have in spain. it has been a long-term problem. it is difficult to tackle that problem. you go around london and you see so many spanish young people working here, in bars, in shops. so it is a really big problem. it all has to be with more reforms, and more liberalization of the markets in spain, the labor market area and keep working on that. -- the labor market. and keep working on that. vonnie: do you see a countryvonnie: where reform is happening in europe? i think spain has
done quite a lot of reforms. , they have done a lot of reforms. but much more is needed. i felt we -- i think we are in now needing to push further on reforms. mark: what's happening in london? i know it's happening. but is it it? alejandro: this is it. we have some very exciting new venues. maybe some closer to our -- mark: is it a venue? alejandro: we cannot yet confirm totally, but i think tomorrow we make a big announcement. , can we just explain as well what formula e is? electric cars. i didn't know this was a thing. mark: i think we are going to hear that london is out for now. probably new york is in.
a little wayne. alejandro: yes, possibly new york is in. we are awaiting permissions. so we are excited about discussions with new york. mark: every time i see , i ask one question. ipo. when is it happening? alejandro: we are a young company. we are doing pretty well. the plan is going very well. we are a startup. so we are still burning cash, burning capital. we are looking to break even in the next 12 months. mark: how well our eufinance right now? -- how will are you financed? alejandro: we are financed very well right now. alejandro:we have private equity funds with us. we are pretty solid. alejandro has many hats. he won a seat to the european parliament at the age of 28 in 1999. that was the youngest then. alejandro: yes.
mark:mark: how devastated are you or happy by the brexit? alejandro: i think it is very bad newsalejandro:, the brexit, obviously. i think we are going to go through tough times in this country. i live in the u.k.. i put an offer in on a house the day after brexit. but it's going to be difficult for everybody. mark: thanks a lot. see you soon. it is notthe charts, all doom and gloom after the brexit vote. we will go up against joe weisenthal. this is bloomberg. ♪
you can access these charts on the bloomberg. kicking things off is joe weisenthal. the hugenow one of stories of the year is the incredible plunge in interest rates on government bonds. . we see a lot of charts. showing rates going down. if you look at the price of the government bond, not the yield, you can really see how much money you could have made this year buying government bonds. the start of at the year, the s&p 500 in blue, ars if yojust bought government bond that matures in 2044, s&p up 2.5%. you would have already made 16% on that government bond. so by a normal long-term government bonds this year, up 16%. that's not even including the coupon you can have made on that. capital appreciation is a lot. client a nice one.
mark, it's your term. .ark: it seems appropriate it seems right. at the end of the second week of the brexit, we knew the results of the vote last friday, i wanted to take stock of where we are and where we've been. because of course, we knew the results on june 24. we want to look at the big moving assets since last friday. starting with equities, the best-performing developed stock market in the world in the entire world is the ftse 100 with a gain of 3.78%, including the emerging markets. it is the eighth performing benchmark in the world. the sun, that would be incredible if you see what is going on six days ago. within the bond space, the best-performing sovereign and emerging-market bond market in the last six days is the u.k. bond market. quite incredible. the u.k. bond market is up.
the best. guilds with performance in june and your to date. in commodities, the best-performing since last friday, silver up 12.69%, beating natural gas, sugar and gold. and against the pound, the brazilian real up by 15%. that is where the money has been made in the last six days. mark: you know whatmark:, i'm the bosses for both of those paired because it is friday, it is a friday tie and it is a brexit theme. you. that is it for the european close. this is bloomberg. ♪
good friday afternoon. covering stories from london to washington dc to san francisco and beyond. global stocks extending their post brexit recovery. the s&p 500 on track for its best week of the year. investors speculating that central banks will act to limit any fallout from the u.k. vote to leave the european union. scarlet:scarlet: we wrap up our focus on farm a week by how you can play the sector. shery: and apple reportedly in talks for buying jc title. andlikely is it to get done why is apple even interested? scarlet:scarlet: first, we got a check on the markets. we are halfway through the trading