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tv   Bloomberg Markets  Bloomberg  September 19, 2016 10:00am-11:01am EDT

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vonnie: we are going to take you to washington and london and cover stories from ireland and africa. after therebounding first crude shipment from a libyan export terminal. we will talk about the latest from the markets. it is a week for central banks and the bank of japan says the federal reserve -- we examine why policymakers and in a no-win may be situation. >> and a person of interest is named in connection with new york city. we bring you the latest updates and gain perspective from a policy advisor on the fed issues. about 30 minutes into the to the day, we had
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markets. julie hyman has the latest. julie: we are seeing a bounce back from the declines we saw on friday, helped in part by oil prices. keeping supply from coming back online. all three major averages up. of course folks are also looking ahead to the federal reserve decision as well as the bank of japan decision later in the week. individual --e is aidual stocks, this company that is up 76%. of that is because the fda has approved this experimental drug. this affects teenagers, mostly boys and the parents of these kids have been fighting for parole for quite some time. an outside panel of advisers recommended it be rejected and a gentleman advocated against this
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drug. halted earlier after the news came out. we're continuing to watch the news that day. had a little bit of a pullback late in the week last week, but it is now presumed gains, even though it is not gaining that much today. of course it's size means when it is higher it contributes overall to the market. shares are rising 3.3%. it hasn't been this positive since 2014, and doing an overall review, the next phase of the auto industry.
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even though this is a long-term play. rising to an 11 month high, the homeowners are there today. on they industry group stoxx 600 is thriving today, the gauges up 1%. we rebounded. the gain also falling for a second week last week. for the record was the lowest since august the third. let's cut to the chase. let's get to the scottish engineering company. that's because of its improving prospect. shares an estimate by 11%. jpmorgan says new data on drills
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and uncompleted wells. early estimate shifting to the outside. shares higher than they were earlier. we had house priced eight at today. it rose 7.7%. and up to four straight declines. summer is the seasonal lull. managersds and money have trimmed their bearish positions on pound futures for a third week, missing out on the currency, which fell -- which fell by 2%.
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we signal that further easing can't be ruled out, even though it decided to sit on its hands. rising against the dollar ahead of the big fed meeting. let's get back to you. >> let's check in on the bloomberg first word news. >> hillary clinton is set to speak any moment from the airport in white plains new york. make aexpected to statement about the bombs placed in new york and new jersey. the man is identified as -- he is 28 years old, a resident of new jersey and in nationalized new york city sin. he could be armed and dangerous. saturday's explosion wounded more than two dozen people.
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a train blew up in station in elizabeth new jersey overnight. president obama is in new york for his final address to the united nations general assembly. obama address the congressional black caucus foundation's annual dinner. >> no such thing as a vote that doesn't matter. it all matters. i will consider it a personal insult, and insult to my legacy of this community lets down its guard and fails to activate itself in the selection. you want to give me a good sendoff? go vote. >> the president is also
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expected to meet with israeli prime minister benjamin button yahoo! while in new york. and turkey is deepening its involvement in one of the middle east's deadliest conflicts. president aired a one says turkey will create a 100 square mile save sown in syria. turkish forces have already cleared out terrorist groups from an area of a 1/5 that size. been another setback for germany chancellor angulo merkel. worst resultheir in berlin's is the end of world war ii. the social democrats saw their combined vote in city council elections fall by about a quarter. the anti-immigration alternative for germany -- news 24 hours per day, powered by 2600 journalists. back to you. vonnie: turning now to the global oil market.
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wti rebounding from a one-month at 43 .55.g for more on the key stories and data points, let's bring in chief energy correspondent for bloomberg news. that is a story out today the idea that it can export -- -- thatya can export libya can't export as much as it wanted, that may be a headwind to oil. explain how this has been impacting the oil market. >> more than one million point -- more than 1.5 million part today. since then there have been numerous attempts to reactivate results. the key is you have the control of the oil field.
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hence why we thought libya could come back to the market with extra oil. at the same time libya has difficulties coming back with this presumption. the oil minister today said the presumption has been around 1.8 million barrels per day. that is a significant increase, and that can complicate negotiations. 's we also have venezuela president coming up facing there might be some sort of agreement. it is in his interest to say that. venezuela is rapidly deteriorating. >> while it is true -- need to have some kind of
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unanimously. -- these agreements may mean very little for the supply. we have to go now, because hillary clinton is actually speaking at westchester airport. hillary clinton: i have spoken to the governor of minnesota. like all americans, my thoughts are with those who were wounded, their families, and our brave first responders. this threat is even -- threat is real. americans will not cowher. we will prevail. we will defend our country and we will defeat the twisted ideology of the terrorists. and the only candidate in this race who has been part of the hard decisions to take terrorists off the battlefield.
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and i have laid out a comprehensive plan to meet the thelving nature -- meet evolving nature of this threat. i am grateful to have support and advice from a wide range of bipartisan national security leaders, who worked with both democratic and republican presidents did -- presidents. one of the points they tohasized was the need support state and local law enforcement to act as a first line of defense, making sure they have the resources, training, and intelligence they need to effectively prevent and respond to terror attacks. and this weekend event underscores how important that is. we should also launch and intelligence surge to identify an attack before they can be carried out. work more closely with silicon valley and other partners.
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it is crucial that we continue to build up trust between law enforcement and muslim american communities. east we have to smash isis strongholds with accelerated coalition air campaign. intense diplomatic efforts in syria, iraq, and across the region. working closely with our allies and partners to keep us safe must be the top priority for our next commander-in-chief. later today i will discuss the with egypterrorism and other world leaders. i want to say this to my fellow americans, let us be vigilant but not afraid. we have faced threats before. see something or hear something, reported immediately to local law enforcement
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authorities. i know we will meet this new danger with the same current and vigilance. we choose resolve, not fear. otherl not turn on each or undermine our values. we will stand together because we a stronger together in the or any otherthreat challenge. >> the person of interest is an afghan immigrant, u.s. citizen. what do you say to those who may see this as supportive of trumps that of trump's immigration policy? -- of trump's immigration policy? hillary clinton: let us remember there are millions and millions of naturalized citizens from all .ver the world
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there are millions of law-abiding peaceful muslim americans. of challengeind that law enforcement can be and is prepared to address, mainly going after anyone that would threaten the united states. i am absolutely in favor of and have long been an advocate for don't just let people into this country -- we need a better visa system. let's remember what happened on 9/11, these were not refugees that got into airplanes and attacked our city. get diverted and distracted by the campaign rhetoric we hear coming from the other side. is a serious challenge, we are well equipped to meet it, and we can do so in keeping with smart law enforcement, good
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intelligence, and in concert with our values. >> the white house has labeled these lone wolf attacks a top concern. what more specifically should be done and what would you do beyond what president obama has done? clinton: i think the loan will problem is one we have to invest more time and more resources into combating. the i met with distinguished group of national security experts, both democratic and republican administration experiences, they made a very strong point that the recruitment and radicalization that goes on online has to be much more vigorously perceptive and intervention di.
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made is theint they recruiters from isis look for -- the level of delusion and level of disappointment. we have to do a much more intensive effort. i think we are at the beginning of that and there is much more we need to do. the government cannot do this without the close participation of tech companies and experts online.
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>> are you concerned that this weekend's attacks may be an attempt by isis or isis sympathizers? or any other group to influence the presidential race in some way and presumably try to drive votes to donald trump, who is widely seen as somebody who they or c be more willing to -- as an easy person to be against? hillary clinton: i don't want to speculate but here's what we know. i think it is important for voters to hear it and waited in their choice. we know a lot of the rhetoric we have heard from donald trump has been seized on by terrorists,
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and in particular isis. they are looking to make this into a war against islam, rather than a war against jihadists, violent terrorist's, people who number in the tens of thousands. not the tens of millions. they want to use that to recruit more fighters to their cause by turning it into a religious conflict. that is why i have been very clear. we are going to go after the bad guys and we are going to get them. going to go after an entire religion and go after isis to give them what they want in order to enhance their position. secondly we know that donald trump's comments have been used online for recruitment of terrorists. we have heard that from former cia director michael hayden, who made it a very clear point when he said donald trump is being used as a recruiting sergeant
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for the terrorists. we also know from the former head of our counterterrorism center that the kinds of used.ic that mr. trump is i'm the only candidate of this race who has been part of the hard decisions to take terrorists off the battlefield. what does that mean? i was part of the national security team that developed strategies to fight the terrorists, sometimes that involved direct connecticut actions. sometimes that involved working with allies and partners. sometimes that involved capture. won't get into classified information, but i have sat at that table in the situation room.
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i have can she be to to actions that have neutralized our enemies. and i understand how we don't want this to get even bigger than it already is. we are going to stay focused on how we will work and how we will deploy a strategy, work with our allies and partners, to take isis down. and a strong counterterrorism effort online in order to try to defeat the ideology to stands behind these terrorist attacks. >> there is a lot to say on the record about this issue, under americans have experienced more attacks at home then victories abroad. time to change the playbook. what is your reaction? hillary clinton: it is like some
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much he says, not grounded in fact. it is meant to make some kind of point.ue have been watching and listening to hillary clinton at white plains airport, making comments about the bombings in new york city and new jersey. and some of the comments to the fact -- recruitersntercept that are going after people online that are disillusioned. wheels and have comments from donald trump earlier to the extent that the police know a lot of -- know who a lot of these people are. corey, you work for the national security council under president george w. bush. i want to get to the un security council.
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both candidates are talking about these attacks or these bombs over the weekend in new york city. thankfully nobody was killed. the way they react to these thets, will that impact polling? >> the purpose of terrorism is to change the conversation. aboutd of a conversation refugees and migrants, which is supposed to be the point of the un's general assembly, we're talking about security and terrorism. and i do will that the presidential election. i think it is more difficult to keep the space open of tolerance that free societies excel at. vonnie: one of the question is clinton got was whether this type of event would help donald trump's rhetoric. i wonder about your response to that, is it the response the
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electorate is looking for? guest: i think what terrorists try to do is drive us to a donald trump kind of solution, where there is no coexistence and no integration between muslims and others in western society. clinton that point nicely in her comments. mark: no issue looms larger than the syrian conflicts. we are not getting very far when it comes to actionable policy, are we? >> we are not. the deal was supposed to go into effect after seven days of a cease-fire and delivery of humanitarian assistance. and neither of us is have -- neither of those things have occurred. >> how do you ensure that actionable policy is possible
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seven years into the con? -- the conflict? guest: i don't think actionable policy along the lines that president obama and secretary thinkhave outlined, i russians have very different political purposes in syria. just for example, there un security council special session yesterday to decry the american attack on syrian forces, which mistake, the a russians have been killing civilians in syria, as has the syrian government forever. so to somehow shift the blame and to suggest that we are trying to collapse the deal when they haven't permitted the delivery of humanitarian assistance, and when they have
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in purposely and repeatedly targeting civilians, i don't see how we get to common cause. there are regions shifting every day in the country itself. how do we know what the actual current situation is? >> i think the intelligence from the ground is pretty good in syria. i don't think knowing what is happening is the problem. i think we have a strategy that is not going to succeed. issident obama's strategy designed to take a very long time. we see consequences of a addresseshat slowly
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the crisis in syria. 11 million syrian refugees. the changing political dynamic in germany and the united states as people grow more fear feel that more fearful. vonnie: thank you for joining. his remarks at 12 new york time. unfazed, the dow and s&p up half a percent. this is bloomberg.
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,l i am vonnie quinn. >> you're watching bloomberg markets. let's check in with first world news.
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or from our newsroom in new york. >> report that police have connected the new york city bombing with one that took place on the new jersey shore and they want to question the same man for both. all of this according to associated press. the man described as a person of interest is a 28-year-old native of afghanistan who is now a u.s. citizen. more than two dozen people were wounded in the new york blast on saturday night. a pipe bomb also exploded in seaside park on saturday. no one was hurt. meanwhile, device exploded at the train station in elizabeth, new jersey, is a bomb squad robot tried to disarm it. fbi agents at a nearby apartment rated it saying they believe it belongs to the man. hillary clinton made a statement earlier before heading out on the campaign trail. americans will not cower. we will prevail. we will defend our country and we will defeat the evil, twisted
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ideology of the terrorists. >> donald trump simply's are free to do anything to stop attacks like the bombing in new york -- said police are afraid to do anything to stop the attack like the bombing in new york because they are afraid of retaliation. hold a newsio will conference on least of elements. we will have live coverage of that. leaders from around the world are writing in new york today for the first-ever summit on the refugee crisis. the issue of what to do about the world 65.3 million displaced people take center stage at the u.n. general someone. leaders and diplomats are expected to approve a document 193 memberifying the states behind a more coordinated approach that protects the human rights of refugees and migrants. british prime minister theresa may will urge the united nations general assembly to do more to control mass migration. she speaks to new york tomorrow. she will argue mass migration herds of both refugees and the countries they enter.
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may will say migrants should be encouraged to claim asylum in the first set -- save country they reach. vladimir putin is hailing his party's victory in parliamentary elections with almost two thirds of the ballots counted, the united russia party has 54% of the vote. it is the first election for parliament since the disputed vote in 2011 which led to huge anti-appropriate and -- pro putin. this is "bloomberg." the fedt's get back to decision. investors will be listening closely to what janet yellen has to say on wednesday. their concerns the central bank is in a no-win situation that puts its credibility at risk. chapag us now is brian tta. the fed is in a bind. if it raises rates, a good life
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of the market. if it doesn't raise rates, this criticized it is a slave to the markets. it is a no-win situation? >> you look at what happened in the past and they are constantly told investors, we think we're in a tightening cycle and ready to move. every time, they end up not raising rates. it's like charlie brown with the football and constantly removing it before he can kick it. you look at the fed meeting this week in the market is pricing about 20% chance that the fed moves, down from 40% after the jackson hole conference. a lot of investors are saying the probability by the zero at this point. the market is ready about 50% the fed is not going to move. mark: does this tell us there is an inherent flaw in the fed's indication policy? we're about to raise rates, we're about to raise rates, whether it is brexit, china come or domestic economy, something seems to derail those promises. >> especially the cycle ahead of
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september and looking forward to december. there was a lot of different fed speak. yet stanley fischer and janet yellen at jackson hole saying we want to raise rates this year, maybe even twice. the conversely the last speaker before they go silent, sort of having this extreme dovish case. no way are we going to raise rates. it is a lot of communication from all of these different people. the markets want to hear things, want to react, want to get ahead of this rate movements, but at the same time, that is causing a lot of problems of the medication between the fed governors. vonnie: it is supposed to be more nuanced, right? the reason fed has had to bring it hasis every time brought them down is because of data, whether it is domestic or international data. surely, the markets can see that. >> the one thing the markets do is they increase their expectations slightly whenever there is good data.
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whenever there is a bad data point, he goes down tremendously. you can see it on the bloomberg terminal. the slightly underperforming jobs report this past month, just completely derailed all hopes. brexit or china or all of these things -- it is always something. people say, if you're not going to do it now, are you ever going to move again? vonnie: the problem would be of the fed into the to raise rates in september and the market is not reflecting that, then it would be a shock to the system. that would happen no matter when the fed raises rates if the market is not anticipating it. since the data has been mixed in the fed is likely to go in september and what does it matter if the market isn't pricing it in? >> people are saying, maybe december. the idea with september is it is going to be a hawkish hold or some sort of cautious tone from the fed that they will say, we really want to raise rates this year, try to hype of december.
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but as you say, their data dependent. there is an election coming up and boj, ecb, curveballs coming left and right. it is hard to say exactly if december is priced higher just because they think it is going to happen or just because it is further down the road, which is a better chance than two days from now. vonnie: we will have eight weeks more of data at least. brian chapatta, thank you. we will have special live coverage of the fed decision and janet yellen's's conference wednesday at 1:00 p.m. eastern, 6:00 p.m. london time. tomorrow, weme will be carrying testimony from ,ells fargo chief executive appearing before the senate banking committee, first -- focused on the banks misconduct. 10:00omorrow starting at a.m. eastern, 3:00 p.m. london. this is "bloomberg." ♪
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vonnie: you are watching "bloomberg." globalhis is your business report. here's what we're watching today. the city is open for business post-brexit, keeping access to the single market will be crucial for london's future. vonnie: the european union reportedly looking to collect act taxes from another giant u.s. corporation. this time a smack down could be hit with a tax bill according to the financial times. mark: we take a look at a transition to democracy after years of military rule. .ed by nobel prize winner sayse: london mayor negotiating access to the single market is crucial if london is
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to remain a financial hub. he said down with tom keene in new york yesterday. >> london is a powerhouse for the u.k. the government recognizes, look, if you were in favor of brexit, if you're going to be on the right side of history and make brexit a success, it is in your interest to get the right deal league tou forget jobs leaving -- or it could lead to jobs leaving london. mark: angela merkel's to accredit party posted its worst results in berlin since the end of the second world war. the democrats and their part of the social democrats saw the combined vote in city council election fall by one quarter. the entire immigration alternative. smartphone battery crisis began with a rush to beat the iphone some say. according to people familiar with the matter, samsung speeded
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up the launch of the galaxy note 7 after hearing the next iphone would not have any major innovations. samsung now plans to replace all 2.5 million note 7's that have been sold. a $500d's could face million tax bill from the european union according to the financial times which says mcdonald's paid an average 1.5% tax on its profits in its luxembourg headquarters. all the eu is saying is the investigation into mcdonald's is continuing. vonnie: time now for our bloomberg quick pick where we provide context and background on issues of interest. after decades of military rule, myanmar is in the midst of the transmission -- transition to democracy. it is been four years since myanmar began opening to the outside world. so far, it is been both hopeful and murky. the party to control of the two houses of parliament in february
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with enough votes to decide the next president. however, the country's military written constitution bars her from standing because her children are you gay citizens. this gives the military key post herhe government -- children are key citizens. that gives the military key post in the government. she holds a lot of power. she was at the white house were president obama said he would list economic sanctions on myanmar. burma emerged from british colonial rule after world war ii and fell directly into conflict. her father was poised to rule .he country but was gunned down a military coup in 1962 triggered half a century of military rule. two years after troops viciously suppressed protests in 1988, the army an old the results of elections that suu kyi party won in a landslide. suu kyi was put under military
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house arrest. a new civilian government announced political and economic reform. ever since outgoing president laid out his dramatic reform program, observers have debated how genuine the country's transformation is. skeptics say the generals are unlikely to give out further influence all suffer the same time, anti-muslim bigotry is deeply entrenched. a smooth transition to full democracy will depend on whether the military except an accelerated pace of change or decides to retrench. you can learn more about this topic and all of our quick fix online. bloomberg news report. rapidly expanding populations, rising incomes are creating an opportunity for food retailers across south africa. companies from walmart to shop writer looking to take advantage of the growth. joining us for that story, charles allen.
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thank you for joining us. are the conditions perfect right modern this increase in retail penetration in africa? think they're perfect, but they're certainly good. i think the food retailers are better than elsewhere in the world. you look back 20 years, there was latin america, china, thailand -- a lot of places where you could go, build stores and grow rapidly. south africa is the only game in town. mark: what are the challenges? there have to be many logistical challenges to build a retail platform, charles, and sub-saharan africa? >> they are huge. that is why it is taking so long for people to do it, you know, shop rite has got only just over a handful of stores in nigeria. even though it is only been there or has been there for more than 10 years. the reasons are the logistics are horrible. there are not proper roads. the electricity does not work half a time, so you to put a
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the store.n then you have the supply chain. getting food into your store, particularly fresh food. you have to arrange with farmers, build the supply chain. that is taking time. vonnie: the store. then you have the supply chain. we should mention we are talking about africa because of huge africa u.s. form taking place in new york desk for him taking place in new york. we will be bringing several interviews, including some african leaders. talk about the brands that are being imported into africa, charles. what are the ones that have taken on the country, if you like? mostly european, china? retailer,t bought a but not brought its name into it yet. i think there's a little of cobranding. european brand appearing as a couple of joint ventures, one with a gulf-based company which is in egypt and three east
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africa marissa lee just opened -- and through east africa and reselling just open. and a second one with a .ong-established french trader that is going to open stores in nigeria and ivory coast and several other countries in west africa. vonnie: what are the countries most amenable to investment from abroad? we talk about africa, a massive continent. >> i think there is a degree of suspicion across the continent is that it isn't always easy and people are looking for local , even pick and pay from south africa has a local gender in partner to extend -- local nigerian partner to expand locally. the issue is, maybe even south africa was deeply suspicious about walmart buying its 50% stake in mass-market. there's a lot of suspicion about
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people being there, but equally a lot of demand for more modern retail. get supermarkets, modern supermarkets, charles, thrive and relatively poor countries like say the democratic republic of congo? >> i think the opportunities are more limited, but when you get these huge urban populations like 11 million people, you do have enough people for shoprite to operate one modern supermarket there. maybe two or three. bigger opportunities are in countries like angola where an aggressiveuite opening program, even though it has been more difficult in angle at the moment. our thanks to charles allen of bloomberg intelligence. don't forget, much more ahead. on is this form is wednesday. onthere is the african forum wednesday.
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mark: and our very own vonnie quinn will be back. still ahead, a crucial question for the future of london. will global banks there be able to keep some access to the eu's single market after brexit? we will find out what midis is saying next. this is "bloomberg." ♪
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live from london and new york, i mark orton. vonnie: i am vonnie quinn. let's get back to brexit and the importance of the u.k. keeping access to the eu's single markets after the fed officially takes place. turning us on the phone, summoning's work will stop -- simon ainsworth. moody's said much of the financial market in the city of london would be able to retain some access to the single
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market, although, not full passporting rights. explain to us exactly what you mean by this, simon. >> good afternoon. so moody's considers it is unlikely that all permissions granted to financial firms would be lost following the u.k. exiting the european union. but by this, we mean whilst an exit from the european economic area would entail the formal loss of passporting rights, there are other provisions within the eu regulatory arena also known as equivalents, being introduced in 2018 buy a piece of legislation which should allow banks to retain many of the access rights they enjoy today. there are a couple of caveats. one, it does not cover all of the rights of banks enjoy today. it focuses on investment
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activities. decisionoes require a the u.k. is equivalent to the rest of the eu in terms of its regulatory approach, and this would be a political decision made by the european commission. up to: that brings questions. why with the european that if it has already decided britain doesn't have a seat at the table when it comes to negotiating in or out of the european union yucca what happens post-that. financialould institutions want to stay of there's any kind of difference at all between had quartering in britain and on europe? >> i will take the second part first. i think you are right. we make clear in the report there is this risk that the uncertainty around the negotiation process does mean that kind of some banks may choose to move some of their u.k. activities to the eu before
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the negotiations are complete. more generally, we think the complexity of quickly unwinding the status quo and the desire to minimize the initial impacts on european domicile banks as well as banks for either from the u.k. or by the u.k., kind of means there is an incentive to preserve most of the cross-border rights, kind of allow banks to undertake the business. but even if that does not come off, we do believe that the impact on most rated banks would actually be manageable from a credit perspective because whilst it would add cost and complexity to their operations, it would not actually move the dial in terms of their overall rating. mark: on a separate matter, to what extent do you think britain will be able to retain the ability to clear euro derivatives in london?
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literallyrket worth $930 billion. is the city going to lose that ability or not post-brexit? >> i suppose it speaks to the 2012 attempt by the european central bank to introduce a location policy that required a clearing of euro-denominated transactions within the area. clearly, that is a political decision as to whether the european central bank wants to revisit that policy in response to the u.k. leaving the eu. i do not think we have any particular insight there. whether,econd is indeed, a decision to try to do that would be -- have a practical impact because we're used in many years of derivatives and other financial instruments being cleared outside their home jurisdiction,
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with the u.k. outside the eu am a there's a potential limits of the territorial reach of a policy. but also, ansys probably the most significant, most -- and this is probably the most significant, most london-based banks and market infrastructure providers already have subsidiaries operating within the rest of the eu, which would allow those activities to carry reorganization and potential movements of people and functions. vonnie: our thanks to simon president senior vice and moody's. mark: coming up on european close, two to the executives. cory johnson will be live with mark hurd and then an interview jacques.-sebatstian
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what a turnaround it has been today from the slump we saw in european equities last week. the biggest decline the stoxx 600 and more than three months last week. we are seeing a turnaround today in what is a massive week for the global economy with central-bank meetings and the fed and the bank of japan, the stoxx europe 600 is up as is the and miningn by oil copies. check out what is happening on the currency front today in a massive week for the dollar and the yen. sterling is up. it fell 2% last week. you are watching "bloomberg." ♪
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30 minutes left in the trading day in europe today. i mark barton. vonnie: i am vonnie quinn. you're watching the european
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close on "bloomberg markets." mark: we will take you from san francisco to london, covering stories out of new york and germany in the next hour. here's is what we're watching today. vonnie: moments away from interviews with two to the executives. cory johnson will be live with mark hurd and then an interview with ceo jean-sebastian jacques on commodity prices. let's get to mark barton for a check on the markets. not even 30 minutes from the european close. mark: literally 29.5 minutes. for risk has returned across markets today. there is were equity board after last week's biggest weekly loss for the stoxx 600 in three months. the ftse is up driven by


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