atlantic jet passenger service by documenting a flight from new york to london. >> sky over the atlantic. the vast air ocean when he saled from europe to america a few hundred years ago in over two long months. the same air ocean over the atlantic probably did not seem as endless to charles lindbergh when he flew from new york to paris 30 years ago. still it took over 33 lonely hours. ♪ today that same atlantic air ocean leaving columbus two months and lindbergh's 33 hours in its wake zooms by in a dramatic break through. ♪ ♪ >>> the year 1954 marked an historic event in the history of aviation. a new flight was inaugurated called flight 1,000. there was nothing unusual about airport operations before flight 1,000's takeoff. it was duly announced and passengers checked in. flight 1,000's destination, london. luggage was prepared for loading and all other routine preflight activities were taking place. 1,000 seemed to be just another flight to london. in all respects that its passenger list was twice as large as on ordinary trips. flight 1,000 was air borne but no plane was used. th

brings us an interview with the london mayor. let me give you a look at the european markets this morning. the oil and gas narms are dragging lower there. another 1% losses for the oil majors. down more than 15 percent. actually interesting the market haves held up so well despite that. gains over the ftse mib. hopes of a potential deal ahead of the stress test results today for monte dei paschi so that's lifting if sector here overall and giving you a look at the sectors. banks very much in focus. improve returningses are taking the stock higher. not changing the strategy on brexit, but we did see a 50% cut in the dividend and that was 2 p down to 1 p. you have to worry. here we are. that's the overall performance. the auto which is the household goods the biggest lose r there on the downside. let's bring you the update on the individual pmplts r performances on the banks. barclays trading lower. reducing the banks on wanted assets weighed on earnings. the bank dividend. not changing course due to brexit, but that europe's banks were facing testing times. >> the european banking

murmuring ] >> dr. franklin. what news from london? >> well, parliament -- >> tory bastard! [ echoing ] tory bastard! king-loving scum! go back to england, you traitor. [ echoing ] traitor. >> traitor! >> traitor! >> go to hell! >> get out of my way! [ indistinct shouting ] >> parliament can burn in hell! >> traitor! >> go to hell! king-loving scum. >> after 10 years in london, this is how i'm received? >> i apologize for the reception, dr. franklin. ever since lexington and concord, all of america has been on edge. >> lexington and con... >> of course. you've been at sea. america is at war, dr. franklin. welcome home. >> good god. >> ♪ my country, 'tis of thee ♪ sweet land of liberty ♪ land where my fathers died ♪ land of the pilgrims' pride ♪ from every mountainside ♪ let freedom ring >> pushed to their limits by an oppressive empire, a determined group of rebels unites under the cause of liberty. their quest for freedom will unify a people, ignite a revolution, and forge a new system of government. in time, these brave men and women will come to be known as the american patrio

are live at the bank of england. boris is back. theresa may appoints the former mayor of london as her new foreign secretary. how will your of react to these announcements? a london house price index falls to the lowest level in some financial crisis. we will ask you this month's numbers are a sign of things to come. good morning. we are less than half an hour from the european equity market open. caroline, looks like a positive start. european futures, the fair value calculation points to a just over 1% rise. that is what we're expecting. caroline? caroline: the new chancellor of the exchequer saying there will be no emergency budget. we are currently trading higher. up 0.8%. shine a light on the korean won as it strengthens as well. another central bank action today left interest rates unchanged at a record low. the yen continuing to weaken. the dollar up 1.1% versus the yen. oil is rebounding after yesterday's slump. that is what is starting a bit of a waning in the equity rally. we've got to be talking about the boe later today. guy: we've been hearing from the new chancellor o

mark: we are going to take you from new york to london and cover stories out of berlin and detroit in the next hour. here is what we are watching today. governments,tween sabmiller and amb about appears to be on ice for now. will play hardball. and then travel for shell, the biggest company reports a 72% drop in profits, the lowest orderly earnings in 11 years. it gets hit by lower crude prices and weaker refining margins. and the different story in european banks. credit suisse beat estimates with unexpected returns profit. bnc para bob and lloyd's expansion group also topping estimates. at detroit, we are a few minutes away from the closed today. this is the global function macro movers. those are your equity to say. andreign, bonds commodities. busy day when it comes to earnings today. one of the busiest in the earnings season, 70 companies on the stoxx 600 reporting earnings. let's get to the shell, royal dutch shell, lowest quarterly earnings in 11 years. it missed estimates by $1 billion, weaker refining margins and production all weighed on this biggest oil company. total so

clearing. largely based in london. it has been the subject of great controversy. interview, the french official has euro clearing clearly in his sights. frankfurt. morenk that we have players now in paris than in frankfurt. and a deeper marking plan -- marketplace in paris. it is something to be negotiated. i think it does make sense. colleague spoke to him and joins us now from paris. is it a done deal for the french? it does not sound like a done deal. it will take time. it will not happen overnight according to the french economy minister. paris and frankfurt are competing to get a piece of the u.k. financial cake. clearing at the moment. euro denominated clearing is about 70% done in london, only 11% in paris and 7% in frankfurt. thinks paris has a better chance of taking some of this business. notlso said that he did exclude running for president in the next election. will be at thepe center of the campaign and he and affer a market european alternative. wasfrench finance minister more cautious. he did not appreciate when david cameron in 2012 ruled .- rolled out the red carpet gu

sara eisen in washington today. >> and i'm wilfred frost reporting live from london. good morning to you all. >> good morning. it is the friday before independence day. we're wishing america a happy birthday with some of best usa themed songs today. let's get straight so the markets on a friday. let's show you what u.s. futures are doing. under a little bit of pressure after pretty giant rally. the dow climbing more than 200 points again yesterday. giving back about 48 on the session here. s&p future down. nasdaq down 14. the first half of the queer nye officially in the books. the dow and the s&p 500 up nearly 3% for the year, but check at the nasdaq, it is down by the same amount. six sectors are positive here today led by tell kom up 21.8 pjt. the worst performer the financials down 4% for the year. as for the ten year treasury note, we have seen another strong week. buying a treasury sending yields lower. down to 1.41. they are down again this morning. just stunning to see pressure on yield's worldwide especially in the uk. >> absolutely right and the yields in the uk hittingreco

america in 1776 took place in those small measure because it was revolt in london. that is to say in june 1772 seemed to be suggesting that slave property which even then in north america was worth in the millions might be headed for history as e explain in the book. just as those in the state now known as zimbabwe, revolted against british rule in november 1965 because they thought that london was moving towards decolonization and one person one vote, leading to african-majority vote. they tried to continue white-racist minority regime by setting the new state and they said at the time that they were walking in the food steps of 1776, that is to say that 1176 was an attempt to escape the logic of abolition of slavery in november 1965 in southern africa was an attempt to escape the logic of decolonization and one person one vote and african majority rules. therefore you cannot begin to understand the tribulations, they fought against the formation of the united states of may recollect, they sided with london in the attempt to crush the slave rebellion just like the african did not ac

correspondent is following the story from london. christopher, why is farage stepping down? why now? reporter: well, we just heard from him there, saying he's pretty much achieved his political goal so there's nothing more for him to fight for. he's also cited personal reasons. he wants to have his life back, he says. i think what's perhaps more likely and that also answers your question about timing is the fact that ukip is keen to expand its voter base now and farage is such a polarizing, such an abrasive and populace leader that he's probably not the right man to help them do that. british politics is in a phase of such dramatic reshaping that there may be new opportunities for ukip and this is perhaps why they've decided now to jettison farage. they're looking to gain voters from the labour party, for instance, in its working class heartland and they need a more moderate, safer leader, in a sense, to take them down that road. anchor: meantime, there have been so many dramatic moves in the past week. first cameron stepping down, then johnson, now farage. are we in for any more surprises? c

tom keene. in london, giant -- guy johnson. what is the prism of cleveland from london? it is that we have a broken political system we are trying to understand. how did it get to this situation you have with the divided party and what are the repercussions in europe? we are just trying to figure out where it goes and what it means for us here in europe. tom: i totally agree and particularly nation to nation as may makes a visit to merkel today. now to our first word news, here's taylor riggs. taylor: donald trumps son announced that he had the number of votes needed to win the republican nomination. his son says that as president, trump will not take no for an answer. >> i know that when people tell him and cannot be done, that is when he guarantees it can be done. when someone tells him something is impossible, that is what triggers him into action. taylor: the convention also nominated mike pence. there will not be any hard targeting when theresa may meets with angela merkel. merkel has said there will be no concrete negotiations until the u.k. triggers the clause. may and merke

. i am tom keene in new york. in london -- my words. scarlet fu in london. we are thrilled to have scarlet fu. reunited. to the music. a wonderful day to have the with us. so much to talk about about the united kingdom. first word news, here is nejra cehic. theresa may has promised to build a more just united kingdom. that for brighton to feel their life has made insecure by globalization. >> not by the interest of the privileged few, but by yours. we will do everything we can to give you more control over your lives. ejra: in one of her first actions, the architect of david cameron's austerity policy, she replaced him with philip hammond . she named her new break since our, david davis. locked --ter may mocked boris johnson's negotiating skills he has been named the foreign minister. he accused president obama of disliking the british legacy because of his kenyan ancestry. the number of japanese living in japan phil are the most on record last year. at the same time, the number of foreigners rose. unless japan's birth rate increases, the labor force could fall 40% white 2060. glob

numbers, london in particular and britain in general is a growth market. >> political uncertainties, nobody knows how brexit will play out. early to say. until article 50 is triggered, we will continue to operate in the eu and under eu frameworks. a whole host of ceos there. coming fromof panic the business world as to what they are seeing in u.k. consumer behavior. >> the reason is because there is complete uncertainty when will article 50 be triggered and how and when will the negotiations evil. could be having this discussion into-three years. as of today, it is quite difficult to say what will the outcome the, the endgame, because it is clear the british government is trying to evolve what their policy should be. you have one fundamental point. 22,have a series catch whereby the basic tenants of the european union our freedom of capital, people, goods, and there is still a lot of work to be done, the free movement of services. that is a work in progress. we british government says want free movement of capital, goods, services, but not people. there is no middle ground here. ann

mark: it is 4:00 p.m. in london. in new york. it is independence day in america. you're watching the "european" on "bloomberg markets." ♪ mark: r.i.m in london for the hour. plus conference stories from paris, australia, and china. here's what we are watching today. nigel farage stepped down from the u.k. independence party after leading the campaign for brexit. who will step up and lead during the negotiations? the recent market rally has come to a halt. watch the ftse. it is close to entering a bull market, recovering from its brexit losses pay we are live in paris. wants toonomy minister claim the euro clearing business for paris. 30 minutes left in the trading session in europe. have a look at where the session is headed. down by 7/10 of 1% on the stoxx europe 600, falling for the first day. , the most since february. the gauge is 4% below where it closed june 23 before we knew the results of the referendum. it has fallen almost 11% in two trading days. i want to tell you what is happening in the banking industry. the worst performers. six of them are italian. though -- the

old party. in new york, monday, july 18. picked the short straw in london, guide johnson. boris johnson,, the honeymoon is over. he had to speak and act on turkey over the weekend. >> that is right. speaking about where the eu goes from here. is turkeyestion is, investable right now? that is the question people are asking in london. story. this is a moving with an update, here is taylor reeves. demanding they turnover inspiredr billy say the coup. they want the u.s. to extradite a man who lives in exile in pennsylvania. rouge, louisiana, authorities say the man who killed three police officers was a former u.s. marine angry with the weight that people are being traded. the shooting broke out after please got a call about an armed man. please shot and killed the armed gunmen. -- release shot and killed the armed gun man. talk, for paris acquaintances are detained of the man who ran down the people on the sidewalk. attack took place after basile dave. into a powerful player in repost brexit world. in the first appearance in parliament, maple argued about the nuclear system. she wi

measure because it was against the abolitionist in london that the case seemed to be suggesting that slave property that even than in north america was worth millions mate be headed for the dustbin of history that i explained in my book in some detail and as the state now known as zimbabwe revolted against british rule in 65 because they thought they were moving towards decolonization and the one-person one-vote leaving to african majority rule they tried to continue their regime by setting up the new state of rhodesia and at the time they said there were walking in the footsteps of 1776 to say that was an attempt to escape the logic of abolition of slavery in southern africa was an attempt to escape the logic of colonization of one person one vote so therefore you cannot begin to understand the travails and tribulations experienced by people of african descent of north america unless you understand from the orders of magnitude they fought against the formation day sided with london in the attempt to crush the slaveholders rebellion just like the africans did not accept the establish

. theresa may appoints the controversial former mayor of london as her new secretary. and taking off what is expected to be a difficult earning season for the banking sector. ♪ a very warm welcome to the countdown program. this is live from london. i am anna edwards. manus: and i am manus cranny at the bank of england. anna, will the bank of england cut rates for the first time since 2009? the governor had a message for the market, markets and economists are less assured. this is a governor who we know acts ahead of the knee. that is what we're going to be focused on, 12 noon, the bank of england back to you. anna: let us but the risk radar, show our viewers what is happening overnight in various asset classes. the rally in equity markets losing steam just a little bit. we have u.s. markets of course nearly all-time highs, waiting for the earnings season to kick off in earnest. the msci asian-pacific treading water, the pound in there because of the focus on bank of england today, and in the wake of theresa may appointing some of her tea cabinets. as wasmany women suggested yesterday. t

surveillance live from our world headquarters . i am tom keene in new york. guy johnson in london. mr. kuroda changed the news flow. guy: this appears to come from a bbc interview that was pretty recorded. it was not done today. this is something that was a pretty recorded program. no helicopter money. you see the asset prices react. we have seen big moves over the last few days. you wonder how that will change the q&a with mr. draghi. right now, our first word news. taylor: in cleveland, donald trump will except the republican nomination for president, one day after ted cruz was booed off the stage at the convention. the texas senator ended his speech without specifically endorsing trump. we will unite the party, unite the country, by standing together for shared values. standing for liberty. god bless each and every one of you. god bless the united states of america. is widely expected to run for president in 2020. president air to o -- imposed aerdogan state of emergency, saying the government will use its added interest the of democracy. in kuala lumpur, investigators searching fo

: well, i think european tech is perhaps more interesting on the software side. we know that london and berlin are very good, very strong at software development. in the u.s., it is sometimes more than new ideas. the new ideas seem to be coming out of the u.s. and the implication, the actual execution of the really clever software seems to come from europe. anna: lothar, good to get your thoughts. lothar mentel, tatton investment management. up next on the program? manus: what is things we do well, exclusive conversation with ceo valeo. he joins us. we are going to be live to paris. some pretty major lines coming through from deutsche bank. 2016 will be the peak restructuring year for the bank. those are the words of the ceo. futures in london indicated up 1/10 of 1%. this is bloomberg. ♪ e anna: welcome back. this is countdown. you are looking at a live shot of the tokyo imperial palace. the time in london is 6:30 in the morning. 05.53. a move of 8/10 of 1%. weaker on the yen, stronger, all over the place. given the numbers. and the connection with abe, when the stimulus package

london and now buy an hermes tie for less than $170. shery: british people going abroad, it will hurt them immensely. it is falling against the u.s. dollar and the euro. it is at the weakest level since 2013. it is weaker than just after the referendum. matt: it has been an amazing drop. the ftse is up since the referendum 3.5%. if you bought the day before the vote, you would be in the money if you bought in pounds. if you bought in dollars, you are down 9%. let's go to the markets desk. julie hyman has the reveal on our mystery stock. today's pick is writing lower after some analysts saw added pork in a recent runoff. a helmet might be needed as shares skid to a halt. you guessed it. i thought it had to be something with motorcycles and thought about polaris. i thought, how does pork play into it? julie: we started talking about hog."-davidson, or " that is the spike that you see here. this bike on friday was because of takeover speculation. it did not aim to have any specific catalyst. it is not the first time it has come up for harley-davidson. it is something investors have specu

. -- we will look ahead to tomorrow's u.s. jobs report. ♪ jon: from london, a warm welcome, i am jonathan ferro. david weston and alix steel in new york. for the first time in europe, stocks rallying in europe, every single industry group on the stoxx 600 advancing today. joined byaddition, some very strong guests including sir martin sorrell, the ceo of the bbb. >> we will talk to a portfolio manager at pimco, bill gross said the sovereign bond rally is too risky but the u.k. is selling bonds at its lowest level ever. jon: on 10 year yield, record low yields, fascinating the demand is still so strong. let's get to our reports around the world and check in with our team with in-depth coverage of our top stories. more u.k. property funds freezing. on the adp data ahead of the jobs report. hillary clinton avoids criminal charges. beginning in london, it guy johnson joins us. another property fund freezes, not a shocker, more to come. rational thing to do but different strategies, aberdeen saying they will have a 24 hour gaging of the fund but we will mark that fund down by 17%, all

half of the year since 2011. ♪ jon: from london and new york, this is bloomberg, coming to you from the city of london, what a morning and what a week for politics, global bond markets, yields all-time lows. david: quite a story in the bond market, at the u.s. to the long and growing list of government bonds whose yields are at record lows. going for a fourth day of gains come a little bit less, softer and the futures market, ,ere to give his future market someone from morgan stanley. toid: later, we continue focus on farmer with the merck ceo and chairman ken frazier, two important interviews you do not want to miss. let's look at the markets. jon: futures a little bit softer , down by a 10th of 1%, the footsie with the biggest week of gains since 2011. switch onof 1%, the the board and get to the bond comet, 10 years, treasury all-time lows, down by six basis points on the session, a softer down to 10 of5, 1%, expectations that a little bit of stimulus in the pipeline from the bank of england coming this summer. alix: that was the big news from yesterday didn't around the world, in-de

the aftermath of the brexit vote. it briefly rallied as governor mark carney spoke in london, pledging to contain the fallout. >> the bank can be expected to take whatever action is needed to promote economic security and as a consequence, support the real economy. that means we can look ahead, not over our shoulders. vonnie: investors await more clarity outside britain's separation from the european union. we have seen $350 billion in assets. he said do not panic last week but it does feel a little bit different today, the bank of england during even more and there is still a selloff. his reality finally settling in? jim: i think it is not unrealistic to think we are going to have some pull offs -- pullbacks on the way but i have been impressed with the limited reaction of the u.s. financial markets to this event. at only was the decline, worst the s&p fell 3% prior to the vote, but now the recovery. if you look at where things are today, stocks in the u.s. are basically a must unchanged prior to the vote. the dx why dollar index is up very little against developed currencie

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

pulse" live from london. i'm francine lacqua. we have a great show lineup for you this morning. we speak to the ceo of the .orld's biggest reinsurer as we wrap up a week of european bank earnings and look to stress test results this evening, we speak to the ceo of the british bankers association. that is at 9:30 a.m. let's check on the markets. a lot of market swings. 103.65 is where we are. the boj opting for limited expansion. it did say it will plan to reassess the policy. it has already been three years. stocks, iuropean don't know if i would call it unchanged or slightly higher, but we had a lot of earnings news to digest. the banks have been under pressure. we are expecting stress test results this afternoon. watch out for ubs and barclays in particular. let's get to the bloomberg first word news with caroline hyde. caroline: hillary clinton says america is at a moment of reckoning and has belittled donald trump's claim that he alone can solve the nation's problems. clinton said the u.s. can advance only when each segment in society and members of every group work together. m

u.k. and anna edwards georges from our london studio -- and anna edwards joins us from our london studio. anna: we are focusing on the politics. u.k. politics takes center stage. a chart shows the political risks as measured by the bmt, political risk index. it shows the surge in euro political risks. the central bank having to deal with it that's a deal with an uncertain environment and that heart of the world. the brexit conversation and the result of that referendum on the 27th of june has raised the political risks in europe and -- in europe to levels that we have not seen. we see the uk's conservative party, the government here trying to find a new leader. conservative mps will be voting today. this is the first of a number of votes that they have and they gradually reduced the list of right around five, down to a final one. the contenders are trying to differentiate themselves on policy toward eu nationals the live in the u.k. the most of them are talking about the end of freedom of movement across europe. some of the contenders come from the leave campaign and some from the

had a huge personal mandate as the mayor of london. he managed to put london on the world stage as mayor. he speaks several languages, is extremely charismatic. i think he is ready for the job. correspondent: boris johnson hugs of the political limelight. his role as the london mayor gave him a big job in the big stage. it was not without controversy. last year he cut short a trip to the palestinian territories after making remarks judged by his host as offensive and two pro-israel. mayor street johnson -- mr. johnson has pulled in business for london on trade trips. the honda britain, they may not know much about voice johnson other than his neck for -- other than his nack return of a phrase, but the man is now britain's top diplomat. the world will find out who he is. bbc news, westminster. ,atty: i spoke with jon sopel who has just returned from london. i expect many viewers did not know who the last british foreign secretary was. jon: forest johnson --boris johnson, no one need to worry about knowing who he is. whether he is seen as a figure of seriousness is another question.

european bases out of london. the city is a key financial hub but executives are worried about london's future role after britain voted to leave the eu. the ceo of jpmorgan chase of the united states said in an e-mail to employees the firm may need to move its european base from london in the next several months. britain's hsbc is thinking about moving 1,000 employees based in the british capital to paris. western media report morgan stanley of the u.s. has set all working group to look at relocating its european base from london to another city in the region. they also say britain's barclay's bankk is looking at dublin as a possible relocation site. >>> the lord mayor of the city of london is trying to put people's minds at ease. jeffrey evans says the financial district will stay competitive. >> the width and depth of london's offer is vevery considerable. it's not so easy to move activities and businesses to other centers. it's one of these areas of uncertainty. but we are very clear we have ambition and intention to remain in a leading international financial center. >> eva

bloomberg television. ♪ vonnie: we are live in new york and london in the next hour covering stories out of japan and italy. jpmorgan kicks out running season thanks to a rise in fixed income trading as the global bond market rallies. lows --ank keeping cost cost? low? mark: keeping banks at record lows. one of the biggest public debuts of the year. we will hear from the cfo from the new york stock exchange. let's check again on the bloomberg first word news. new brexit czar says that they will leave the european union. david davis was named secretary of state. negotiations could continue. theresa may has mocked boris johnson's negotiation skills. become -- johnson accused president obama disliking the legacy because of his kenyan background. the chinese passenger plane may test flight in one of the areas in dispute. china had noled historic claim over the south china sea. donald trump is promising to reveal the person he has chosen to be his running mate tomorrow morning. team haveate and his been meeting with indiana governor mike pence and newt gingrich as well as jeff ses

guy: welcome to "on the move." ; 30 in london, we are counting it down to the european market open. i'm guy johnson alongside caroline hyde in berlin. here's what we are watching. hurricane brexit it's the markets. risk off sentiment smashes global yields and sterling ducks below 130 against the dollar. how do investors weather the storm? none are spared. italy's banks are pummeled while investors flee uk's property funds. where are the biggest risks? and mayday. the tory field narrows and spots throws their support behind theresa may. as she sealed the deal for the top job in britain? we are going to discuss all of this with our all-star guest lineup today. in a moment we will be speaking to socgen's chairman, and later in the program, the head of the european stability facility. plus, ecb president mario draghi speaks in 30 minutes. we're half an hour away from the european equity market open; let's show you what the terminal was telling us about where we think the story will go. to the fair value calculation, euro stocks down by 8/10 of 1%, london looks like it will outperform,

, with both tickets set and both conventions behind us. plus, digging up london's history while reshaping the iconic city's look for the future. >> what we found was a roman road crossing right across the station construction site, and alongside that roman road, a burial ground. >> woodruff: and, mark shields and david brooks consider the biggest convention moments, and look at the campaign that lies ahead. all that and more, on tonight's pbs newshour. >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> xq institute. >> lincoln financial-- committed to helping you take charge of your financial future. >> md anderson cancer center. making cancer history. >> supporting social entrepreneurs and their solutions to the world's most pressing problems-- skollfoundation.org. >> the ford foundation. working with visionaries on the frontlines of social change worldwide. >> and with the ongoing support of these institutions: and friends of the newshour. >> this program was made possible by the corporati

the low yields. >> yeah. coming up post-brexit london could be losing its place as the financial capital of europe says jim stewart from "the new york times" and join us later in this hour. "squawk on the street" will be right back. >>> welcome back. send it over to dominic chu for a market flash. what do you have. >>? >> good morning shares of micron one of the worst performers in the market today. this after the computer chipmaker reported a smaller than expected loss than analysts were looking for on average yesterday after the bell, but sales did miss and so did its forecast. micron said it's going to cut jobs in an effort to lower cost, given a softer demand environment for memory chips and stiffer competition for flagship products. down about 10%. shares to watch. back over to you. >> all right. dom, thanks very much. coming up, fed stock down but the market is up. the dow just about 25 points away from where it was the night before that brexit vote. basically, we're all the way back to the s&p 500, 2107, it was at 2113, we've done a round trip. the third quarter is startin

underlying assets that the fund has in london. you can see essentially this sort of liquidity premium or discount, how much off of the price is, people willing to sell these shares for it. i was there the past few days, shows the gap between the current market perceptions of real estate value -- matt: i always kind of wondered how etf is faring when they do the course on a daily basis. with commodities, john what's more liquid, not like tragedies. this is much more fascinating. -- which are much more liquid, not like -- to pay out the people who are leaving, everyone who is still in the fund much more highly leveraged than they wanted to be or by regulatory allowances, can be. joe: remember this junk neutral funds last year. this is legacy and underlying -- liquidity and underlying assets. matt: now we can get flats in kensington. all the focus has been on frexit lately, and another bigger -- , and another storm is brewing in italy. we are not talking about the banks. what you need to know about the country's upcoming referendum v. you guy's be good. i'll see you later [ bark ] [ bark ]

billion of assets between them. london stock exchange shareholders do -- approved the deutsche person deal, but the german regulator is not keen. and silver touches a two-year high and gold rallies a fourth day on speculation that central banks will step up stimulus. coming to you live from your asian headquarters, i'm yvonne man in hong kong. let's check on markets in the asian pacific. new zealand kicking things off, but we had the u.s. close yesterday for the fourth of july holiday. europe did see stocks falling. it is expected that aussie dollar will hit parity with the kiwi as we see australian political gridlock to continue, and it could put economic reform on hold. it is also rb eight decision day. cash rate is expected to stay at 1.75%. we are seeing that we could see losses today in sydney. japan, the dollar yen stabilizing around 103 -- below the 103 handle. may be a good time for the analysts to change their forecast, because the biggest bulls or 10% too cautious. watching commodity stock as well, because we saw silver topping $21 for the first time in two years. we see it

here in london, independence day in the united states. markets. to the wipingn the asia-pacific out brexit losses but if that makes you think -- we are also seeing money going into safe haven assets. there is a surge going into the silver, indicated by this dotted line. we've seen a surge in safe haven assets because part of the enthusiasm for equity markets a nature comes from the expectation that we might see more support from central banks. let's put up the risk radar. we mentioned the bounce in equity markets wiping out brexit losses and commodities also on the rise. commodities, the wti price is fairly flat. nigeria having a trouble enforcing a cease-fire in oriole country. we have seen movement in the australian dollar. it dropped but then recovered. neither large party in australia managed a majority -- more coming up throughout the hour . we will have more analysis from sydney shortly. george osborne had set the goal of lowering britain's corporate tax rate is 15% to keep businesses investing in the country. he expects the result of the referendum and wants to mitigate of th

stories. enda curran is in hong kong. andlet fu is in london yelena shulyatyeva, post jobs report. we have u.k. politics developing fast and furious. sterling moving higher on reports that andrea leadsom could be retiring? to get: she was supposed ready to speak at 12:00, that hasn't pushed back to 12:15. that will mean that theresa may will win the leadership contest in the conservative party. it is not clear whether there will be a party membership vote to ratify this. mark barton and i were talking about the ramifications and it would mean that theresa may was the only candidate to be the next prime minister in the conservative party. and it is not necessarily woulding she wants -- she want a proper race to make her case and be properly elected. in this instance, if she just becomes the next prime minister, she really doesn't get to make her case. she has less of a political mandate. alix: interesting, her viability in the market. u.k.ll street meets politics, we have george osborne making his way to businesses today. what can we expect? scarlet: it is a global roadshow. he wil

." so he was promoting in london. so he's like, "guys, you know, like, before my birthday, you know, i'll be promoting in london. everybody should come to london and we'll just celebrate my birthday there." i was like, "wow. that's kinda -- that's cool." so we go and hang out for his birtay and i'm like, "man, that's really good." he wanted his family with him. and calvin harris is performing. [ cheers ] we went to the show. and then we go to a restaurant. and, you know, and jaden is just particularly excited. you know? and we sit down at the restaurant. and he looked at the waiter and he says, "i'll have a tequila." [ laughter ] i said, "whoa, whoa, man. hold up. what you doing?" and he says, "the drinking age is 18 in england, dad." [ laughter ] >> jimmy: that's why -- that's -- oh, no. that's why he got you out -- >> i was like, "you joker!" [ laughter ] you joker. >> jimmy: that's how you got us all to come out. >> so, yeah, i was thinking fast. i ws thinking fast. i said, "oh, but hold on, hold on, hold on. it's only noon in l.a." >> jimmy: so -- [ laughter ] >> "and you weren'

the abolitionism in london it seemed to be suggesting that slave property might be headed for the dustbin of history. and now the state known as zimbabwe revolted against british rule in 65 because they thought clinton was moving towards decolonization one-person one-vote they tried to continue their white racist minority regime but they said they were walking in the footsteps of 1776 s that was an attempt to escape the the logic of decolonization of one person one vote therefore you cannot begin to understand the tribulations of people of african descent unless you understand they fought against the formation and sided with london just like the africans did not accept the establishment of a new stage of rhodesia and when you fight a war in the loose you can expect to be penalized unless and until you can turn the tables against your oppressors and one of the way we could turn the tables was through the haitian revolution which follows quickly upon the footsteps of the first convening of congress that is why start the book with george washington with the haitian revolution and in

european close on bloomberg markets. we are in new york and london for the next hour, covering the middle east and the campaign trail in the u.s. as well. sterling rallying after the bank of england decision. the central bank keeping rates at a record low, possibly weighing stimulus for august to keep the economy going post brexit vote. vonnie: and kicking off earnings theon to a beat thanks to global market rallies. mark: it's the first full day with theresa may as prime minister. we will discuss who is in and who is out. vonnie: 90 minutes into the trading day in the u.s. julie hyman has been keeping an eye on the action. s&pe: the records on the and dow, the dow actually the winter percentagewise. the s&p gaining a little more than .5%. look at the bloomberg because this will show you the other ways that it is manifesting itself through the various sectors. a pretty broad-based rally. cyclical groups are back and forth. some of the more defensive groups are at the bottom of the list. some of what we are seeing is earnings driven. jpmorgan coming out with second-quarter profits b

. we are going to take you from new york to london in the next hour. here's what we are watching today. global stocks rallying. earnings season kicking off on the right foot. vonnie: one layer of uncertainty removed when theresa may takes the prime minister spot tomorrow. there is a rush to get all the new leaders in place. the farmerwo of airshow. its --.ushing we are live at the event, chiefng with the executive of airasia. julie: records for the s&p and out. we have been watching these levels over the past couple of days. the nasdaq is higher year today now. that is a milestone for that index as this risk on rally comes back. let's look at what groups are on the move. it is reflective of what is doing well and not so well. screenen on the indicates the economy is doing better than economists are estimating. more defensive groups are doing more. we have traffic numbers from various airlines. american airlines -- u.s. airlines boosting stock up. this agreement will add to its pretax earnings by about $1.5 billion. we are watching natural gas producers. prices should appreciate t

london's financial hub. let's kick it off with our market minutes and we have gains on the nasdaq today, although the s&p and dow jones came down and did not ounce up as we saw yesterday. joe: pretty listless direction ahead of the jobs report tomorrow. consumer discretionary leading the way whereas the ultra defensive utilities both days weekend. matt: i'm glad you bring that up because i thought the same thing before the program. i put together three indexes here -- the s&p utilities in -- utilities index down. people pulling out of defensive sectors and the biggest gainer of the 10 industry groups are the momentum stocks. that's why the nasdaq had a gain. -- isomething i and keep am keeping my eye on in the world of government bonds, this is a three day chart of the bond spread between italy and germany. that's one of the places you want to watch peripheral sovereign risk as we learn about political contagion. a lot of anxiety about those italian banks coming into focus. keep an eye on that spread. this is much narrower than it was during the worst days of the crisis. matt: anything

bloomberg television. ♪ vonnie: we are in new york and london for the next hour covering stories in san francisco and tokyo. 30 minutes into the trading day in new york. stocks fluctuate as u.s. gdp growth misses estimates. european shares going for the biggest monthly gain since october with science leading the way. mark: google in the cloud. u.s. tech earnings having their best earnings quarter. we will tell you what is driving the result. vonnie: the earnings reports continues with ups missing estimates, benefiting from a surge in online shopping. , richl talk with the cfo peretz. more data coming out. let's go to julie hyman. read onhe final consumer confidence from the university of michigan's index. 90.3.l from this is the final rating. the more important economic data point was gdp for last quarter expanding at 1.2%, less than projected. that affecting markets are early in the day. it seems like investors are focusing on individual companies .nd earning reports the nasdaq touching its highest rating level on an intraday basis that we have seen before falling back. the losers

: welcome to "the pulse." live from bloomberg's european headquarters here in london. coming up, we will speak g-man -- twoo the pierre gramegna. first thing's first, let's check on markets, european stocks retreating. they were undecided what to do earlier but now they are down to 0.4%. the retreating oil and gas shares -- japan's yen surging to the strongest level in more than a week against the dollar. this is looking for signals about when we get stimulus or not. the british pound falling. let's get to the latest bloomberg first word news with caroline hyde. caroline: good morning good at bernie sanders has told the democratic convention that hillary clinton must become the next u.s. president. this came after his plea to protesters. michelle obama offered her endorsement of clinton. >> what i admire most about hillary is that she never vocals under pressure. pressure.uckles under she never takes the easy way out. hillary clinton has never quit on anything in her life. >> any objective observer will conclude that based on her ideas and her leadership, hillary clinton must become

with morgan stanley's industry --of strategy. ♪ guy: i'm guy johnson in london. mike mckee is in new york. tom and francine are off today. taylor: factory output in germany has hit a 27-month high. the record low unemployment in germany is bolstering the economy. if the u.k. economy slumps, that could be a problem. vodafone reported first-quarter service revenue that the estimates. vodafone is trying to revive its european business. "pokemon go" has come home. it has been all the rage in the u.k., australia, and parts of europe. it is now available in japan. it has added as much as $20 billion to nintendo's market value in two weeks. mike: thank you very much. donald trump, officially the republican presidential candidate. ,n his acceptance speech painting a picture of america as a nation of under siege -- nation under siege. lived eisenberg joins us from the convention. was old donald trump. it was everything we have heard from him the last 100 days. how did it go over with people? think people were surprised that it was more of a greatest hits speech than any pivot to a general ele

anna edwards. manus: breaking news. anna: six a clock in london, 7:00 in amsterdam. where the business is based in the netherlands, saml is europe's largest semiconductor maker. third quarter revenue at about 7 billion euros. so estimate was 1.7 billion, that sounds very broadly in line for maybe a touch shy of that. the most bullish estimate for the third quarter. the ultraviolet lithography system, which increases capacity and speed. agreed to buy microvision for about $3.1 million. this is a part of th customers,s for the samsung electronics and intel, these chip manufacturers, that they will increasingly use the technology. certainly that revenue looks to be broadly in mind. $354 million in the second quarter against an estimate of three when $7 million, ahead of the second quarter. manus: we are waiting on the revenue numbers, expected $5.2 numbers, expected $5.2 billion. let's have a risk radar look. slipping, the s&p coming back on global equities commit adding $4.5 trillion post brexit. and we have the korean currency and therefore you, a bit of a developing market for

johnston staff to board of supervisors supervisor president london breed and lemon apologize for the brief history of land use regulation i'll present there is a lot of back story here now that the june that election is decided and the citywide inclusionary requirements are set we can discuss 24 legislation than back in may there is a lot of back story i'll address as quickly as i said, i'll make clear the question before you today supervisor breed introduced substitutes legislation on tuesday regretting the changes we discussed in may and the outcome of prop c election so the legislation fundamentally does 3 things sets the vera derequirement to the recent do you mind 25 and 33 percent standard it requires pipeline projects in the divisadero and martin luther king's to meet the 25 and 33 inclusionary standards if taking advantage of the density decontrol and third it requires projects of 10 units or more using the nct to meet those higher affordability standards instead of the 25 it is a slightly lower threshold the basic question today do we want all projects on december vera that

london in for francine. sort of an odd day but a recalibration of where economic growth is heading. guy: and more evidence of what we have been talking about, low economic growth coming out of germany right now. this is investor expectations going forward and it is the expectations line that really catches my eye. the survey, 51.8. the expectations, -6.8. a significant miss going forward in investment expectations. tom: one of the big mysteries is euro over the next months and we will be looking at the bombshell morgan stanley report as one of our themes this morning. right now to our first word news on germany. : police shot and killed a man who attacked passengers on a train with an ax and a knife. the attacker was described as a 17-year-old room afghanistan who applied for asylum. the president of turkey says he narrowly escaped death in the coup attempt. he left the seaside resort just minutes before the coup stormed in. he also said renegade soldiers took over the istanbul airport hours before loyalists maintained control. theresa may says her government must not be defined either