is "bloomberg markets" on bloomberg television. ♪ vonnie: we are going to take you from new york to london to detroit and the hour. stocks are rallying after janet yellen's latest comments. investors adding to bet that u.s. interest rates will stay lower for longer, keeping growth on track. mark: david weston's exclusive interview with mary barra on the automakers plans for the future and why she is focusing on china, technology, and trucks. vonnie: valeant shares falling 20% after the drugmaker cut its 2016 earnings forecast. the new ceo revealing sales of key drugs are plunging, but he is vowing to say valeant.

30 minutes into the trading day, let's head to julie hyman with the latest. julie: stocks extending yesterday's gains. people still that jesting what janet yellen had to say yesterday, confirming the idea that the fed is not going to raise rates in june on the heels of friday's jobs report. it is a commodity led rally, at least energy led rally. the nasdaq is just eking out again. s&pe have been noting, the is 1% away from a record close, which is about 2130. it is 2134 on intraday basis. the dow rising by 62 and a half points. energy is once again in the top spot. industrials also doing well. health care is the biggest drag on a lot of different corporate stories. we will get to one of those in just the second, but i didn't want to note that apple is rallying for the second straight day. we talked about making a strong

month for apple and its recovery helping the average's overall. it is the largest weighted stock. isr the two day, it helping stocks going higher. biogen coming out and saying that a study of its experimental multiple sclerosis drug was not successful. you can see that shares are plunging by 12%. this particular drug was viewed as a key part of its pipeline. that is why we are seeing this kind of reaction with shares. let's take a look at how commodities are trading. crude oil is pushing above $50 a barrel. that is supporting energy stocks. on the other, we have a drop in gold and particularly in copper. copper stockpiles rising to the most going back to 2004. that is putting pressure on copper. let's also take a look at the rates market.

the 10 year note -- we continue to see a little bit of a decline here onyield t investors pushing out a fed rate increased. the dollar likewise is declining by a quarter of 1%. mark: investors pushing out that rate increase in the united states, giving a philip to trading today. check out the stoxx 600 and all that industry groups. every one of them trading higher today. it is led by oil and gas, up by itss crude trades at highest level since july. the stoxx 600 a by 1%. what a 4 40 hours for the price of sterling. sterlinge spike in that scented up against the dollar in a matter of seconds. it then retraced half of those moves, settled, and then increased. as you can see over the last two ,rading days, despite yesterday

at one stage, 1.4%. the biggest intraday loss since february. the two-day gain is a gain of 4/10 of 1%. we saw holes in the leave camp of the upcoming referendum are ahead. we have two polls showing that remain camp narrowly ahead. much iscan expand this certain is more volatility in the pound-dollar cross. implied volatility rising to a new seven-year high. releasing and note earlier saying that lloyds banking group and rbs will have the biggest bounce if britain votes to stay in the eu. that would be short-lived because rates do not favor the banking industry. lloyd's is the preferred large

u.k. bank. it has seen at 2018 dividend expectation for another increase in dividends will bolster the stop. it has a buy rating. this is a wonderful chart. it is highlighting how well u.k. stocks have been faring despite the uncertainty over the referendum. the ftse oil share index is an index that encapsulates the ftse 100, the ftse 250, and the ftse small cap index. it is outperforming the european benchmark, the stoxx 600, by the most since 2008. despite that outperform its, this chart here says something interesting. on the valuation basis, the ftse all share index is trading all countryhe msci

world index since the start of this year. despite the fact that there's all these concerns about the upcoming referendum in just 16 days time, u.k. stocks remain remarkably popular. will it remain so, vonnie? time will tell. vonnie: thanks. let's get now to bloomberg first word news. emma is in the newsroom. new pressure on bernie sanders to exit the race for the democratic presence of nomination. enough clinton now has delegates to take the nomination according to the associated press. that includes those that she is one and got some superdelegates . california is the largest of six states of for grabs today. clinton is depending on superdelegates who do not vote until july 25. he is hoping to change their minds. house speaker paul ryan is coming up with policy plans as a way of uniting republicans divided by donald trump's

candidacy. his first proposal -- overhauling u.s. poverty programs. he is calling for changes the welfare, food, and housing programs. is using ping is saying that his country and u.s. should develop relations based on mutual respect. john kerry is encouraged by remarks made directly by xi on a new law. >> what i heard directly from president xi actually was that , toa intends to remain open stay open, to open up even more than it is today and that it does not see that these laws will be applied in any way whatsoever that affects the ability to open up and do business and for people to feel confident about what they're doing here. emma: kerry had earlier

expressed concerned about the new law. eighto requires them to where their money comes from and how it was spent. the lead has narrowed in the too close to call presidential election with 97% of the vote counting. kaczynski leads by less than half a percent. he has promised to use his decades of financial and public service experience to boost investment in peru. global news 24 hours a day powered by 2400 journalists in more than 150 news bureaus around the world, i am emma chandra. vonnie: we begin with an exclusive for bloomberg. investors and general motors gathering in detroit michigan today for the annual shareholder meeting. gm has come a long way since then grossly and the general bailout.u

mary barra spoke with david westin. infancy ofe at the putting technology and applications and services into the vehicle that will improve customer's lives. i think that is a huge area to grow, but china is another area. even though china is more volatile than it has been, we still see tremendous growth between now and 2020. we have over 60 new models coming between now and then. we think for a typical emerging-market it will be a little more volatile, but we see tremendous growth opportunity there. david: can you in the future get the margins up in china? mary: are margins are already 9-10%. it is a joint venture and we do sell a different product mix. i'm proud of the margins. one of the casings continuing to maintain those margins as the market continues to grow more

volatile and we intend to do that. of the 60 new models that we will have between now and 2020, 40% of them will be suvs. that is a more profitable vehicle and something that consumers are really moving to. david: midsize trucks have increasingly become important, generally on the probability side. how far cannot go? mary: everyone says it is a dying and shrinking segment, but we put a capable product not only with the chevrolet colorado but the gmc canyon and we have seen the market response. you tell me what gas prices are going to be in one year or five years, but we now have a very capable product that for most people, even if it is part of their work life or they just like driving pickup trucks, we have an outstanding vehicle or truck for them. i think it's an important part of the portfolio and will be for a very long time. david: you raised it -- oil prices, gasoline prices.

as you make your projections about a vehicle such as the canyon or the colorado, how sensitive are they to the price of gas? mary: what we look at is we want to make sure that the segment that it is the most fuel-efficient. we understand with regulatory concerns and being responsible from an environmental perspective, we are also making investment in electrification and even fuel cells. you cannot make decisions based on what oil prices are today when you look at a product cadence that is 3-4 years and with some technologies even longer. we are working what is most efficient from a fuel and omissions perspective crossing a full range of portfolios. david: almost from the day that you step into the job as ceo, you said one of your goals was the change in culture at general motors. what parts of the culture did you need to leave behind and which ones did you want to hold onto? mary: when i talked culture, i talk about it as behaviors.

i cannot come in today and sam going to work on this part of the culture, but what it can do right now is change the way out ahead. i behave. top 300 leaders from around the globe together and ask what are the most and port and behaviors to move it forward -- important behaviors to move it forward? it was about transparency, being candid, owning each other's problems, and creating a to let was desired to win. -- relentless desire to win. we all agreed that we were going to use those behaviors. if illenge everyone to say was doing something inconsistent, call me out. it has permeated through the organization very quickly. the other thing that people do not realize about the company is that in the last one of four months, 25% of all employees have only been here 24 months. 25% of all your employees have only been here 24 months? mary: correct.

general motors is new and the people that are joining the company and they are bringing challenging and i think a new spirit as well as the work that we are driving the people like myself who have been here over 30 years. that is what we are driving -- a can-do attitude. let's holder sells accountable and do what we say we are going to do. to work together because of my scorecard is green and yours isn't, it doesn't really matter. it's about the customer and what we are doing to make sure that the customer takes us when they have a very competitive landscape to choose from. that is what we're focused on. another area that we are working on hi is speed. if we have the right technology but we are not the first to market, we don't win. how do we do that quickly? those of the areas we are focused on. mark: that was our extensive interview with the gm chief executive mary barra. we will have much more from her and other top executives

throughout today. up next, bio techs moving for a second day. we will look at some names like sarepta jumping on new drug prospects. ♪

london andfrom west new york, i mark barton. vonnie: i am vonnie quinn and you are watching "bloomberg markets." time for the bloomberg business flash now. the euro disney group has been acquitted of discrimination charges. the association that filed the original complaint said that a 2006 job ad for the paris theme

park was intentionally designed to exclude applicants from africa and turkey. euro disney admits the word was clumsy but denies discriminatory intent. toldas ceo stefan larson stores to eliminate three layers of management and/jobs as part of the ways for plan. the cost may be as high as $400 million. u.s. workers was not as severe as first bought. productivity declined at an annual rate of 6/10 of 1%. there was also a 1.7% drop in fourth-quarter. that is our latest bloomberg business flash. let's head to the markets desk now where julie hyman has been looking at biotech shares. julie: biotech and health care are very active today. we were talking about that

cancer doctor meeting over the weekend, but we have moved on from that to a number of different individual company events. repta getting a notice from the fda for more data on its treatment for duchenne muscular dystrophy. this a spark speculation that because the fda is asking for more information that it may mean and approval for this medication is on the way. those shares surging by 20%. shares are going in the opposite direction as the drug is for a rare neuromuscular disease failed to meet its goal in the final stage trial. this drug has already been approved in the u.s. to treat two other diseases. it generated $2.5 billion in sales for the company last year. anotherre approved for use, that would obviously begin news for the company, but it looks like the study is not 20 and that direction. shares down by 12%.

we have a deal in the health care industry, not biotech, but an artificial joints. it is down by about 2%. the company an makes replacement hips and knees and agrees to buy lg h for about $1 billion. the picture, but those shares are searching by that amount today. mark: thanks very much indeed. as you just mentioned, we're going to have more on valeant. can its new chief executive stabilize the embattled drugmaker? that story next. and we are to have more exclusive interviews from gm talk executives throughout the day. we just heard from mary barra. and how they will address the company's position in the event of an economic downturn. >> we are maintaining a

breakeven at a 10-11,000,000 unit market. look at what happened in the past recession and making sure that we have a break even at that level is very important. ♪

mark: you are watching "bloomberg markets." i am mark barton in london. vonnie: i am vonnie quinn in new york. shares of valeant are plunging after the embattled drugmaker cut its 2016 earnings and sales forecast. on a conference call this morning, the new ceo aimed to reinsert investors that he could stabilize the company. she listened into the call and has the latest. is it that long to change operations of the company? how has he fared in the few weeks that he has taken over? >> investors had a lot of hope

that he would give more in terms of detail and transparency than what we're used to. he said they would stick to the adjusted numbers, which really play into valeant giving numbers with their own taking things out and adding things where they see fit. that is one of the things that i think investors want more clarity on -- the accounting and numbers of what exactly they are looking at and where guidance is going. that is one of the things that rattled investors during the call. their specific product news in terms of how the top-selling drug is doing and how the dermatology business is doing. that really disappointed and he really now has to prove that he can turn that around. vonnie: on that note, he has been meeting with walgreens next week. they have been disappointed with how the walgreens relationship has gone. are they trying to rectify that now? cynthia: it came at a time of the needed to fix their distribution model and they are doing something brand-new for the industry. to be fair to them, no one knew

how this would work out to begin with. there was a lot of hope that walgreens would fill the gap where the specialty pharmacy was helping with sales. what he said today is that there are products going to the walgreens channel that are not achieving. they are losing money on them basically. what he has to do now is stem that and figure out why it is happening. he talked a little bit about the details as to why, but the primary goal for him now is to not lose money on the walgreens management because that is the bulk of their distribution. mark: what can he do to put a floor under the share price? it is down by 90% since last august. cynthia: it is going to take a bit of time. some things that were talked about like noncore asset sales really need to happen soon. they talked about them being in compliance with the companies that govern their debt. of the concern now is that these numbers are little close. are we running a little close in to that area where we might have trouble financially from a debt perspective?

that is a huge concern and the real problem here -- whether or not they are going to be able to maintain the covenants in compliance there. if they were able to sell bigger pieces of debt, investors would feel a lot more relieved at this point. mark: is there a sense that he has achieved much in the month that he has been in charge? cynthia: to be fair, it has only been a month. he says he has been in congress, which is interesting because valeant did not have enough government relations. pressinged some programs for drugs that were controversial because they jacked up the prices so much. that is one thing that they did. he said he is getting his head around the business. to be fair to him, it's a lot to do in 30 days. analysts for years have had trouble making sense of the numbers. do now is thato he says he is going to stabilize the company in the next three have in six months. we basically need to see the next earnings to see if he

will be able to right the ship. that is one we will be able to note that the share price is going to stay put and maybe turn around. mark: cynthia, thanks for joining us. shares of valiant getting hammered today, down by 19%. stocks surging as fed chair janet yellen reassures investors. vonnie: a quick look at how stocks are trading after that reassurance, you could say. the dow jones industrial average of 33 points. s&p 500 up a quarter of a percent and the nasdaq relatively unchanged. ♪ okay, ready?

whoa! [ explosion ] nothing should get in the way of the things you love. ♪

get america's fastest internet. only from xfinity. vonnie: live from bloomberg world headquarters in new york, you're looking at a beautiful shadowy lexington avenue and a 75 t degree day in new

york. mark: i am mark barton and you're watching "bloomberg markets." let's get to first word news. and much on for is in the newsroom. -- emma chandra is in the newsroom. modi two years ago, canonic interviews it to the u.s.. -- could not get a visa to the u.s., but now he is meeting the president just minutes from now. paul ryan is blasting the man he just endorse for president. he said his comments about a judge in a case against trump university are indefensible. bernie sanders telling supporters that he intends to win the primary in california. he says the democratic race will continue until the delegates count ballots at the party convention in july. he says an ap report that hillary clinton clinch the nomination threatens to

mess with voter turnout. the 79-year-old billionaire businessman has had a pacemaker for years. he has been largely sidelined from politics since the 2013 tax from conviction. david cameron says the brexit campaign is not lying to voters and that the league campaign is gaining momentum bolstered by the argument that leaving is the only way to control immigration. the pro brexit side is resorting untruthsl leaving people in the dark." day, i ams 24 hours a emma chandra. vonnie: getting back to the markets now and global stocks are rallying after janet yellen signaled that officials will not derail the economy with a premature rate hike.

with her remarks yesterday, she pointed to lingering uncertainties that could take several months to resolve potential. joining us now from boston is david joy. thanks for joining us. did you think it was a dovish fed president or do you think we could get a fed rate hike in the next couple of months? david: it was very dovish and i think the fed was surprised and may be somewhat disappointed at the jobs number. the impression that i got from reading the speech was that yellen is really acting off -- backing off and making the point that there are enough uncertainties that certainly the june meeting is more or less going to be a nonevent. i think july would be too soon to resolve any lingering concerns. maybe now september is live, but a very different picture than before the jobs report. vonnie: that is interesting because up until then, you had

said there was going to be a rate increase in july. how does that make you change the way you are looking at the stock market? david: the one area that i think is going to be a little under pressure as a result is going to be the banking sector. it's an area of the market that we actually like from a valuation point of view. impression that a steepening yield curve will improve the benefit of the net interest margin. that is probably less likely than before. the yield curve is very flat now around 94 basis points. that will not be much help at all to i am less excited about financials. the fact that the dollar has weakened has given life led to the materials sector. there are some real winners out there as a result of this report. mark: how excited are you by uk stocks on absolute and relative basis?

i have a chart that you will not be able to see, but i will paint the picture. it essentially shows how the ftse all share index is trading on a valuation basis relative to the msci all country world index. as you will know, u.k. stocks have proven remarkably resilient ahead of the referendum in 16 days time. how are you case stocks looking? are they overpriced? evere risk of a brexit going to be priced into the zika u.k. stocks? david: we have been under waiting the u.k. because of the brexit risk. i was just looking at that same chart yesterday. there seems to be a general consensus of complacency that the vote is going to be to stay. that is the impression that i get. i know maybe some in the options market say there is a little more concern. we have kind of avoided the

market and let it sort out. there are enough opportunities elsewhere. you might get a nice bounce that the vote is to stay, but on the other hand, i think the risk is there and sufficient enough to cause us to more or less stay on the sideline. mark: the other big event tomorrow is the start of the ecb's corporate bond buying program. yields on european corporate debt denominated in euros below 1%, which is causing many conservative managers to flee to high-yielding assets for returns. what is the end game here? is the worryorry about the unintended consequences of negative interest rates. what is the endgame here? david: i think if you are a central banker, you're still convinced that negative interest rates are a valuable and powerful tool.

on the other hand, if you are an , you areor a saver experiencing the downside impact of that. i think rates are headed even lower. there was a report just this past week that $10 trillion of sovereign debt now trading negative worldwide. 14 countries now have negative yields, somewhere approaching $400 billion of corporate debt now below 0%. that will only continue i think because the ecb has only so many places it can go. i think you're going to see low rates for longer than what was ever anticipated. i would expect the ecb to extend their program be on march when it is due to expire. i do not think they have won the battle that early. i think rates are going lower. vonnie: what about emerging markets? it seems the corollary is that the rally might continue. right andt's

you have seen a nice bounce when it relates to commodities. very importantly, the weakness in the dollar is taking pressure off china and its currency. that is having a nice spillover affect throughout the rest of the e.m. world. i'm not convinced that commodities are off to the race because we do not have enough growth. i think e.m. and the pacific rim will benefit from the pressure taken off of china. i would say have some exposure but tilted towards asia. , thank david joy you. coming up on "bloomberg markets," clinton versus trump. he will be the next u.s. president and what will it mean for the american economy? >> we are repudiating donald trump. we are getting ready for the fall election. we are going to defeat him. if you will vote for me, i will work for you. ♪

mark: this is "bloomberg markets." the german 10 year bund yield hits a record low. david joy was right in saying that yields are heading lower. vonnie: we were anticipating that and it has been coming increasingly obvious, but we are at the low 0.5%. 0.05%low zero point . we have theose and hang seng rising on property developers having a good day. the shanghai composite index was up a 10th of 1%. i want to bring you a couple of

comments from paul ryan. he is rebuking donald trump for his "completely unacceptable" remarks about that judge based on ethnicity. this is the judge overseeing the lawsuit against donald trump on trump university. trump has accused him of being biased because of being mexican, when the judge was born in indiana. ryan saying, "i absolutely disavow these comments." but he will continue to support donald trump as the nominee. the corporate story, samsung may be looking to beat apple into the bendable smartphone market. sources say they are looking at two new bendable screens. we have more from hong kong. >> would you buy a bendable smartphone? that is the bet that samsung is making to recapture customers and boost earnings that have slumped for the past two years. the biggest supplier of oled

panels have developed the advanced display technology. one may fall than half like a cosmetic contact. the other will expand to an eight inch display similar to a tablet. the early release could give samsung ahead start on apple's next iphone that is due later in 2017. yvonne man, bloomberg hong kong. mark: let's have a look at what is happening to equities. stocks are today for a second consecutive day. on board janet yellen's comments in philadelphia on monday. we are assessing them and deciding it is unlikely that we will see a fed rate hike in june and possibly not even in july. the money moving toward a september hike now, giving a boost to all the regions main equity markets. have a look at the best-performing indices on the stoxx 600. crude oil trading at its highs level since july, giving a boost

to energy stocks. autos, chemicals, and banks rising today. sterling had a big spike at 5:00 a.m. earlier london time, a 1.5% spike. many said it could of been a fat finger. let's have a look at the currencies and the bonds as well because sterling is rising today. at one point yesterday, it fell by 1.1%. the biggest drop since yesterday after various camps showed the lead ahead. a couple of polls showing the remain camp ahead. of the german 10 year has dropped to a record low of 0.04 8%. the dow jones is that 18,000. all sorts of new levels being reached and the new u.k. 10 year as well has reached its lowest level on record. it is one of those funny days where you are seeing stocks

rallying and bonds rallying as well. the dallas crossing 18,000. -- the dow is crossing 18,000. vonnie: the ecb and the federal reserve having a lot to do with that. let's have a look at the nasdaq. abigail doolittle has the latest live from midtown manhattan. abigail: we have little changed at this time, fluctuating between small gains and losses. one of the best percent performers are the shares of western digital. this is on a bullish upgrade. they are citing improving trends and demand driven by better demand and iphones and pcs respectively. he sees a 10% upside for the shares of western digital. vonnie: any other well-known asset stocks doing well today? abigail: we do have apple trading higher, up more than 1%, boosting the nasdaq from a point perspective. this is after ubs said the stock remains range bound, but he sees

limited downside. he says the downside is protected by low valuation. in order for the stock to trade sharply higher, he believes the company will have to have outstanding services growth or a new product. we took a look at the one-year chart and we see this range that he is talking about over the last year. the stock has been stuck in a range of uncertainty between buyers and sellers. shares are probably headed toward the top of the range, near 108 or so. the question is how will this range break? to the upside, it will produce record lows. it to the downside, which happened briefly weeks ago, it could take the stock sharply lower. it is only time that will tell. vonnie: thank you. moving to u.s. politics now -- hillary clinton is the presumptive democratic nominee according to the associated press. bernie sanders is not giving up with six primaries today,

including a close battle in caledonia. california. while a loss will not change the outcome, it could put a drag on efforts to unify the democratic party. joining us now is matthew winkler, bloomberg editor in chief emeritus. a wonderful piece out today explaining the importance of california in terms of the overall u.s. economy. is that why hillary clinton has been there for the last week? it seems like she has it tied up. matthew: california is without question the most important state in the country. it is the seventh largest country in the world as measured by gdp. that gives you an idea of its scope. anyone who is going to do well in the presidential contest has to think about california. she has pretty much got it locked up as the presumptive nominee. it's a democratic state. the governor, who is a four-time governor and the longest-serving

governor, brown has endorsed her. as goes california will probably go the election. vonnie: it is pretty well-known known that the dnc does not intend to spend much money, yet bernie sanders is also taking his show on the road there. he wants a lot of attention in california. matthew: not necessarily a bad thing. it's a democratic state as i said. whether sanders pulls and upset or clinton prevails as the polls say she probably will, it does not really matter. she is going to get the nomination. she is going to lead california into the november election. she is going to be leading the state that is leading the nation in every respect. mark: what makes california great? in your wonderful article, you related to globalization, urbanization, and climate change. how is it taking all the boxes when it comes to those three things?

when it comes to those three challenges, california as a country's leading everyone else in the world on climate change and tackling global warming. it is also simultaneously an economy that is more dynamic and more diverse than any other certainly in the u.s. and arguably may be in the worl. it produces more than 50% of technology revenues in the united states. it is number one and agriculture by far. in terms of job creation, california is generating more jobs than both florida and texas combined. you can see it is a real dynamo. that is not going to change anytime soon. mark: we just heard from house speaker paul ryan. he has rebuked donald trump for his "completely unacceptable" remarks about a judge aced on his ethnicity. he does says he will continue to support him as the republican presidential nominee.

lose trump further support? matthew: unquestionably. if we just come back to california, it is a state with almost 40 million people. it is the most diverse state. diversity has actually been a strength, and economic strength, a business strength. anyone who is attacking diversity in america is taking a wrong tack politically. vonnie: i left how you compare it with texas as well. that is on bloomberg view today. that is our editor in chief emeritus. if you have not planned your summer vacation yet, how about a cozy camp in the adirondacks? and inside look at of 1000 acre property where you can vacation with 20 of your favorite friends or family. the price -- you will just have to stick around for that. ♪

mark: this camp is not your traditional summer camp. located in upstate new york, it was once owned by a vanderbilt. it has 18 guestrooms and a visit will cost you nearly $15,000 per night. james tormey joins us now with more details. this is not camping. james: this is someone's idea of camping. the name came around the 20th century where they bought these huge tracts of land and adirondacks and call them camps whimsy.light of on mark: what is $15,000 a night get me? james: it starts at $15,000 a night, but the camp sleeps up to

22. it could easily cost you up to $20,000 a night. as you said, there are these various pavilions spread across the thousand acres. there is also a private 500 acre lake. there is the game house. there is a tennis court. there are squash courts. there are pleasure crafts. it is pretty comprehensive. vonnie: do you also get staff? it would strike me as a difference between camping and not camping. you're not camping but just going to a big hotel. james: there is staff and there is a private gourmet chef. there are full housekeepers. there is a camp manager who kind of arranges excursions and picnics on a private island. no one has to clean up after themselves basically. vonnie: do you not bring your own food? james: it is actually provided. they have a strong emphasis on the local nature of the cuisine.

you can specify if you want formal dinners or something a little bit more kind of off-the-cuff. this is not gorp. [laughter] mark: who rents a place like this? what is the waiting list like? james: there is actually a little bit of availability for the summer weekend. ,he people at beautiful places which is the site that rented out, told me that it is mostly booked. this is often used for corporate retreats. those are oftentimes the only people who can pay for this. also, large, very prosperous families that want to do a kind of get away. there is a four night minimum. you are really looking at $60,000 for the trip at base price. that does not include getting there. vonnie: if you are breaking it up with 20 people and you are thinking of an alternative to expensive hotels and a major city, it is not that much more

extensive. how many kind of stays like this are around the country? james: the majority of these great camps have pretty much been turned into public parks as you say because maintaining your own 1000 acre estate is a little prohibitive for a lot of people. that said, there are still a few left, but latke kora is singular and that most that remain are still private. this is a chance to live like the vanderbilts who had it. vonnie: if i ever get a chance, you are both invited as part of my 22 personal entourage. you can read more about luxury "bloomberg view." mark: when i win the next lottery, i will take you all. portugal's minister of finance

-- we are going to talk about everything from european politics to bonds and its banking industry. do not miss it. have a look at european stocks. we are 35 minutes away from the closing trade. every single industry group is rising today. how's it looking there? vonnie: the dow briefly crossed 18,000. it is still up a third of a percent. the s&p 500 up a quarter of a percent. the nasdaq turned lower, down just two points though. ♪

vonnie: it is 11:00 in new york, 4:00 p.m. in london, and i am vonnie quinn. mark: i am mark barton. there is 30 minutes left in the trading day in europe.

you are watching the european close on "bloomberg market." here is what we are watching this hour. continues asalogue they discuss global economic policy and strategy. we are live from beijing. vonnie: the ecb program is --ching on and the portugal the finance minister mario centeno is here to explain. mark: the referendum vote in the u.k. is just 16 days away. we are talking to one of the most vocal supporters of the brexit. is 90 minutes into the trading day and we have seen the