this is "bloomberg markets" on bloomberg television. vonnie: we are going to take you from new york to stumble in the next hour. here is what we are watching. turkey is on pilot after three suspected islamic state suicide bombers killed 41 people at least an injured more than 200 at one of its busiest airports. we are live in istanbul. rallyglobal equities continues for another day making up for massive losses after the respite vote -- brexit vote but a recent poll shows fears that are -- a recession in the uk's likely. vonnie: and the north american summit. how did brexit vote will affected.

the dow and the s&p 500 are in positive territory. let's go to the markets desk where julie hyman has the latest. julie: there was a report this morning talking to a bunch of strategists on tuesday. the brexit-induced selling could be over in the united states, which would be fascinating indeed. still a lot to unfold commodities they come in the .k. we got the next of them pending home sales, down more than anticipated. does not look like that will put a chink in the rally we are seeing today. other kind of 3.7% in may. we are watching housing stocks today. overall we are still seeing a rally well intact today. as funny mention, the dow and the -- vonnie mentioned, the dow .nd -- nasdaq and the green last thursday, the rally

happened in anticipation of a emain vote in the u.k. of course, that didn't happen and we have this decline. we are not back to the levels we during the close on thursday but pretty close to the levels on friday with the selloff in the wake of the vote. we are continuing to gauge where we are versus those levels. over the last five days in terms of the best performers we have seen, stocks are viewed as pretty defensive in part because they get their revenue from the united states. kroger, for example, the grocery store can come up 6% over the past five sessions. realty income, same situation there. american water works as well. in terms of today's session, some of the best performers included general electric, which statusn the release of from the u.s. government, a significantly important

institution that will free from regular nations and capital requirements. -- violations and capital requirement street microsoft and apple are continuing the rebound we have seen the past few days. it is a pretty broad-based rally. you have energy leading the gains as oil prices are higher. materials, consumer discretionary, cap, also doing today. --also doing well today. you expect to see selling and treasuries. it is not really what we are seeing. treasuries unchanged in the 10-year. interesting phenomenon that the risk is on but that we are not seeing selling within the treasury market, mark. mark: risk is on here as well, julie. decline for the stoxx 600. the four-day drop is near a mere 6.4%. the biggest drop since 2008.

equities, currencies, bonds, commodities. you will see gains all around today. want to show you what is happening to u.k. banks today. moody's lowering its outlook on 12 u.k. banks, including after fears that brexit will reduce the profitability. to quote moody's, "we expect lower economic growth and heightened uncertainty over the u.k.'s future trade relationship with the eu to lead to reduced demand for credit, high credit losses, and wholesale funding." this is the chart i made up. the performance of the big lenders since the referendum. since friday -- friday, monday, tuesday, wednesday. hsbc, most of its exposure is in asia, down by 2%. likewise, standard chartered, down by 7%. lloyds, 23% lower. 27%.s down also by

at the bottom, you have barclays down by 30%. those are quite sizable moves in three trading days. this is sterling-dollar. you know what happened to the pound on friday. it percent lower. record move. monday, down by a further 3.2%. tuesday come up by .9%. we are up today, bringing the four-date decline to a mere 9%. still the worst four days on record, but we are at 100 and one on monday, 135 today. i want to look at the interest rate probability function as a majority of economists say the u.k. will go into recession, putting to a bloomberg poll. the expectations are for a cut in july. on monday, 52%. the odds are favorable for a cut. vonnie: amazing how far these things can change. let's check in on "first word"

news. >> authorities in turkey are plenty living finger at the islamic state for an import suicide bombing that killed at 41 people. officials say three suicide bombers blew themselves up near the entrance to the arrival hall. islamict months, both and kurdish militants have carried out bomb attacks in turkey. russian president vladimir putin has lifted the ban on tourism in turkey. the move came after putin spoke gan, turkish president erdo the first discussions between the two since turkey shutdown a russian best shot down floor plan. -- shutdown a russian warplane. but if i minister david cameron doesn't think he is the only one who could lose his job after the brexit vote. in parliament committee he called on labor party leader jeremy corbyn to step down. pm cameron: he talks about job

security. it might be in my parties interest to sit there, it is not in the national interest. for heavens sake, man, go. ocrbyn has said he won't quit even though his labor party gave him a vote of no-confidence. dayal news 24 hours a powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. mark?s ver mark: thanks very much indeed. enteringes of the u.k. a technical recession over the next 12 months have more than tripled since the referendum. earlier in parliament, prime minister david cameron charted a bumpy road ahead. are in a strong position to meet these challenges because we have paid down so much about deficit, with

headstrong -- we have had strong job growth. i don't belittle and all that the consequences will be difficult. there are going to be some very choppy waters ahead. we have got to find the best way through this. mark: i next guest voted in favor of brexit. 10 in is a strategist to spend 20 years -- neil mackinnon is a strategist spent 20 years as an economist and advisor to leading financial institutions in the city. i've been desperate to get him on since friday. do you deny the u.k. could enter the recession in the next 12 months or so? neil: your bloomberg survey of economists doesn't include me. .'m beginning to wonder i don't think recession is likely, although i would say that the project fear campaign may have created a self fulfilling prophecy in the sense that uncertainty is always bad, and if you are chief executive

of a company or business you understandably worried about where the economy is going. i think brexit will eventually be good for the economy. don't get involved in this one-size-fits-all economic policy that has been deadly for the euro zone economy. growth has been much slower than in the u.k. the unemployment rate is double hours. i think brexit is good. for sure there is momentous political decision after the referendum, found to be uncertainties about the way forward. i think once the dust settles, things might be ok. i would just like to say, some of the recent u.k. economic indicators we have seen -- the industrial trends survey, for -- showed expectations increasing the next couple of months. we have nationwide house price inflation going up, not down. we are actually define all economist expectations.

in shop approvals little bit. as yet there is no definitive evidence that we are likely -- mark: the next few months, now if at the campaign. when will the dust settle from a market perspective? neil: i think it already has. mark: you think it was two days and that's it? neil: a two-day wonder. admittedly, you have $3 trillion worth like a global equity markets. the let's remember that in the run-up to the referendum the markets were positioned for the win theamp to referendum, very much the status quo, business as usual. of course, the actual result created a sharp on one of those positions, and we have seen that . but the markets have quickly recovered the equilibrium could whether that continues to we shall see. certainly it is interesting to note that you today to the ftse

100 is slightly in positive territory. if we look at the french and german equity markets, they are down some 10, 11% year to date. spanish market is down 17, 18%. poor old italian stock market is down some 25, 20 6%, i mislead with of the problems of the time banks very much -- obviously with the problems of the time banks very much squarely on the agenda. vonnie: you mentioned that the unemployment rate has doubled out of the u.k., but so has the rate for full employment. you said you weren't included in the forecast of the theater forecast now. what do you think will be the gdp growth rate for the u.k. the rest of this year and in 2017? neil: well, i'm not sure what you mean on the full employment rate. for people out of the job, the notion of full of climate is entirely theoretical. -- full employment is entirely

theoretical. vonnie: but it is not accountable figure -- a comparable figure. neil: i used to do arithmetic at school and 10% is twice 5%. in some countries the raiders 50, 60% -- the rate is 50, 60%. unemployment is a real issue. view, for what it's worth, as regards the u.k. economy, is that we can avoid a recession. interest rates go up, markets rightly feel the responsibility of the bank of england may well reduce rates. -- theeral reserve probabilities in the fed futures market is deferring interest-rate increase until december fomc meeting after the u.s. presidential election. in the seen a reduction effective sterling exchange rate back to where it was threes ago

-- three years ago, and said thatng was helpful in tackling britain's undoubted large deficit. vonnie: sure am so what are your forecast for gdp growth, then? neil: welcome gdp growth this year can grow just above 2%. what people are looking at this next year, talking about a recession, something like when 2%. i don't think that will happen. i think we will see something like 1.5, 2% next year. i think while that is haptic really great, we should remember that even prior to brexit, many economists forecasting organizations like the imf talking about concepts of spectrum to stagnation, talking -- speculative stagnation, talking by the global output being uncertain, that is one of the legacies of the financial crisis.

in terms of where the u.k. economy is going, i think that all the gloom and doom that has been talked about simply won't happen. mark: euro zone economy, knock gave acts -- draghi figure yesterday. .5% curative over the next two to three years. neil: well, i'm quite happy to take mr. drawdy's -- draghi's estimate. it is not extraordinary or hugely significant. i think the referendum, the ecb's phone forecast with the eu's forecast, looking at something like 1.7% this year, something similar next year. the ecb will continue to focus on keeping accommodative policy. the more immediate problem, i think, with some areas of the eurozone banking systems, the issue of recapitalizing italian banks, the issue with germany saying they prefer bondholders rather to get a

straightforward state recapitalization. the outlook is even prior to has been uncertain, and with the u.s. economy, we've seen with the growth numbers already, not any great shakes. inmate to the second quarter. the imf said that 2% growth for the american economy good this year and next. mark: good to see you. neil mackinnon, strategist at vtb capital. coming up on "bloomberg markets ," stocks moving in the early u.s. session. ♪

london and new york, i am mark barton. vonnie: i am vonnie quinn. you are watching "bloomberg markets." julie hyman is watching some movers. julie: i want to look at deal-related movers. a deal and the timeshare industry could diamond resorts and apollo, 26% higher than the close yesterday. the total value of the deal, $2.2 billion. diamond resorts of 24% and it looks like it is the thing other timeshare operators as well. up 3.9%, marriott up as well. commerce,ank of acquired by a chicago-based commercial bank for about $3.8 billion. private bank of 22%. down 3% although it does

give it more of a foothold in the united states. the owner of british airways -- an interesting story of bloomberg. according to people familiar with the matter, carter airways is increasing its stake -- qatar airways is increasing its stake. the shares are unchanged but they don't not had a roller coaster this morning as the news came out. the potential news came out that qatar could boost its stake to 22% from 15%. also this mine we are watching monsanto. the company reported earnings that missed analyst estimates but also said it is talking to other suitors, potentially, feeling other alternatives to buyers, a bid for the company. that bit that monsanto has rejected as too low. one would think they would be lower on that earnings miss, but the shares are in fact 1.5% higher, mark. mark: julie, thanks very much indeed. you are looking at live pictures

of ottawa in canada. president obama just touching down to meet with canadian prime minister justin trudeau, and mexico's president, for the so-called three amigos summit. this is bloomberg. ♪

vonnie: you are watching "bloomberg markets." i am vonnie quinn in new york. mark: an live from london, i am mark barton. this is bloomberg television. vonnie: we are going to head straight to our business flash now. for the first time, a u.s. company is allowed to drop its resignation as too big to fail. general electric has been working with regulators for years to escape the categorization that has affected its lending business.

qatar airways is considering increasing its stake in british airways owner iag, after the fallout from the company's vote to leave the european union. iag'sairways is already largest shareholder. it is exploring boosting its holdings from 15 to about 20%. the federal reserve is set to announce the results of the second part of the annual bank stress tests later today. the comprehensive capital analysis review will determine whether firms can increase dividends and share repurchases. the announcement will be at 4:30 pm eastern and we will have it for you live when it is released. that is your bloomberg business flash. mark: let's get to turkey, because three suicide bombers -- got in istanbul's main international airport and blew themselves up and killed 41 people and injured more than 200.

in the latest, let's bring sim internal con in istanbul. what we know right now? simin: the death toll has reached 41, 30 of which is said to be foreigners, and a number of it is more than 230. hours after the blast at turkey's biggest airport, no one has claimed responsibility. however, turkey is laying the blame on the islamic state. these on the state is is the only problem. kurdish militant group the pkk has also caused terror in turkey over the past year. over the past year, almost 300 people have died in terror attacks here in istanbul and nkara alone. terror is something we are dealing with on a daily and monthly basis. vonnie: how are the leaders responding and are they giving confidence to the marketplace at all? simin: the leaders are saying

they will do everything to bring terror to its knees, but investors seem to be shrugging off turkey's internal turmoil. the leader is appreciating against the dollar for a second point 4%,ay, around in line with other emerging market currencies. istanbul is going to close in 20 .5%, forime, around the second day climbing. aviation stocks are feeling the heat today. turkish airlines and other aviation shares are down around 1%. mark: what about the fallout -- this must be having an impact on the economy. what is the impact? simin: now, yesterday we got tourism numbers. for interests have slumped by 50 -- foreign tourists have slumped by 53% in may from the previous year and that is the worst on record, and it is the 10th consecutive month of declines. we are seeing that tourists are

no longer coming here. thank you very much indeed for that update. bloomberg newsf in istanbul in turkey. you are looking at live pictures of ottawa in canada. president obama arriving for that meeting with canadian prime minister justin trudeau and mexico's president. this is bloomberg. ♪

live from bloomberg world headquarters in new york and london, i am vonnie quinn. mark: i am mark barton. you are watching "bloomberg markets" on bloomberg television. seconds away from weekly data on

oil inventories. julie has got the latest. julie emma watson looking like -- julie, what is it looking like? mark julie: as of tuesday we saw this risk on rally propelling oil. looks like the decline is officially larger than estimated. 4.0 5 million barrels is the drawdown last week. only 2.2 million barrels what was estimated here. was also bigger. in gasoline inventories might create some concern. 1.30 7 million barrel drawdown estimated. the drawdown, however, in distillate inventories, 1.8 million barrels. this is the six straight weekly decline in the inventory number. the longest streak we have seen going back to june 2015.

theou see, oil trading in wake of the scum looks like it is hanging onto its games. look at the bloomberg terminal here, just to get more of a lifetime picture, we had what was a bad trade up an outstanding games to 1.7%, 1.8% in the wake of these numbers coming out. this looks like more volitional's for oil -- more bullishness for oil. we will be back in 30 minutes to you via an update because it tends to take a little time for markets to digest the weekly number. mark: let's catch up on what is happening to european equity markets. 59 minutes away from the end of the wednesday session. two days of gains for the stock, ftse, dax. enormous declines, four-they dropped for the stoxx 600. it was 10.8% on monday. have a look at the currency

board today. sterling recovering against the dollar for the second day, up .1 .2%. of course, we had two days of the client friday -- of decline, friday, monday. the euro is down against the pound on monday. it rose to the highest since 2014. euro today is up against the dollar. the euro on monday fell to the lowest since december against the swiss franc, rising today. quick look at the market -- no, cannot tell you about that, but i can tell you face-to-face the yields in london and in germany are rising and it is peripheral yields that are falling for the second day. let's check in on the "first world" news. taylor riggs has the latest. aylor: françois a lot is theng aim at london as

europe financial center. he says it will not be the case once the u.k. leaves. negotiations will determine the country's future financial relationship with the eu. the italian navy has recovered the microchip that sank last year with an estimated 700 people on board. worst knownf the tragedies of the mediterranean migrant crisis. the ship was 400 feet below the surface. president obama is landed in canada for today's meeting of north american leaders. for the first time, canadian prime minister justin trudeau is hosting president obama and mexican president anenrique peña nieto for the summit. they will hold a news conference and bloomberg will have lifetime coverage. -- live coverage. faces a billion dollar budget deficit, possibly putting annual oil fund wealth checks to stupid to nearly every last --

distributed to nearly every alaskan on the block. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. vonnie? vonnie: breaking news out of the senate chamber. the senate has begun to vote on a puerto rico debt plan. is friday. today would be a procedural vote. a vote in favor of the board taking over the situation, and which point hopefully tomorrow there would be a final passage vote before the bill would be due on friday. 60 senators started voting we shall see. americans are worried about the effects brexit will have at home. a bloomberg poll say that more than one third of u.s. voters see the decision to leave the european union as damaging to the economy.

four out of 10 with the stock market investments say it will hurt their portfolio. we are joined by megan murphy. more than one third of u.s. voters see the decision to leave as damaging to the economy and four out of 10 who have a portfolio site it will hurt their investments. is this a short-term emotional reaction or could this last? megan: what is fascinating about the poll is that one third thought it would be damaging. that will only increase as we see more of the follow-up from europe and what the contagion effects on the shocking that are going to be. i think most americans assumed that remain would win and this would never happen and for americans to see the u.k. withdraw from europe, look, london may be cheaper to go visit them up with whirling effects of -- whirling effects are people starting to say what are the knock on effects, this will have a dampening effect in the u.s., is this something could lead to a

possible recessionary effect in europe? vonnie: interesting to me, they're not waiting to see how this will pan out, will there be a reversal, will there be underway-type trade agreement -- will there be a norway-type trade agreement. megan: i don't think americans know that much about what the norway-tetra agreement would be good when we look at what this vote really means, we see mirkin's looking at what is the impact of this roiling tide of economic populism. what is in need for our own election, where we have a not totally similar but along the same lines type of choice between donald trump and hillary clinton in terms of their position on some of these issues. the parallels are quite clear. people are making these decisions proactively but saying this is going to -- is this going to get worse?as the u.k. tumbles towards a leadership void, they will be looking at that and say, well, what will that mean in a

weeks time or months time? mark: does the poll give us long-term insight on how brexit might affect voting intentions? 57% said it wouldn't impact their intentions. is it too early? megan: i think it is too early for now. we will see how this shakes when people are feeling in terms of what this means. when you have this decision and agile to the system, no question that americans will be thinking, what does it really mean when we say we are going to be anti-trade, anti-globalization, we will take ourselves out of something that leaders have been navigating so strongly for? meetingpresident obama today with canada and mexico and pushing on we need to open up our borders and we need more free trade and this is not about walls, it is about doorways, about building us of. they will be looking at that rhetoric and viewing it through a very different lens. this is something when you talk to most americans on the street are still shocked by, no

question. mark: and polls are showing in america opposition to trade agreements. as you say, the so-called three amigos meeting is taking place. transpacific partnership be signed, sealed, and delivered? 2018 deadline. is it likely? not if trump gets his hands on it. megan: yesterday we had donald trump give by any measure an extraordinary speech cutting back on republican orthodoxy on trade for decades. he would label china currency manipulator. tpp would be dead and dusted, if it isn't already. this is the extraordinary situation we see on trade, an issue that is a cause célèbre for so many people in this election. you have the candidate on the left forced into a position where she has to defend nafta come has to defend her wavering and first andp,

foremost she will have to defend the benefits of globalization, one of president obama's signature initiatives is the benefits it provides and that is the tide of economic populism sweeping against this. viewe: 39% of americans the european union favorably, which is more than europeans do. megan: the ease of travel and wanted to emulate that one nation among all these disparate groups coming together from this immense trading and commercial block. that is the one thing that although the u.k. was never a perfect or full partner, it has always been in americans find a fundamental part of europe and that will be, whether or not we see anything actually changes from this result, i think a lot of americans are getting up to speed about the u.k. political process. vonnie: and leaders continue

to say that the u.k. is still very much a part of europe. we will look at that call on bloomberg.com. megan murphy is our washington bureau chief. mark: coming up on "bloomberg markets," food fight in america. the debate over genetically modified foods. this is bloomberg. ♪

vonnie: you are watching bloomberg. i am vonnie quinn. mark: i'm mark barton. this is your global business report. vonnie: breaking up is hard to do. our current is -- allergan is getting over his breakup with pfizer by going for smaller deals. mark: one center post

lower-than-expected profits. vonnie: and the controversy over labeling genetically modified foods. we look at why companies are resistant to the idea. is hunting for smaller acquisitions now that it's planned $160 billion merger with pfizer has fallen through. thateo tells bloomberg allergan is looking for smaller scale deals that would complement its strategy of being a aggressive leader in karma. strongrgan is in a position. we are in the final stages of closing our deal to sell global generics for $45 billion. when that is closed, the proceeds will be spent about $10 million on a stock repurchase program, $10 billion on debt repayments. that will leave us with cash flow of about $20 billion to invest for growth. vonnie: in april, allergan and pfizer and it plans to merge. that was blamed on washington's

crackdown on so-called corporate inversions. mark: monsanto posted worse than expected fiscal first quarter earnings. it has been in discussion with others seeking alternatives. one center has been facing progressive funding of -- monsanto has been facing aggressive cutting prices by competitors and falling prices for herbicide. mitsubishi is resuming sales for cars after an inflated mileage controversy. the automaker offered to compensate each fire with $960 to make up for the extra gas. orders start accepting for its many model starting friday. the ecb she says it has been not been -- mitsubishi says he has not been given any government penalties for cheating on the mileage. bc is boosting its presence in the united states, agreeing to buy private bank or of chicago. privatebancorp is a commercial

bank with almost $18 billion in assets. to deal will allow cibc offer tunisian customers u.s. banking services. kellogg is opening a café in new york as it pushes to reinvent cereal's saw the image -- soggy image. $6.50 to seven dollars 50's and included ingredients like pistachios and lemon zest. the café is located on broadway between 48 and 49th street and open on july 4. later this year, kellogg's says it plans to offer -- vonnie: time for the "quick take," where we offer background on issues of interest. genetically modified organisms are as common as corn and routine as rice. the latest front has to do with

labeling. packageto require labeling of genetically modified food have taken root in dozens of u.s. states. proponents argue for the right to know what is in their food. montana would become the first state to require labeling, bypassing legal and congressional efforts to block the law. requirementss have including japan, brazil, china, and the entire european union. gml is led by monsanto, dow chemical, dumont. manipulatingeen genetics for thousands of years. in the last century, breeders exposed crops to radiation and chemicals that induced random mutations. these and other latin methods give vegetables new colors that made crop disease resistant and made grains easier to harvest.

rice, and barley are descendents of mutant varieties, and so are many vegetables and fruits. s .2 seven from the national academies of science, engineering, and medicine, the market medical association, and even european commission. 's poses no more risk than other crops. consumers remain leery not only of gmo's themselves but the central place in the market agriculture. for more stories, visit bloomberg.com. colorado is aspen, famous for its skiing but is becoming renowned for art museums. ♪

bloomberg'srom world headquarters in new york and london, i am mark barton.

vonnie: i am vonnie quinn. you are watching "bloomberg markets." hill, ag now on capitol senate vote on a bill that would restructure puerto rican debt. the vote comes two days before the island is expected to default on a $2 billion debt payment. the senate is voting, procedural vote. the senate needs 60 votes to pass this action, which would put in place financial control board. there is some resistance particularly among democrats because unions disliked the idea and the representation of puerto rico on the sport, but the board would have control over the lives of puerto rican people. senate majority leader mitch mcconnell says the bulk of his conference will vote in favor of it. we shall see if it passes today. there should be a final passage about tomorrow and that would affect puerto rico -- protect puerto rico from defaulting on friday. mark: time for the bloomberg

business flash. residential real estate in the u.s. cool off in may after the busiest selling season. fell 3.7%me sales last month, more than expected. in april sales had risen almost 4% also higher prices and a limited supply of available homes are keeping some people out of the market. affiliates of apollo global management are buying timeshare operator diamond resorts international for $2.2 billion. the $30.25 share cash offer is 58% more than diamond resorts' closing share price on friday. barclays, royal bank of canada, and jeffries are providing financing for the purchase. with expanded partnership recording artist kanye west, it would include athletic shoes and a of cobranded retail -- new brand of cobranded retail stores. ideas will separate its own line

yeezy-branded with sneakers. that is your latest bloomberg business flash. vonnie: oh, mark, that is the coolest of the corporate i want to see you in yeezy gear. art is not what you would associate with aspen, colorado, but it has increased its endowment by 300%, becoming an internationally recognized institution. director heidi zuckerman spearheaded the campaign. she joins us now from aspen, colorado. there may be a lot of hard in aspen, colorado, but what is it like directing a museum in aspen and bringing people there? heidi: well, first of all, thanks for having me today. aspen is known for all things extreme -- extreme nature, extreme activities.

and we like to think the museum is a place for extreme culture. we do exhibitions that are on the cutting edge that get people to think about what matters in the world and how they fit in, and we think aspen is a perfect setting for a museum like ours. upnie: now, you have opened the museum to visitors and increased endowment by 300%. is that i merrily from visitors to that primarily from visitors to aspen --is that primarily from visitors to aspen? iidi: when i came to aspen was told by people cannot expect people to give us money. i said what we are doing is more interesting than what is happening anywhere else, people would give us money. we did a capital expansion where we had 28 individuals of us a million dollars or more. it is very, very broad-based support group that made this happen. mark: you build a $75 million museum.

pritzkerd with the prize-winning architect. what was that like, the design behind the building? heidi: she is really a genius and i don't use that term lightly. tohas an incredible affinity understand the environment in which he is creating the space that will ultimately be filled by people and are, and he also is a really great collaborator, really great listener. that is what has made our museums are perfect. mark: what do you have to offer beyond art? you have to give educational programs, offer other attractions for businesses? , we haveu know realized the museum is one of the few places in our community where people with different backgrounds, political perspectives, socioeconomic views, caneligious

come together and rub shoulders. we are kind of a melting pot or community center and we want people to look at art and be moved but we are also happy when they sit down and have a cappuccino or a sandwich or by something in the shop or this into one of the most important artists from around the world talk about their work. it is multifaceted experience that we are offering. vonnie: heidi zuckerman, assess the health of the art market the moment, demand and supply, and how difficult it is for a museum like yours to buy art. heidi: one of the interesting things about the aspen art museum is we don't have a collection. it is one of the things that this thing wishes us primarily in the u.s. -- that distinguishes us primarily in the u.s. we are looking globally at partners and collaborators. we do make exhibition choices that have an effect on the market but it is really an unintended consequence and, frankly, it is nice position to be in. vonnie: certainly is, and so is

where you are sitting. heidi zuckerman, thank you for joining us on bloomberg. on the read more. bloomberg. back on capitol hill, the puerto rico bill is set to advance in the senate. the procedural vote has passed. it opens the way to a final vote that would be before friday at some point, friday being the deadline puerto rico to meet bond payments. you are watching "bloomberg markets." this is bloomberg. ♪ ?c+sv

vonnie: it's 11:00 in new york, 4:00 in london, and 11:00 in hong kong. i'm vonnie quinn. mark: i'm mark barton. there is 30 minutes left in the trading day.

you're watching the european close on bloomberg markets. ♪ mark: here is what we are watching today. david cameron had some choice jeremy corbyn today. we will discuss the latest play within the halls of westminster. vonnie: the msci all country world index heading for its highest levels since the u.k. referendum vote. the latest assessment of whether the banks can weather a financial crisis comes later today. in will foreign banks fare the latest round of stress tests? vonnie: let's head to the markets desk.