david: from bloomberg world headquarters, i am david gura. vonnie: i am vonnie quinn. your is what we are watching. david: president obama, justin trudeau, and tenured yet to are etang to speak -- an pena ni will speak live soon. vonnie: stocks are driving high. how brexit has impacted the thinking for the fed, taking rate hikes off the table until 2018. are awaiting a joint news conference following the american leaders summit. president obama, prime minister justin trudeau, and president pena neita will be speaking. vonnie: stop hovering around session highs. we will see another day of big gains.

let's check in with ramy inocencio ramy:. ramy:we are at session highs of 1.5% or more across the board with the major indices. ever since the brexit, markets to 2.5% since 2% june 23, right before brexit actually happened. the dow is up 1.5%. nasdaq is up nearly 2%. let's take a look at the intraday chart. the s&p, we see we have been on the up and up for the whole entire day. up for0, getting a leg the dia inventory. we have been higher. will show you the imac function, the s&p's 10 sectors and their health, and is good today. green across the board. even up 0.2%. this is, an energy-led rally. commodities are jumping,

financials in second position, up 2%, health care, industrials also following similarly. let's talk about energy a little closer. i want to show you why it is moving. it is because of what is happening with nymex crude. it is up 10% off of session highs. you can see we crossed the $50 barrel market in the past 15 minutes, 30 minutes or so. this is on the back of eia inventory. that is, we saw a bigger than accepted -- expected drawdown last week versus 3.8 6 billion. this is pushing the price of crude. as you can expect, while investors are getting a bump on this depending on which ones you are. biggests at 6.7%, the in two months. similar with transocean. it is up 5.5%. gender morgan up by 1.1%. they are all on track to the highest close. david: any other movers?

ramy: one is in the fertilizer space, with months and up. it is up by 2.5%. you are member we reported they came out with disappointing earnings on the order of being its worst q3 net income, the lowest in five years. helphis could actually monsanto and help bayer with the takeover. backs of earnings came in worse than expected could be a boon for monsanto. they are now asking $7 billion more from bayard. that is according to reports. back to you. thed: ramy inocencio at markets desk. we are awaiting a news conference from the north american leaders summit in ottawa. president obama speaking with prime minister justin trudeau -- kenyane pin yet a yet a.

later on, there will be a bilateral talk with justin trudeau, and that he will address the canadian parliament. " to the first word news. mark crumpton. mark: senate majority leader mitch mcconnell says lawmakers have a final vote on the puerto vote today. they are trying to pass this before friday, when a two point -- $70 billion on payment is due. puerto rico cannot pay, and they that up aboard to see this through. spain's prime minister says his country opposes the european union negotiating with any other government within the united kingdom. mariano says if they leave, scotland should also leave. he recalled the fate in the brexit problems and the u.k. to resolve.

the indian prime minister has improved salary increases. this risks treasury the whitest budget deficit. the payout is $13 billion. in the finance, he says this amount could go even higher if other allowances are approved. for the first time in decades, the nation's largest hispanic civil rights organization will not invite any president of candidates to its national convention. the national council says the decision is about test result of donald's concerted effort to denigrate and demonize immigrants and the hispanic community. they say they can invite hillary clinton -- they cannot invite hillary clinton without also inviting donald trump. player options declined for next season with the nba champion cap cleveland cavaliers. this was expected. with said he plans to stay cleveland. he has signed a series of

contracts with a player option. he was set to make $24 million next season. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton, this is blackbird -- bloomberg. back to you. vonnie: we are going to the joint news conference, a trilateral news conference areas we have three leaders, justin fromau, enrique pena mexico, and president obama, speaking about their north atlantic leaders deals and the trading initiations with pena n ieto of mexico, and the bilateral meeting with justin trudeau at 5:00. you saw there john kerry. and then president obama will address the canadian parliament later on at 5:45 eastern.

you can see all of this live on your bloomberg. you can watch bloomberg news, and we will bring it to you as and as they begin speaking. markets are bouncing back after the brexit. the s&p up 3% in two days, following the big selloff after thursday's vote. for more on that, we want to bring in danny berger. you have been speaking with traders, strategists all over the market. everyone i am in talking to saying, are you surprised by how much we are rallying back? everyone says, we expected it to come back. the seller did see overdone, but everyone is very shocked about how sudden and fears this rally back has been. also interestingly, the price of the s&p is not quite where it was before brexit. it is getting close, but not quite. it is actually lower than it was right before brexit. so there is this idea that

options are pricing in. this was a very momentary couple days shock, nothing to be too concerned about. so pretty concerning action from the markets. about the what counter strengths, not making all the losses, but feeling it heavily? dani: it is like we were at a sweet spot in terms of the markets. be made an argument to that brexit will hurt u.s. stocks. a lot of people are saying, if that happens, it will be far off in the future. now we have pretty good u.s. economic numbers coming out. we had consumer confidence, spending numbers coming out. that was strong. and because of brexit, a lot of people are saying, there is no chance the fed will raise rates this year. though what makes this so awesome, the fear we get the increase. it is the best of two worlds, strong u.s. economic data and removing the fear that the fed

is going to increase interest rates. catalyst oil, the dollar index, reduce assets? what is driving the trade? dani: today, there is a lot of strengths with energy. so much uncertainty around their. there are a lot of investors who are going to blog on to oil. oil trade is pretty confident. not confident with financials, for example with all of the uncertainty out there. that is one sector in particular. in general, the past few days, because of the riskier assets, energy, materials, those are the ones coming back the fiercest right now. theities still gaining, but other assets not really coming back as strong. interesting though, those are really expensive right now. when you are in this environment and you are not sure, especially the selloff friday and monday,

they bid up the valuations, extremely high, 20% over what their five year historical averages. people are really comfortable staying safe right now. you mentioned u.s. equities. when you look at european equities, is it attractive to get into those right now? dani: there is the sense there is so much uncertainty, and markets a that. wheels also saw so many strange and interesting use and you had the ftse at times seeming it should move better considering what was going on. investigators do feel comfortable. they are not too concerned about what is happening in the u.k.. it will not impact us anytime soon if at all or to any great extent. so i think it is this kind of dichotomy of, you have one day,y risk off, and of

people now feeling for capital to move back in. we are not raising rates, returning back to the vacuum. exactly. investors feel comfortable, rates are not returning, to go ahead and buy u.s. stocks. and you have seen days certainly we are good u.s. data comes out, and all of a sudden, there is a selloff. like i said, it is a nice spot to be in. the u.s. economy looks strong. but we don't have that threat of the fed. berger, at is dani stocks reported. we are awaiting a news conference in ottawa. the president of the united states will be there with the president of mexico and prime minister of canada. we will talk about it. bring it to you live when it happens. this is bloomberg television. ♪

♪ david: this is bloomberg markets. i am david gura. vonnie: i am vonnie quinn. awaiting a news conference in ottawa. we will bring that to you live as an is a take lays. in time for the business flash, looking at the biggest stories in the news. terminated its attempt to buy williams company after 18 months. they will carry on as a standalone company while others take options. the judge ruled that energy transfer can back out of the bid to buy the rival pipeline after failing to get lawyers to sign off on a tax opinion. u.s. officials are announcing a price tag of $80 billion for the taste -- tv

station airwaves being sold in government auction. this could be the second round. to geture from the fcc them to sell into wireless providers. ferguson added to the board and wall street. he was the vice president for several years. in the company since 2008. that is the business flash. vonnie: moore highlights on next is of interviews with larry think of blackrock. erik schatzker of bloomberg news asks think how the last few days have been an blackrock -- for him and blackrock. dani: it means -- >> it means greater uncertainty. there is a lot of debate what it means. with a great amount of certainty, there will be uncertainty. that is leaning towards more

,ehaviors such as hoarding cash less willingness to invest in the long term. rishaad: -- erik: is that what investors have been doing in the past five days. certainly. the messaging from europeans are going to be important. whether the brexit happened or not, it is still debatable whether it will happen or not, i think this is a warning over the valve for the europeans. i was not bullish on the horizon, because you see such aberration with the differences of the countries. there is going to have to be greater restructuring in some of the nations. could helpning fortify europe. it may make european leaders talk about how to make sure the cohesion of the eurozone remains. what it means is, prime minister how long -- prime minister

hollande of france and the chancellor of germany, they have to become more european. e and merkel,land does that mean they will demand less austerity out of the spanish and italians? larry: no continuous austerity, but we the germans will do a fiscal policy. they have a huge surplus. they can stimulate europe themselves by creating huge fiscal policy. that is the frustration, germany has not taken a leadership role. these can be mitigated through more fiscal policy. especially in germany, or they have weakness in infrastructure, unlike france. it is hard to understand how this is playing out, but very certain yesterday to markets begin to stabilize. the chancellor actually spoke as the european.

the rally is still carrying on, i have not seen the last hour. but it looked like they were continuing to stabilize. they had inflows and the last two days, putting money in high as it widened out on friday. so we'll wait and see. moneye $55 trillion of sitting in cash. that money will be put to work someday somehow. david: that was larry think speaking to erik schatzker. vonnie: president obama and prime minister trudeau and and ricoh kenya -- and ricoh kenya are heading to the podiums. amongyou might expect friends, but also a little poignant. we are thrilled to have president pena here for his first visit to canada as president of mexico. at the same time, it is sad is the last chance or all three of us to get together in this capacity given president obama's impending tire meant.

[applause] justin trudeau: something he pointed out more than once with a little smile. but i do want to once again think both leaders and their delegations to coming to ottawa and being open for the discussions that took place today. things we first discussed with the common respect for diversity and support for the lgbt writes. especially in the wake of the shootings earlier this month in orlando. the united states and mexico both lost citizens in orlando. that tragedy has strengthened our determination and to protect the rights of lgbt people, and on behalf of, and we urge all leaders to do the same. we also talked about the need to ensure a clean and prosperous future for all of our people,

and for all people in the world. president obama and i are unanimous in our belief that on this issue, north america can and indeed must lead the way. today, we resolved, we turned that resolve into action. negotiation of an ambitious and enduring north american climate, clean energy, and environment partnership. this partnership will see our countries stand side-by-side as we work toward the common goal of a north america that is competitive, that encourages clean growth, and protects our shared environment now and for generations to come. it is a partnership that lays out some very clear deliverables and identifies a realistic path to achieving them. advance cleanill and secure energy with the goal of 50% clean power generation across the continent by 2025.

we will drive down short-lived thymic pollutants, things like methane, black carbon, and hydrofluorocarbons. we will promote clean and efficient transportation, creating clean jobs as we reduce energy consumption, air pollution, and greenhouse gases. we will work together to protect nature and to advance our scientific understanding of the environmental challenges we share. and finally, we will respond directly and decisively to the challenge of climate change, working to make our own countries are resilient as we encourage others to do the same. this is what can happen when countries come together and pursuits of a common goal. we have a big idea, and the political will, to make it happen. today's climate agreement stands as proof that cooperation pays

off. working together, always beats going it alone. there were, of course, other issues on the agenda as well. we also have the opportunity to talk about ways of advancing trade and competitiveness in north america. it is essential to each of our economies and vital to the creation of good health. furthermore, we reasserted our common commitment to human thets, and we discussed aspect on which we could be better partners to ensure the protection and defense. andlso discussed regional borderline issues that are urgent, and the way we will work together to meet these common challenges. how to better cooperate on defense. at it also meant forging

closer working relationship when it comes to providing development and humanitarian assistance, as well as finding ways to more effectively combat public health challenges, the illicit follow of funds and drugs, and human trafficking. as i said, the conversations were friendly, but also rank, and i am reassured and encouraged by the progress we were able to make. citizens havethe always been strong, even in the past when governments have not always seen eye to eye. it is gratifying once again, we are able to come together as leaders of three truly great nations to honor the enduring friendship and must again deliver real results for the people of canada, mexico, the united states, and indeed, the entire global community. thank you barack and enrique for all your hard work today and

every day. i would now like to introduce the president of mexico, enrique pena nieto. note thank you very much, prime minister of canada. honorable, barack obama. conference, the state's visit and today, at the north american leaders summit. prime minister trudeau, allow me to say once again how grateful i am for your hospitality, for the received which we were , myself and my delegations. we were warmly welcomed in this country. we are going back to mexico with memories of the warm welcome the canadian people showed us in quebec in toronto and ottawa.

we are going back to mexico fully convinced that we have renewed our bilateral relationship with canada. canada has a leader that is going back to universal values that make canada stand out in the world. president barack obama, i would like to say that we acknowledge your determination to him, a more united integrated and competitive north america. a more prosperous and inclusive north america. i would like to highlight specifically being the last north american leaders summit that you will attend as the president of the united states, i would like to acknowledge that mexico recognizes the fact that , alonge promoted

mexico's strategic partnership, and you have always been willing to work towards a bilateral agenda that covers different sizes beyond security -- sides the on security. with the clean energy, you have shown those efforts. you have always favored a more expedited trade, safer border, for competitiveness in the trade. you have always been in favor of keeping cooperation and education with cultural matters. you are willing to push technology and science forward. there is no doubt that your legacy also covers other regions of latin america. you have reestablished relationship with cuba that has supported the development of central america. the summit of the americas as well, you have

contributed to its advancement. we would like to acknowledge as madeyour tireless effort towards the investment of the environment and of addressing the challenges of global warming. there is no doubt that your presidency has helped to build and reaffirm the candid relationship that united states and mexico have. ,uring this trilateral summit the government of canada, united states, and mexico, we have reaffirmed our decision to work together with a vision, with the result to advance economic integration in north america. in order to fulfill the goal, mexico values that in the transpacific partnership, there is a great opportunity to this level of integration between every

country part of nafta. we are takingat, this opportunity to other regions of the world, specifically towards asia. on the belief that the advantages, the benefits, and the beauty that this integration will carry and has carried for the benefit of society, can be .xtended when the transpacific partnership is approved, mexico supports this effort with enthusiasm. partnership, this agreement is at the senate, and the process of being approved. we are fully convinced that by working together and by taking complementarity, we can be the most prosperous region in the world, as prime

minister trudeau has said. addressing quite energy, environment, competitiveness at the borders, and treat security and defense, and regional and global patients. specifically, mexico addresses andarea of competitiveness trade of the borders. i would like to highlight the most important agreements we are going to create. aade windows to enable reporter exchanges. our goal is to have one foreign trade single window north america. secondly, we will map north american clusters. this will be a vital tool for to decision-making, and bolster economic trade in the region, we have agreed to have a trilateral cluster map as soon as possible. i should mention

the trilateral program for trusted travelers, mexico has proposed that this program uses global entry platform that canada and the united states already have. and this year, we will implement electronic kiosk platform that is already present in different airports in the united states and canada. this system in result will be used in north america as a whole. this will be a system that will flow ofnd expedite the individuals in north america. finally, i would like to use an example to describe our level of integration. the preservation of the monarch butterfly conservation, this is a species that in its pilgrimage, we can see how our

countries are intertwined. back in our last summit, we agreed that we would take care of this species and make sure that in its journey, the monarch butterfly from canada, flying through the united states, all the way down to mexico, this speaks for itself. in the year 2014 in our countries, the area where butterflies reached, eventually reached, only covered less than one heck are, -- one hectare. 0.6 hectares. treated for that purpose last this year, the surface in my country extends to 4.1 hectares, and we are hoping by 2018, this will grow to 20

hectares. that would be our goal for the monarch butterfly reserve in mexico. by that, we will be making sure migration of this species is the symbol of the relationship that canada and united states and mexico have. the north american leaders thatt bears witness isolated national efforts are insufficient. if we want favorable results for the benefit of our societies, it is better to work together as a region. we all know this will be a challenge. isolationism is not the solution . in contrast with what happened in other corners of the world, the countries in north america, we have decided. to be closer, to work as a team, and to come lament each other -- to make progress together

and to complement each other and to make progress together. thank you very much. >> president obama. barack obama: good afternoon. tardes. buenos i want to thank prime minister trudeau and enrique pena. this is my fourth north american leaders summit, and the first that canada is hosting. this reflects the new commitment that by mr. trudeau has brought to our shared visit with a strong and integrated north america. thank you so much, dustin. let me start by once again commenting on the horrific terrorist attack that took place yesterday in his temple -- istanbul's maine international airport, one of the busiest of the world. people of turkey and his temple,

those affected by this terrible crimes, we have offered all assistance that we have available to our outline, turkey , and we stand prepared to assist them during this difficult time. we are still learning all the facts, but we know this is part of our broader shared fight against terrorist networks. we will continue to work closely with turkey through them out. meanwhile, we do what is necessary to protect our people. i am confident we can and we will defeat those who offer only death and destruction, and we will always remember even with those trying to divide us, we are stronger and we come together and work toward a better world together. we are reminded of this basic fact. to 489d, we are home

million people. we are bound together by family, including millions of immigrants who have gone through each other's countries. we are not always among the top trade partners, we are a global health of innovation. integrated economies, supply chains, production that span the borders. on every security and global challenge, we are partners. and we are united by common values of democracy and pluralism and the commitment to human dignity. the past eight years, i worked to strengthen partnerships in the americas, and that begins with canada and mexico. during my administration for example, we boosted u.s. exports to canada and mexico by 50%. that supports 2.8 million , asican jobs and today justin and enrique described, we are going to build on that progress in key areas. first, we agreed to make it

easier to do business together so the regions are more competitive. we are bringing more advanced technology and automation to the border crossings, which will reduce wait times for travelers make it more affordable to trade . by the end of this year, we will have a single trusted program for all three countries, making it easier to travel. at the same time, improving security. we will align standards and regulations, which is improving small businesses who want to export more. we will do more together to promote women entrepreneurs and minority-owned businesses to succeed as well. we'll keep expanding educational exchanges among students. as has been mentioned, we discussed the tresses the ownership. the project -- the politics of trade, i don't know any country where there will be some folks who argue against trade. but we all believe that in an

integrated global economy, the goal is not for us to try to shut ourselves off from the world but rather to work together to raise standards around the world for workers and the environment. that is what the tpp does. it is the right thing to do, and we will keep working for it. given the flood of steel and aluminum on global markets, it points to the fact that free trade also has to be fair trade. our three countries agreed to work together on a range of trade measures to enforce our rights and protect our workers and ensure a level playing field for the steel and aluminum industries here in north america. given the vote of united kingdom to leave the european union, our economic teams will continue to work together so we remain focused on keeping our economies growing and making sure global financial system is stable, something i am confident we can

do. second, we are making sure north america remains a leader in the fight against climate change. i could not be more proud of the work justin and enrique have thisto help realize important goal. all three nations are not -- we are in the paris agreement to bring into force. we are announcing a new poll, 50% of illiteracy down, replaced with clean power. -- of electricity replaced with clean power. we will commit to purchase more clean energy for federal facilities and ink, efficient government vehicles in all three of the countries, reducing methane emissions from the oil and gas sector by 40% by 2025. third, we will do more to make sure that we are looking after the safety and health of citizens from the danger of illicit drugs.

we are particularly focused right now on the epidemic of opioid abuse and heroines that is taking lives and families. effortscoordinate including more access to treatment. we will continue to be relentless against criminals and narcotraffickers collecting so much violence on communities. we are deepening our cooperation on regional and global challenges. joint efforts against diseases like zika, helping central american partners address poverty and violence, has led to so many families and children making an insured nearly dangerous trip to flee difficult circumstances. i want to thank justin and enrique for the strong support of the new approach to cuba. i am glad our countries have agreed to do more around the world to address the refugee crisis and expand our peacekeeping efforts. in our own hemisphere with the

historic agreement in columbia, the three nations are going to help the colombians remove landmines. one example of efforts to fortify what has been a very difficult negotiation. given the serious situation in fight of thed the venezuelan people, we are calling on the government and opposition to engage in meaningful dialogue and to respect the rule of law and authority in the national assembly. political prisoners to be released. the democratic process should be respected, and that includes legitimate efforts to recall referendum consistent with venezuelan law. we are determined to keep building on the progress made in the previous summits. the storye, i love about monarch butterflies. they are not just any species, they are spectacular.

we want to make sure our children and grandchildren can see them as well. we are creating what we call the north american caucus, which means our three governments will meet on a more regular basis. we are going to continue to deepen the trilateral cooperation in this hemisphere and around the world. we will do more to speak with one united north american voice on the world stage we could not have better partners then justin and enrique. i am confident we will continue to enhance regional operations, not just good for our own people, but the whole world as well. which is cross-ice -- muchos gracias. >> we will not start with the question. the first is from a journalist from ctv news. whone of the candidates

wants to replace president obama has already said he was to renegotiate nafta and walk away from the transpacific ownership, suggesting there is a growing disconnect between the pro-trade message you are selling here and the protectionist voices hearing in the u.s., with the brexit and the u.k. -- close with the brexit in the u.k.. -- the rest of you speak french. first of all,: our strategies to highlight how much trade and positive agreement around the nations are good, not only for the economy of the world and the countries, but also for citizens. we know that industry's export more goods, pace salaries that are 50% higher than sectors that don't export.

we also know that trade gives rise to good jobs, innovation, and progress for individuals as well. in our conversations today and yesterday, with president enrique, we signed agreements and held conversations that allowed us to remove these is for mexican visitors to canada visasowed us to remove for mexican visitors to canada. it will also allow canadian agriculture reducers to have access to the mexican beef market. these are examples of the corporation we say is good for the north american market, but also the entire world. with this in mind, it is important to come together, to

talk together about the future of this world where we are more and more connected. and we have to agree more and more in this. our response to the kinds of protectionism we are seeing around the world is indeed to highlight that when we come together like in events like this north american leader opportunitye is an to come together in ways that are beneficial for the global economy, beneficial for the economy, but also for individual citizens. we know the export intensive industries is safe they are 50% higher -- pay 50% higher wages than non-exporting. we know that trade leads to innovation and opportunities for communities, individuals, workers, and we need to make sure that we are dealing with the challenges and problems as they come up. that is where constant engaged

dialogue comes with positive outcomes. yesterday with president pena, we were able to establish forward movement on to difficult issues between, not just their countries, but the people, which have beneficial impacts on both sides of the deal. will be lifting visas for , to canada mexico from mexico, which will have an impact on communities across the country as we welcome in tourists. also, we have been able to secure access for canadian farmers to obtain beef in new mexico. these are good things happening when we pulled together and deal with important issues. always, there will be people trying to get us all to turn inwards. the fact is, our world is interconnected in so many ways that it is much better that we

engage, that we work through our , becauses together really, that is how we end up with the growth that benefits our countries and citizens. enrique pena: i will be very brief. one half hasetimes not been valued enough until -- and with this integration, what it has achieved is to give towards the three countries more opportunities, and give our societies were opportunities by growing trade. by having more investments in .ur three countries in our three countries, we see opportunity growing and reaching out to our people.

i can make exchanges on the possibility of studying abroad to any of the three countries are presented here by three heads of state. our outcomes of our trilateral that we are believe ,ll aware of how the reaction looking at what is happening in the u.k., there is ill uncertainty. the outcome of the referendum is uncertain. what yousomeone values had, that is when we see such reaction. we are here trying to innovate, to be more competitive. we are competitors, yes, but we have complementary economies. that would give more the benefit

to our societies. main goalthis is the of our efforts. made here are not only agreements made by three heads of state. we are building roads. we are building the foundation so that our society can have strong foundations and go further. whenmakes a great contrast some other countries choose isolationism, they choose protectionist measures. they are not letting their society project themselves to other kinds of scenarios. barack obama: the remake a couple of points. all, the integration of

national economies into a global here.y, that is that is done. and so the question is not whether or not there is going to be an international global economy, there is one. , mass and caravel containers that can should the back-and-forth. the fact that companies can move capital around the world in the blink of an eye, the fact that an engineer consent plants to the other side of the world in ,n instant, to a colleague those are facts. so we have an integrated economy

already. the question is, under what terms are we going to shave that economy? - shape that it is my firm belief that making , how wet how we trade , it is my firm belief that shaping those in accordance with the values that our three countries care deeply about, is going to be good for us. to abandon trying the field and pull up the drawbridge around it, it will be better for us? and with respect to brexit, it is important to point out that those who argued about leaving the european union or the same folks who the very next day or insisting, don't worry, we must love access to the market.

said we will still have access to the market. so they work not against trade generally. they did not have any obligations to go with the access to the free market. us notis important for to draw easy analogies between what happened in the u.k. and the eu versus what is happening between our three countries in terms of trade or attempting to tppss asian markets through . that is point number one. point number two, ordinary people who have concerns about trade have a legitimate gripe about globalization. as the the fact is that global economy is integrated, what we have seen our trend lines across the advanced economies of growing inequality.

and stagnant wages. sharesmaller and smaller of overall productivity and growth, owing to workers and a larger portion going to the top 1%. and that is a real problem, continues, the social cohesion and political consensus needed for liberal market economies starts breaking down. so they are right to be concerned about that. i'm concerned about it, just and is concerned about it, enrique is concerned about it. the question is, what do you do about it? of the prescription withdrawing from trade deals and focusing solely -- mark: the president of united states is speaking at the north american leaders summit.

that is in ottawa, canada. he is joined by canadian prime minister justin trudeau and mexican president enrique pena nieto. some of the highlights, they talked about a strategy to gather the anti-protectionist message being heard in the u.s. and in the u.k. prime minister trudeau that we have to highlight that. when we come together, there is opportunity in ways that benefit economies and individuals. president kenya said that with the integration between the u.s., canada, and mexico, what it has done is given the three countries more opportunity by growing trade and having more investment. he said we are trying to innovate and being more competitive. president obama says the integration of national economies into a global economy, that is here, that is done. international global economy. we need to make sure we trade and exchange goods, shape those with the values that our trade companies care about.

the remarks of president obama, canadian prime ministers dustin trudeau, and mexican president enrique kenya -- enrique pena nieto. i am mark crumpton. that to you -- back to you. scarlet: thank you so much. you can continue watching the news conference on your bloomberg at live go. let's take a look at the u.s. market before the close in about six minutes. when you look at the s&p down, and the gains we have seen. a steady advance, no longer closing at highs, but up 260 point gains. two days,d a strong financials leading the gains. one thing happening in the last several minutes, we have seen an and 30 year treasury yields. those of not gone anywhere. and the other thing, the ftse 100 in the u.k., price of the

pound is raising the brexit losses. pretty extraordinary gains in the markets. scarlet: you mentioned financials. in about 30 minutes or so, we will hear from the reserve on the results of their test, which banks can go ahead and raise dividends, buy back shares as well. matt, you have been paying attention to the british pound. from it is still down 9% the surprising exit -- brexit result. it demolished markets for two days. joe's point is good. the ftse has not only regained, but now moved into positive territory as investors are more and more optimistic that this weak pound will be a boon to many international companies on the ftse 100. it is important that the ftse 250, made up of more domestic, local companies, is still down by 6% or 7%. the ftse 250 issuing the same

kind of weakness with the continental indexes as the dax. the ftse 100 showing a really impressive resilience there. scarlet: in terms of economic data, we got personal income, personal spending, pc core and deflator, did that have any impact? joe: i did not see any reaction. after the personal spending number, gdp now 11%. this is not looking like recession data right now. scarlet: so it is like the knee-jerk reaction of concerns on a weaker economy. joe: the data seems ok. scarlet: that does it for bloomberg markets. would you miss -- "what'd you miss?" ♪ e

>> we are moments away from the closing bell. i am scarlet fu. joe: i am joe weisenthal. "what'd you miss?" >> i am matt miller in london. alix steel is on assignment.

>> major indexes gaining 1%. joe: "what'd you miss?" , ourobal markets recover guest says this is just the start of the brexit disaster. what iswill explain happening to the u.s. labor force. matt: the federal reserve releases the latest stress test results. this the u.s. financial system deserving clean bill of health? >> we begin with our market minutes, stocks gaining one point 5%, the dow advancing 280 points. sectors