vonnie: we are going to take you from london to rome to washington in the next hour. here's what we're watching. have grown by the most in eight months with payrolls climbing engine. in june. mohamed suggest that the weakness in the may jobs report was an outlier. he joins us next hour. mark: spurred by declines of the brexit vote, the worst performer among major currencies. series that drive .s around the world rolls-royce takes to the streets of california. it is about 30 minutes into the

trading day in the u.s. and we are already hitting some watermarks. let's head straight to the markets desk where ramy has more. : let's take a look at where our markets are. the nasdaq is pushing higher. when that number came out 287,000 jobs, you could hear wow across the newsroom. it blew out all bloomberg estimates. let's take a look at what is happening in terms of the indexes and let's hop in the bloomberg for this. let's look at what has been happening post brexit vote. , i reason for this chart want to point out that all of our averages are up above the thatbrexit vote lost line we hit post june 2013 we have

23.13 we have we have recouped all of our losses. let's take a look at the imap and the s&p 500. financials are the biggest gainer today, up by 1.6%. yesterday they only gained a 10th of a percent or so, but because of the jobs numbers, we are seeing a generally broad rally across the board. discretionary on the upside. the downside, inversely proportional to what is happening, especially when we talk about rates. let's go deeper into financials and see what is happening in terms of the banks. jpmorgan, you can see here, up by more than 2%. across the board for major banks here, basically looking to rally off of jobs. let's take a look at what is happening in terms of materials. that is the second-biggest gainer on the s&p in terms of the imap function.

westbrook almost up by 3%. there are some laggards. i want to talk about the deal between humana and aetna. both of these stocks now lower because jpmorgan has cut its rating to neutral versus overweight. jpmorgan saying it sees a much lower probability than a 50-50 chance that the deal is going to be approved. it is cutting at 18 months price we are closer and to that mark with $159 right now. mark: we were talking about cutting losses from the post brexit vote and the stoxx 600 has not achieved that. it is still down by 5.75%. it received a one point 5% boost with the jobs report gaining for the second consecutive day. only to sectors have risen -- health care and food and beverages.

insurance has slumped by 17%, but we are up for a consecutive day. you can consumer confidence ,lunging the most in 21 years the latest sign that brexit is harming the uk's outlook. to minusindex sliding nine. it was a special post referendum and the earlier figure was minus one. since biggest slide december 1994, the impact of uncertainty becoming increasingly evident as well. this is the latest figure to show that there has been an impact on surveys from the referendum. the big gainer today here in europe, denmark's largest phone company, was shares rising as much as 12%, the most since 2007. they confirmed they received a approach,take over

responding to a report that apollo global management is interested in buying it and taking it private. tdc did not say who the approach was from. they said it was preliminary, inadequate, and it is not interested in pursuing any further. shares of by 9%. rising 1% now after the cfo announced stepping down just a week after a new chief executive took charge to become cfo of the danish facility manager iss. what a day and what a week we are having. vonnie: it is not even the first week of the month. let's check in on the first word news. emma has more from the first word news room. emma: we are getting more information from the officers killed in dallas.

police exchange gunfire with one of the suspects holed up in a parking garage. >> the suspect said he was upset about black lives matter. he said he was upset about the recent police shootings. the suspect said he was upset at wha white people. the suspect stated he wants to kill what people, especially white officers. after aat suspect died police robot carrying explosives detonated a device near him. duringack took place protests of the recent shootings of black men. the events in dallas have led to a temporary halt in the presence of campaign. hillary clinton canceled an event scheduled in scranton, pennsylvania. she was going to appear with vice president joe biden. she will still speak at a church convention and filled up in philadelphia.

donald trump canceled a speech in miami. anma says he will send edition of thousand troops to poland, part of a nato effort to reinforce a flank. it is one of four that will begin rotating through the region. the move is meant to act as a deterrent to russia. in the u k, theresa may says it is time for her to make the case to britain on why she should be the next prime minister. she will face off in a battle to succeed david cameron. the leader will lead negotiations to take britain out of the european union. on the second-round ballot, party members nationwide will make the final decision. dayal news 24 hours a howard by more than 2600 journalists and analysts in more than 120 countries, i am emma chandra. vonnie: getting back to the u.s. jobs report now, unemployment

repl rebounded i june. payrolls climbed 287,000, more than forecast. the made jobsthat creation was revised lower to anomaly.an joining us on the phone is mohamed el-erian, bloomberg view columnist. you wrote yesterday that the immediate effects of an upbeat jobs report would be to add confusion to the market. this was upbeat in some ways, but also there were things about this report that may be might give us pause. does the settled the market or add more confusion? is isd: with this report more like a goldilocks report for the markets. they are welcome. they will welcome the job creation and the uptick in the labor participation rate. they will also note that wage growth remains sluggish. ist you sit should see

short movement at the end of the yield curve. equities is doing well because goldilocks report shows that wealth is ok. up sectors, particularly banking, will get some short-term relief because on of what is happening to the yield curve. vonnie: for wages, we had no meaningful acceleration there. the participation rate did increase, which is good, but what will it mean for the federal reserve? can they put a rate hike act on the table this year? certainly is saying, look, do not assume we are totally sideline, but it does not mean we are going to move quickly. with this types of jobs report, we may end up with one hike this year. this is against expectations that had basically sidelined the fed for the foreseeable future.

may. explain to me it has been downgraded to 11,000 from the initial figure. how do you explain may and did it put too much weight on the main number? mohamed: yes on putting too much weight. you have to remember that this is a very noisy series. gets revised a lot. what i like is looking at monthly averages. the three-month moving averages about 147,000. the equilibrium job creation is about 125-150,000. the economy is performing as you would expect on the job creation side. the two areas to look very closely at his labor participation. we need that to come back up and wage growth. for me, the month-to-month is very hard to explain well, but the trends are that this economy continues to grow and it is not

great, but it's ok. mark: i've got to ask you about the referendum, the brexit referendum. to what extent is brexit from here on in an obstacle to u.s. policy normalization? mohamed: it is an obstacle because it will reinforce the notion that the u.s. does not control its yield curve. it does control its economic destiny. i do not worry too much about the economic spillovers of brexit on to the u.s. growth. i think it is a meaningful a limit for europe -- element for europe and the u.k.. the number that you cited on consumer confidence is one insight. business investment is going to come down a lot in the u.k. to see what emerges. this is a major economic problem for the u.k. and europe. it is less of an economic problem for the u.s., but it will further decouple financial

variables from economic variables. vonnie: what happens to rates? we see the spread now at 76 basis points. that is more flattening today. it is the two-year that is really helping that. do we get even more of a flattening and perhaps an inversion at some point? what happens with the yield more broadly around the world? mohamed: that is a question really about europe. does europe get its act together politically? with itsu.k. agree european partners on something to replace full eu membership? if it does, then you will not see more dramatic flattening of the curve. if however there is no plan b, as is the case right now, and they cannot get their act together politically, you then you will see advanced economy kurds continue to flatten. vonnie: the imf encouraging that

e ecb to increase purchases. we are going to see action around the world the next few months, but the next shockers? mohamed: the biggest shocker would be foreign-exchange intervention by the bank of japan. that would be the biggest shocker. i've been looking very closely as you have at what has been happening to the dollar yen. the post report weakening of the yen did not last. the closer you get to this 100 psychological level, the greater the pressure on the bank of ne in theinterve foreign extent market and that's important because it has become an effective. look for the ecb to do more qe and look for the fed to wait and see at least until september. mark: how low does sterling

go? expect italistic to to fall to the lows it saw in 1985, which are the lows going back to 1971? you will know that. is inconceivable to think that we could go to those lows or even parity? mohamed: it is not inconceivable. i will give you the scenario where that happens. it is basically months and months of no progress in replacing eu membership with some sort of free trade zone. remember that britain is going through something that is very unusual for an advanced economy, which is when you put up the current account, basically trade, and the capital account, capital inflows, and play. it has done that through the brexit vote. it has put its current and capital account in play. the bank of england is in no position to raise interest rates in order to stabilize the market. if plan b doesle

not emerge quickly. involve an b does not sufficient degree of free trade with the rest of europe. assets andmad, which the u.k. have a big by sign over them right now? mohamed: i think you wait a little bit and then commercial property will be. we are seeing a for stealing of that sector. overpromisedr that liquidity. they put a liquid assets -- a liquiilliquid assets and deals. if you are a patient investor with a stomach for month-to-month volatility, that will be a very attractive area. wait and let the opportunities come to you. mark: it was great to speak to you on jobs friday. bloomberg viewn,

columnist. this is bloomberg. ♪

mark: you are looking at a live picture of the north side of the one in bridge -- millennium bridge in london. i am mark barton here in london. vonnie: that is a beautiful picture. i am vonnie quinn and you are watching "bloomberg markets." it is time for the bloomberg business flash come and look at the biggest business stories in the news right now. up with an aid package for some of its trucking businesses. according to people familiar with the matter, one of the companies may receive help his steel.

they are having to cope with overcapacity and slumping demand. car sales in china rose for the halfr pace for the first of the year. suvs accounted for more than a third of china sales. sales of electric vehicles more than doubled. volkswagen is teaming up with companies that may make batteries for lesser cars. partnerships with panasonic. it is hoping to emerge from that scandal over fuel emissions . that is your bloomberg business flash. mark: still ahead, our weekly dive into the $3 trillion etf market. not too many traded funds. we will discuss next. this is bloomberg. ♪

vonnie: you are watching "bloomberg markets." i am vonnie quinn in new york. mark: i am mark barton in london and this is bloomberg television. time for a weekly dive into the etf markets were over 7000 of these bonds are around the world. for new launches every single day. many are questioning whether this is etf overkill. here to discuss is eric etf's for who covers bloomberg intelligence. you. to see there has been an explosion of etf's since 2014. what is behind it? eric: people look at etf as a vehicle of the future. right now there is $3 trillion in assets, but some people estimate it will go to even $10 trillion as they s slowly bleed out mutual funds. in terms of the product launches, you have a growing market.

what people do not realize is the person came out against the launches was the vanguard ceo. they are the plain vanilla. they do not like the gimmicky sort of smart beta stuff coming up. however, a lot of etf's are profitable. come out% of etf's with the future. when you think of 7000, that is nowhere near the amount of mutual funds in the world. everybody is focused on them now, but they are nowhere near the size of the mutual market -- mutual fund market. patience do new etf's need to attract buyers? eric: you have to wait a while. only 5% of the 40% that have over $100 million or 3% old. mutual funds come with

distribution fees and loads .oul, the whole system makes it easy for funds to get money. etf's do not have that. they have to make money the hard way. they have to sell their idea and hope that what they track, the stars aligned, and maybe they outperform or show value in other ways. that is why etf growth has not been faster. some people say etf's are but not sold. the trend went from passive to active and it looks like we are returning to sort of the passive trend again. is that the case? eric: yes. if you have seen this year, you can see $76 billion out. over the past seven years, we have seen virtually a $2 trillion swing from active to passive. the reason you have not heard more about this is because the stock market has gone up in the treasury market has gone up. the actual companies that issue

this stuff are losing revenue. it has been overcome by the fact that the market is going up. you will see asset managers feeling pain in terms of people moving to passive, which represents a 70% cut in revenue. they charged 20 basis points and active products charge 80 basis points on average. vonnie: etf's are backed by hard assets. what are the hard assets we should be watching for new etf's to come out of now? eric: [no audio] i looked at the etf and registration. awaiting over 1200 approval. bitcoin from the winkle bosque when is what people are waiting for here. you have got a lot of interesting products. there is a spaghetti thing going on down against the wall, but you never know what will hit. hardly any of them were profitable, but you never hear about too many apps. mark: how is the european etf

market? eric: it is growing slower in the u.s. mostly it is institutional money here so far. i was here all week and met with a lot of issuers who are from the u.s. who have u.s. people who have a lot of experience here. they are saying is a lot slower and harder to get traction here. they have sent their best people here to try to get the market going. , bloombergbalchunas intelligence, thank you very much. vonnie: still ahead on bloomberg television, will the strong jobs report spur the federal reserve to raise rates? hear what bill gross says next. ♪

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

let's check in with bloomberg first word news today. emma chandra has the latest. emma: it is being called an ambush, i carefully plotted attack on officers in dallas that left five officers dead and two wounded. police say snipers opened fire during a protest of recently shootings. three suspects were arrested and police exchange shots with a fourth who is hold up in a parking rush. .- garage >> the suspect said he was upset about black lives matter. he said he was upset about the recent police shootings. the suspect said he was upset at what people. white people. the suspect stated he won the kill white people, especially white officers. emma: that suspect was killed after police detonated an explosive attached to a police robot. authorities are not sure they have caught everyone involved in

the attack. several members of congress want to know why the white house has not approved the sale of fighter planes to keep persian gulf allies. qatar, kuwait, and bahrain as to buy the planes three years ago. in a letter obtained by bloomberg news, lawmakers say the u.s. has asked this country to take a bigger role in fighting the islamic state, but has not done anything about their weapons request. and the u.s. have agreed to deploy a new anti-ballistic missile system. south korea says it's in response to a growing threat from north korea. china is opposed to the move and urged the two countries to reconsider deployment. in columbia, the output of the cocainel of making has soared to the highest level since 2007. the government says marxist rebels have encouraged stepping up the planting of cocoa before a peace deal is signed. the guerrillas are telling farmers they will eventually

repay subsidies to switch to legal crops. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, i'm emma chandra. vonnie: the u.s. jobs market came roaring back last month with 287,000 jobs created in the month of june, but bill gross told bloomberg earlier that he did not think it would spur the fed to move quickly to raise interest rates. bill: things are not as hunky-dory as 287,000 might suggest. back to a normalized 150,000, it's nothing to get excited about. >> does it get anyone interested in what janet yellen and company are going to do? does this change the calculation of one they might move it all for you? bill: i don't think so. lookstill have brexit to

into the eyes. they have to look at the problems with the italian banks coul. the fed doesn't, but the ecb and the eu do. there is a sense of illiquidity and markets and the fed is very obsessed and concerned with markets to the extent that there is discord around the world. i think the fed stays where it is. the have wanted to raise interest rates. i think it once and they want to have us believe that they will raise several times and therefore have a pretty positive yield curve, which will help banks and insurance companies. for the most part, i do not think this changes much. >> just to clarify -- your call is for how many rate moves this year? bill: the market only calls for a half in the next month and beyond that, another half, so 12 basis points each.

that is the market. i think they try to raise once and if they continue to get employment numbers like this and if they can get those wages up, then perhaps they will have their chance later in the year. i think they really do want to raise rates. some of them like bullard and evans have a sense that they need higher interest rates in order to balance out the savings versus investment element in the economy. >> bill gross, without question in our lifetimes, this is the most priced to perfection bond market we have ever seen. has your day-to-day life changed? the yield goes from 139 to 141. that these are shocking yields and shocking bond valuations. what are you doing day-to-day with thinness malia -- within this milieu? bill: i do not think it is priced to perfection.

it is priced to absurdity. one note that $12 trillion worth of sovereign bonds in negative yield space, there is one note in germany that the ecb cannot really buy 40% of german bonds because they are yielding less than 40 basis points. in japan, there is even the 40 year jgb. so it's an absurd market. what do you do is the question. you obviously do not buy those bonds. chairmanomething that of banks and insurance companies have to buy because they have to put their money somewhere, so you look for substitutes in some kind of certainty. vonnie: that means buying mortgages and selling options. markethile the u.s. job rebounds, fears are growing about the u.k. economy. the columnist think

threat of recession is very strong. we are joined by peter from vanguard. good to see you again. we had data on consumer confidence plunging the most in 21 years. we had business confidence data yesterday plunging post brexit. how is this soft data going to translate to the hard data? we are not going to see much of it until the middle of august. peter: i think it is going to translate pretty much directly. i think it is very difficult to see why any firms are going to be investing at the moment while there is so much uncertainty around this. there's an option value for waiting if you look, so any firm that is thinking about a project or the consumer making a big purchase like even housing, why would you do that at the moment? i think it is very likely that we are going to see the u.k. going into recession. mark: there is recession and them there is a recession. give us a thought of the recession that the u.k. might experience this year or next

year. peter: this is all finger in the air stuff because there's not anything to compare it against. we could see u.k. gdp falling by a quarter percent. , 2016,y year on year 2017 are going to see flat gdp. we will technically have a recession, but it could be a lot worse than that. some of the forecasts were made before the reverend were being dismissed as fear and we are starting to see that now. about the rest of the central banks of the world? where are you anticipating action that might get the ball rolling? toer: obviously closest home, i think we're going to see the u.k. cut interest rates later this year. mark carney has already given that they can't about that. -- a big hint about that. i think the ecb is very likely

to need to extend qe purchases beyond march next year. obviously we are seeing the fed holding fire on raising interest rates, but i think that strong jobs number means there's going to be a bit of a fight on the one hand between the gloomy global environment that we are in, but the strengthening u.s. today,ot just the jobs but we are seeing core inflation, which i think is the thing you should be looking at going about the 2% target. probably notought september but by december that there's going to be a strengthening case for the u.s. to do something as well. vonnie: can britain stave off recession either through the bank of england actions or through some other way? ofer: there are a number mitigating circumstances. obviously the 10% depreciation and sterling is going to be a bit of a buffer. the bank of england measures that i talked about will help

and we have now heard that the u.k. government is going to ease up on austerity measures. i would be surprised if we saw a big fiscal stimulus from the conservative government, but i think all those things will help, but i do not think they will be enough collectively to stem the scale of the downturn in sentiment we are likely to see. mark: how much further will be see sterling decline, peter? i know it is the $50 billion question that now. could we go below 120? peter: it is anyone's guess. the momentum alone is being driven by pure sentiment. if you step back and think about the fundamentals, you really need to believe that there's going to be a severe deterioration in the u.k. trade to warrant a shift in the exchange rate. at the moment, we do not know what those trading relationships are going to be between the u.k. and the rest of the world. that is the most pernicious aspect of this at the moment

. they're still very few specifics about what's going to do what. mark: is it good for the current account or bad for the current account? we do know that the current account deficit is almost at a record low. is a good or is it bad? peter: week sterling would be good, but the underlying shock, which is an almost certain deterioration in our ability to ande with the euro area probably with the rest of the world as well, that's going to take a long time to sort out. i think all those things are going to make the current account worse than it is already. mark: thanks for joining us today. vanguard. away a vonnie: coming up, is the cold word back? -- cold war back? relations ouare

tense. this is bloomberg. ♪

mark: you are watching bloomberg. i am mark barton. vonnie: i am vonnie quinn and this is your global business report. italy's banks are getting desperate and the bank of a lease governors say intervention may be necessary. -- think of italy's governors say intervention may be necessary. mark: boeing wants to scuttle the sales of jets to iran. vonnie: are the u.s. and russia entering a new cold war? where the bankly

says it is working intensely with authorities on a solution for its bad loans. it is said to be the subject of bailout talks that have led to a deadlock. offload 40% ofto its nonperforming loans by 2018. the bank of italy governor says state intervention to support battalion banks may be needed. , citigroupbloomberg said that the banking problem goes beyond the balance sheet. >> policy in italy is threatening today as the u.k. politics were threatening six months or year ago. i'm am more worried about the politics than the banks per se. mark: the obama administration has imposed tough new rules for oil companies, ones who want to drill in arctic waters. drillers would have to stash equipment nearby and have to

take costly potential steps designed to prevent oil spills. the energy industry says the rules will discourage the development. members of congress are putting pressure on boeing on its historic agreement to sell planes to iran's national airline. the house is putting out legislation to block the sale. the boeing deal would be the biggest business transaction between the u.s. and iran since the 1979 revolution. the obama administration said it legislationny that will undermine the nuclear agreement with iran. -- a $1.2nt to billion deal for a long. the right hit -- the right hailing app has raised deal on credit. time now for our bloomberg quick take where we divide context and background on

issues of interest. is a cold war between russia and the united states back? henry kissinger says it's possible. the russian prime minister says it is happening. in the ukraine, russian troops have been fighting with an army of pro-russian separatists since 2014. u.s. congress voted to supply more weapons to the ukraine army, but a cease-fire is in place. in syria, russia's air campaign has been conducted in close proximity to where u.s. aircraft is doing its own bombing against the islamic state. they are hoping to defend themselves against russian airstrikes. that would've put u.s. and position to kill russian soldiers just as american arms did in afghanistan in the 1980's and soviet arms killed u.s. troops in vietnam. the cold war began in 1947 when

u.s. president harry truman asked congress to help stop the soviet union from projecting its power. soviet diplomats saw this policy as imperial aggression from an american elite, claiming the right to lead the world. it was not until 1969 that the two sides saw a kind of truce to reduce the war. some analysts say the cold war cannot repeat because russia has no ideology as alluring as communism. the counterargument is that while today might be a different cold war, it should be treated similarly. that is because russia contains a vast nuclear arsenal as well as the well and nuclear means to be a superpower. --t americans ruptur vladimir's russia may not have the power, but a cold -- or ale one could be cool one could be costly to both sides. for more, visit bloomberg.com.

mark: still ahead, the perfect california road trip in a convertible rolls-royce. we will put the top down next. this is bloomberg. ♪

mark: we are 40 minutes away from the end of the friday equity session in europe. we have a jobs induced rally. stocks are higher and have been given a pursuit by today's job report. the stoxx 600 has received a boost with roughly half of those gains up since 1:30 a.m. u.k. time. gains in france and germany. we are still looking like we are going to finish lower in europe after a big rally last week at 3%. sterling was lower against the dollar and now it is up today, up a quarter of 1%.

the euro is down against the pound and the pound is up against the yen. the yen is the best performing currency out of all the major peers since june 24. u.k.,e yield lower in the germany, italy, and in spain. it is one of those occasions where you see stocks rise and bonds rise as well. we are seeing stocks rise in the u.s. as the s&p 500 is up and the dow is up 9/10 of a percent. bloomberg proceeds new theories drive is showing the ultimate road trip throughout the world. we are showing the best route and the fabius cars that can take you there. here's a look at the perfect drive along the california coast. >> welcome to bloomberg pursuits: drive. to my mind, the scenic byways along california's highway one is an unparalleled world-class

driving destination for ease of access and come double comfortable views, the road from big sur to santa barbara, california just can't be beat. naturally the car you pick to big sur should be as epic as the route. i suggest the 2017 rolls-royce the convertible that will start hitting the streets in the fall. dawn refers to the original silver sawn that rolls-royce made in the 1950's. only 28 were made. this new dawn is a $350,000 cruiser jampacked with luxuries like handstitched leather. >> it is so smooth. it is just like on this air suspension. you are basically on a cloud. the steering is really nice. it is so easy to steer.

the steering wheel is really thin, kind of like a yacht. yachtls-royce has used making techniques by third and fourth generation workers for years. you can see it in the lines of the brushwood interior. it is perfectly seamless. ♪ >> the drive from santa barbara to carmel at the northern tip of big sur will take you through 220 miles of rocky outcroppings, crashing waves, standing beaches -- sandy beaches, and green meadows. make a first up at morro rock, about two hours north of santa barbara. take a stroll along the shoreline, enjoying the salt y air. you should make dinner plans for the end of your drive. i recommend the post ranch and, the famously exclusive the side restaurant -- cliffside restaurant and resort were sometimes rooms need to be

booked a year in advance. with that delicious meal ahead of you, enjoy the smell of flowers and ocean breezes while continuing north on highway one. if you're lucky, you may catch a glimpse of whales breaching off in the distance. ♪ like big sur itself, the has aor of the dawn little bit of everything -- soft around the corners and it looks a little flattened overall. the led headlights and newly redesigned thrills give it some edge. the eight speed automatic transmission is perfect. it worse like a powerful engine light butter on toast. it breaks tightly when you want to stop and enjoy a view. the overall effect is one of lumbering ease. slowdown, friend, it seems to say. life is meant to be enjoyed.

stop and see the sights. ♪ >> and besides should include a ,rief sojourn at the state park one thousand acres on the western slope of the santa lucia mountains and it makes for an amazing vantage point. as evening approaches, everything will become quiet. with your eyes closed, you not even know you were in a convertible. you will roll into big sur in the evening just as the sun rays give the rock and see a heavenly glow. completesst ranch inn the magical setting. the service and the beautiful grounds of every part of post ranch inn is perfectly matched by the craftsmanship and

attention to detail and a rolls-royce. so get the car, take the drive, stay at coast branch. you won't want to leave. vonnie: that was bloomberg pursuits: drive with hannah elliott. you can explore more stories on bloomberg. the trips aren't included. mark: i need a holiday. coming up, we'll focus on big pound taking over the argentine peso to be the worst performing currency this year. looking at the boe decision -- the first since the brexit vote as well. , l will join us. this is bloomberg. ♪

>> i am vonnie quinn. just minutes left in the trading day in europe.

you're watching the european close on "bloomberg market." from washington to wash journalists -- los angeles, here's what we are watching today. market stirred to life in june as payrolls climbed by 287,000 last month. we will examine where this puts the fed on a path to a rate hike with former federal reserve board of governors vice chair. headed the british pound to its third week of decline spurred by the brexit vote. mark: second course served. box office sales dropped 10% after big-budget films like steven spielberg's "bfg