this is "bloomberg markets." on bloomberg television. ♪ vonnie: we are to take you from san francisco to cleveland in the next hour. here is what we're watching. donald trump promises to bring back jobs, focus on law and order, and fix a broken establishment. can a speech on the country in disarray with over voters in a general election? vote wreaking havoc on the u.k. economy. a key measure dropping to a seven-year low. a key measure dropping to a seven-year low. his the risk of recession and increasing danger. vonnie: verizon is said to be the lead bidder in a deal to acquire yahoo!

we will have the latest on this developing story in just a moment. about 30 minutes into the trading day in the u.s. julie hyman has the latest. julie: stocks over all our little changed. we are drowning in a sea of partners. there is a lot going on on that level. -- drowning in a sea of corporate news. the nasdaq is fairly positive. let's get to all of the many corporate stories we're watching today. let's start in the industrial world. general electric coming out with earnings that beat estimates. shiftsexclude currency that would have been a drop of 16%. that is weighing on the shares this morning. you have honeywell, the company is cutting salesforce staff for the year. it is seeing sluggish global growth. weighing on those shares. where also watching anything

apple related this morning. that is because the apple supplier skywards cannot with their earnings. the company said if you excluded their largest customer which it did not name specifically, it said revenue growth in the fourth quarter would have been 10% to 12% rather than the forecasted 5%. its largest customer, which it is implied it is apple, and the main assembler of apple devices is seeing some weakness. apple is down. some of the all -- some of the other apple suppliers are seeing struggles. quarterly revenue growth for the first time since 2014, it says there will be growth again next quarter. that is due in part to graphics chips and chips for your games as well. elsewhere in terms of some of the movers where watching, we had cigna and and thumb. -- anthem.

cigna is saying it is best positioned among the various health insurers should these deals we're talking about fall apart. anthem is trading a bit higher this month. about 90 minutes away from the european market let's look at equities. the focus in europe today has been on flash bmis. what we got in the eurozone was manufacturing services slipping. still in expansionary territory. in the u k, that, as it not only went into contraction territory, it also hit a seven-year low. as we look at the stoxx 600, we are much desperate much unchanged. we are off by about .2%. we did see some weakness earlier. we'll get a reaction in sterling. it is sliding, down 1% at the moment. the quick dash key question is

will the signs of weakness persists, or was it an initial post frexit shock? -- posted brexit shock? more stimulus, markets are pricing in an 88% probability that the boe will cut rates on august 4. the ftse 100, it will moderately recoup losses. is up about 5%. market reports had one bright spot because of the index of new manufacturing exports rose the most in about two years. that is thank you a sharp fall in the pound. is brexit helping those globally facing companies? one of those companies is vodafone, it is rising after sales were upbeat. organic fourth quarter, sales revenue beat estimates, about for 28%.

let's check in on first word news. we have more from our newsroom. is painting ap dark picture of updating nation that only he can save -- fading nation that only he can say. he warned of a country beset by trying -- crime, terrorism, and bad trade deals. he says he is the only one that can fix the problems. mr. trump: to every parent that dreams for their child, and every child who dreams for their future, i say these words to you .onight, i am with you i will fight for you. i will win for you. >> donald trump used some of his harshest rhetoric saying hillary clinton's legacy was death, destruction, terrorism, and weakness. donald trump about to seal the

border between the u.s. and mexico. the mexican president will be at the white house to meet with president obama today. a spokesman says the idea of donald trump were wall probably will not come out. -- border wall probably will not come up. imf chief christine lagarde will have to stand trial in a case stemming from her time as french finance minister. betweenid to dispute bernard happy and a government arbitrator panel. mcafee was -- one of aviation's greatest mysteries may remain unsolved. the missing malaysian jetliner search will be suspended once the current search in the indian ocean has been scoured. officials admit that the likelihood of finding the plane is fading. the plane disappeared more than

two years ago. global news 24 hours a day, powered by more than 2600 journalysts and analysts in more than 120 countries. authority -- this is bloomberg. to cleveland.go donald trump is expected to speak at a campaign event there any moment. we have been covering all of the ups and downs this week at the convention. she joins us from a much different quicken loans arena from just an hour ago. did the speech resonate with voters? it is going to be interesting to see how this one plays out. the consensus last night, if you look at the headlines and reviews, people talk about dystopia, people talking about these teams on terror -- themes on terror and that he is the

only one that can lead us out of the darkness. early takes on this show that voters who viewed this on speak -- tv thought this was much more positive. it was a long speech. 27 pages. moment, didred the he capture what people are feeling in terms of economic angst? in terms of things like nice, dallas, baton rouge, where people feel like we are under attack as a nation, that was the message he was trying to get across last night. he will be the voice of the forgotten, he talked about last. is that where we are? thatlitics so disruptive this is what people will cling onto? that will be his message. vonnie: we are waiting on hillary clinton's presidential pick. -- vice presidential pick.

which would be the safer choice for? her? >> i think she will announce today. everything points to tim kaine, the senator from virginia. there are other candidates, tom vilsack, and cory booker was in the running. everything says it will be tim kaine. the choice between tim kaine and tom vilsack are safe choices for her. they are people that will make her seem more credible, were strong, safer. we have names like elizabeth warren, the firebrand leader massachusetts. that has a lot of risk. when she looks at her campaign and donald trump, she wants to keep her mistakes to a minimum. she faces challenges with voters in trustablity. she wants someone that will be a safe pair of hands that will not cause her any more problems. vonnie: donald trump actually

mentioned clinton more than he has in any other speeches. does that there any significance into how the campaigning will play out now? a big focus this week has been attacking hillary clinton. we saw extraordinary things during the convention, particularly the speech by chris christie which was done as a prosecution with the crowd chanting guilty, guilty, guilty. we have heard chance of locker up all week long. -- lock her up. usually donald trump leans into that check, but last night he leaned out. cloudd of whipping that -- crowd into a further frenzy. he knows that he cannot appear to unpresidential as we go into these next crucial months. he tried to strike a bounce last night, which was very interesting. vonnie: megan murphy reporting

from cleveland all week. we will see you next week in philadelphia for the dnc. at the white house, president obama and mexico's president will hold a joint news conference in the next hour. we will bring you that life at 11:45 a.m. eastern. 11:45 a.m. eastern. a deal to buy yahoo! for close to $5 million. we have all the details next. this is bloomberg. ♪

nejra: live from london and new

york, i nejra cehic. vonnie: you're watching "bloomberg markets." we look at some of the biggest stories in the news right now. makeargest bank in spain cost a couple thousand jobs or more. according to people familiar bank, it has been heard by a record low interest rates and falling demand for credits. paypal and beset have ended a battle that has lasted more than a decade. paypal will stop discouraging customers linking accounts to visa cards. in return, be so will offer prices forn the customers. in most-watched news network the u.s., roger ailes will be resigning from the fox news channel after accusations of

sexual harassment. rupert murdoch will be acting ceo of the new channels -- news channel. roger ailes created the fox news channel and made it an alternative to more liberal competitors. that is your bloomberg business flash. in other corporate news, we are keeping our eyes on shares of verizon, up by about 1.2%. the giant is said to be nearing a deal to buy yahoo! for nearly $5 billion. the latest from alex sherman who broke the story earlier this morning. congratulations. what is the price tag signifying? will verizon by everything yahoo! has? alex: we don't know about the real estate. verizon will not buy the intellectual property. over the course of the day in the weekend, but from where things are not, we hear the price tag is closer to $5

billion then or billion dollars. $4is in that -- than billion. it is in that range. the intellectual property will be acquired by some other party. verizon had previously offered only about $3.75 billion. this is quite a dramatic escalation. vonnie: assuming verizon gets yahoo! assets, what will an aol and yahoo! combination be able to do better than what yahoo! was able to do on its own? it has been losing market share. what will aol add? alex: it will add technology that will partner well. they have a network platform that verizon thinks it can pair with yahoos in order to get ahead in the world of digital

advertising. this transaction is as much about taking the costs out of yahoo! as much as it is about sharing it with aol and coming up with strategic benefits. there are operational synergies, job cuts you can expect. verizon will go through yahoo! and cut the fat. --t is what this transition transaction is all about. comingssa mayer has been under pressure from shareholders. will this be a highlight from her? alex: she is getting to the $5 million if she does not go along with verizon. there will be a lot written about her in the next several weeks about her legacy at yahoo!. she came into a situation that was very difficult. yahoo! was not a winning company when she came in. she attempted a turnaround land. she bought tumbler and a few other acquisitions.

yahoo! was never able to get the focus it needed to have a true identity under her watch. she has come under a lot of heat from shareholders, activist shareholders. i think in the end, selling to verizon for close to $5 billion will be seen as likely the best outcome she could have had. there were talks that yahoo! might not have been able to sell the company at all. activist investors came in and very much pushed for a sale. this has been going on for many months. it has been a long and dysfunctional sales process from almost everyone i spoke to. there have been contentious points between marissa mayer and the board. she wanted to stay on with yahoo!, maybe pairing up with a private equity firm. it looks like verizon will acquire this, it was the most likely one entire time.

what we have heard is that marissa mayer will not be joining. tim armstrong will be running a combined who and aol. alex sherman, m&a reporter for bloomberg news. thank you for breaking down that for us. still ahead, we will dive into the $3 trillion etf market. we are exploring videogame and social media funds. that is next. this is bloomberg. ♪

>> live from london and new york, i am a rhgh. vonnie: i am vonnie quinn. -- >> i am nejra cehic. vonnie: i am vonnie quinn. it is time or our latest segment

on exchange traded funds. julie: with me as eric balchunas. donald and hillary clinton differed on more than just the issues, but personal investments differentow totally approaches. ats.balchunas covers -- etf's. you have gone through and see that they represent two different types of investors. donald trump just spoke last. what is his strategy reading into what he is disclosed here? >> he is all over the place. it matches his style. there are a lot of investors who have acutely stocks and funds in their portfolio. he owns dozens of mutual funds investmentsprivate and hedge funds.

if you look at the stocks that he holds, it looks like a creation basket that he can easily trade in. we have seen a lot of people do that. i just did this book on institutions, and i found stories of institutions taking their holdings and finding out they only had two to three etf's. more so this cleaning up of her ofyols is the trend -- portfolios is the trend we are seeing on institutional side. that is what he is. if you dig in, he owns about a dozen of these funds. they are indicative. they charge an average of 1.05%. most of them are underperforming. julie: we are looking at a five-year chart of that versus the idea of u.n.. little table.

on the average, they underperform the etf by about 6% charge five times the cost. this is why you see a huge swing. he is representative of -- julie: old-school. >> where money is coming out of and what people are not doing any more. julie: maybe he should look at cutting down some of his costs, perhaps. there is some irony in some of the ats -- etf's he owns. >> he does have nickel and dime investments into deutsche bank and japan. he rails against currency manipulation. this is the way to play currency manipulation. he has a product at wisdom tree -- he selected bb over was country. say he selected, his

advisor. donald trump will be speaking later today at the convention. let's turn to hillary clinton. how is she opted of him in terms of investing strategy? -- opposite of it in terms of investment strategy? $20 million in vanguard s&p index. julie: that is it? >> that's it. she has some treasury notes. she may have gotten advice from warren buffett on this. he had put in a letter to shareholders that what he is doing is leaving his personal fortune to his wife and 90% will be in the s&p 500 index fund in vanguard. he says if you do this, you will outperform individuals and institutions. portfolio.ed this

it has an annualized return. it has an annualized return of 7.5%, which is better than endowments and pensions on average. i don't know if she got that advice. julie: for some of that network to have that focused and investment is unusual. happen to that will more people. she is going to supply and go passive with her investments. julie: thank you. we will send it back to you in london. nejra: thank you. still ahead, how much higher can the s&p 500 go? one person says a lot higher. this is bloomberg. ♪

bloomberg, i'mom

vonnie quinn. nejra cehic: i'm nejra cehic. lisa has more. law is examining the withdrawal from the european union. it says parliament should scrutinize informal discussions, withdrawal accord and negotiations on a new relationship. earlier today, john brown says the business is still coming to grips with brexit. sector isancial waiting to see what will happen to pass boring -- past board -- passporting. they will live with it until they realize they have to do the best they possibly can given the circumstances which of occurred. told thems hollande theresa may has a choice. immigration or lose access to the single market. in turkey, the president is already signaling that the newly

imposed three-month state of emergency may not be long enough. he told reuters there is no optimal to extending emergency rule. as the government to detain suspects for longer times without trial, and issue degrees with the rule of law. turkey's news agency says more than 10,000 people have been arrested in the wake of the failed coup. russia,s from the u.s., and the u.n. are gathering in geneva next week for what is described as a fairly high-level meeting. that follows growing concerns about he monetary and access to the city of aleppo. he hopesficial says the meeting will lead to the resumption of peace talks. the obama administration will invest up to $4.5 billion to build a nationwide network of electric car charging stations. the goal is to reduce so-called range anxiety, and increase consumer acceptance of electric cars.

he calls for federal, state, and local governments to partner with automakers, including ford, gm, and tesla. find three teams and their players for wearing black warm-up shirts to protest recent shootings by and against police officers. the indiana fever, new york liberty, and phoenix mercury were each fined $5,000, and players $500. the players union plans to file a grievance. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm melissa parenti, this is bloomberg. vonnie: thanks. the s&p 500 has been a role since the brakes of the last month. the index was up 6% in that time. it still has a way to go to meet the target. toy're calling for the s&p reach 2325 by the end of the year. if you dip into my bloomberg, you can see where the s&p has

been trading in a range for the last year or so, and this is where he is looking for it to go. how confident is he now? tom, thanks for joining me. your confidence in the medium-term, not so much for august. tom: that's right. in our view, markets reaching -- a lot of300 those conditions are in place. we a lot of confidence we can advance 8% to 10% in the next six months. vonnie: based on want -- based on what? tom: the most important market is a high-yield market drayton it's really on one of the biggest rallies we have seen over a decade. , he confirmedal the global growth is slowly improving. earnings have been pretty good. i find some really interesting things in your notes. bonds bonds are riskier

than stocks, and you think that an increase in interest rates from the fed could be positive for the s&p 500. tom: yes. in terms of tactically, short-term, i think august scares us. one of the things you mentioned is what's unusual today is yields are lower on bonds than stocks, dividend yields are higher and now bonds have higher volatility than equities. whenever you've seen that situation in the short-term, it usually means stocks don't do well in the next month. that's why i think in the short-term we could see some weaknesses. been pretty good quarter so far. we've had 81% of earnings beating analyst profit estimates. they are falling for the fifth quarter in a row. since longest streak 2009. i brought this tournament bloomberg to illustrate how valuations have been outpacing the stock rallies. we have had stock multiples rising 613% this year, amidst falling earnings. surely there has got to be some kind of bearish outlook taking

this into account. that chart is very interesting, but the most extensive sector in the s&p 500 today is energy, which is trading at 80 times trailing earnings. so when you look at the rest of the market, it's trading at closer to 14 or 15 times. i think that chart is a little misleading in the sense that we can't value energy is zero, because market is forward-looking in future commodity prices and energy credits have held up. but all the gets that expensive. vonnie: your overall target is for 2325 in the next six months. the month of august you are saying to worry if you see a drop. -- don't worry if you see a drop. tom: the average drawdown is around 6%. august in the last seven years has been a bad month for stocks. it may be irrational to say i seem to recall august always being dangerous, i would rather

have some dry powder, but it does mean we are changing our view. nejra: what could derail the longer-term outlook? u.k., is happening in the could that have any impact? the geopolitical uncertainty? is: anything in the extreme negative. if the u.s. goes to negative rates, think it tells us something is really wrong with the world. i think right now, i don't think the 10 years than negative. the other is, if business confidence really collapses, which would stem from brexit. so far, the u.k. pmi's have been holding up. i don't dig it is time to be a negative. i think the consensus is way too bearish. longer do youh think we're going to see this positive correlation where stocks and bonds are rising in tandem? what does that mean for your outlook for equities? the historylook at

of the equity markets in the bond markets, they aren't a zero-sum game. most bull markets are characterized by a rally in bonds and positive returns in equities. the idea or the notion that bonds can be going up and stocks would have to go down, i think it is a false view, i think it's a narrative that is being advanced by people who are too bearish. lee, thank you. some fascinating perspectives with your bullish view on the s&p 500. up next, more brexit blues. the u.k. decision to leave the european union has inflicted immediate below on the economy as business activity shrank. it is raising concerns around the globe. lagarde inristine china has blamed the u.k. for a downgrade to global gdp forecast.

>> i was hoping to come today for the first time in six years, revise upwards the forecast for growth. and i would have done that, because china, japan, the euro area were doing better than what we had expected. but, unfortunately, the united kingdom decided to go for brexit. so we had to revise downward. for more on this, let's bring in simon kennedy. head of brexitch bloomberg coverage of the moment. we heard her comments, they're essentially seems to be blaming the u.k. for the outlook globally. producedrlier, the imf

a bit off the global growth forecasts. it did bigger damage to the u.k. forecast then certainly the rationale behind that is underscore today by the pmi reports that you saw which showed that big slump when you take manufacturing and services and for them together. nejra: that report is one of the first indications of the impact of brexit, not just on the u.k., but on the eurozone with the flash pmi we got. , isbig question here is that just a post-break the reaction, were a sign of further weakness? simon: we will have to see. the office of national statistics said it will take until august to fight out of the hard data is going to show a similar problem that we saw today. certainly, the confidence indicates they're the ones that come first do not suggest a great path of the u.k. economy. vonnie: what about the g-20? what kind of communiqué can we expect? draft obtained this

afternoon seems to point to some confidence that they can whether this any storm from the u.k.. when you look at the global growth forecasts produced by morgan stanley and the like this week, they seem to be quite confident that the rest of the world can do just about ok even with brexit. vonnie: doesn't get worse once article 50 is triggered next year? simon: they could will do. the case for worrying about article 50 is point out by the economist at morgan stanley. it's the uncertainty about it. the two-year span in which the u.k. have to negotiate its way out of the club, and what that means for afterwards are going to be a source of considerable doubt for markets, for executives and stakeholders in the economy. the article 50 process is going to cast a shadow over the economy. nejra: we also heard from the bank of him when governor mark carney this point. what did he have to say? when the is that

toughest jobs in central banking, he has to monitor the effect we're talking about. some of the members of his monetary policy committee have spoken out is that they would like to see more data before ,hey vote for greater stimulus that the problem, because he has tipped his hand it implicates the status will be coming in august. muchtart to wonder how will be coming and that will be reflected in markets. nejra: the markets price again something like an 88% probability that we are going to get this cut in august. it is a very difficult question facing him. he also talked a lot more about the global outlook and spoke quite a bit about china, not just the u.k. g-20 is in china this week, and there is a feeling that the problems we saw last summer haven't continued as much now that some stabilization --

the chancellor of the attacker, philip hammond is in china to drum up business. exchequer,or of the philip hammond is in china to drum up business. vonnie: next week, is the fed to stay with its firepower unused for a while and also watch more outcomes from brexit? simon: maybe less brexit and more the global effects of brexit, and perhaps was going on in china. it will be interesting on the jobs report, with the one we saw a couple months back was an outlier. obviously, the betting is pullback on whether the fed will raise rates again this year. but some still see a hike towards the end of the year. i guess wait-and-see mode is the rationale from a central banks, including the fed at the moment. , chief simon kennedy economic respondents for bloomberg, thank you for joining us. the campaignis on

trail, speaking at an event in cleveland. he's giving thanks and praise to the people of ohio, and also his daughter, ivanka trump. he said the convention was peaceful and all about unity. he said it was the most love filled convention. watch the full event on the bloomberg at live go. coming up on "bloomberg markets," thousands of americans get sick or die each year from the food they eat. new food safety laws were passed in 2011 to stop that, but why has it taken so long to act those laws? this is bloomberg. ♪

vonnie: you are watching bloomberg, i'm vonnie quinn. nejra: i'm nejra cehic, this is

your global -- bloomberg global business report. german factories are showing off their muscles, but will the brexit vote slow them down? forie: more fallout volkswagen, the car company is putting the brakes on sales and south korea. our quick take today, new food safety laws are meant to keep americans healthy, but why are the reforms leading producers with a bad taste? vonnie: we begin in germany, where factory output to a 27 month high, according to report from market economics. recordort suggests the low unemployment in germany is bolstering the economy. if the uk's economy slumps because of the brexit vote, that could be a problem. britain is germany's third-largest export market. nejra: new data shows the british economy has been hurt by the vote to leave the european union. so far, there has been no sign that air travel in and out of the country has been affected. talking about the impact of

--xit was the heathrow set heathrow airport ceo. >> it's too early to say with the impact will be, we have not seen any impact on passenger volumes. it will probably take three to six months before we see any of that. we are phenomenally resilient, it even in the financial downturn in 2008, we didn't see a very significant reduction in passenger volumes. that's because there's so much demand to fly out of heathrow, and because we have such a global business. we are flying through merging market around the world, we are more affected by the global economy in many ways than just the u.k. economy. in south korea, volkswagen will stop selling cars implicated in the emissions scandal. a korean news agency says the ban covers 34 models. bw informed dealers yesterday. beeler's --ed the

the dealers yesterday. the volvo plans to sell a self driving car by 2021. the company will start testing vehicles with advanced of taunus features by next year. volvo is still looking for a partner with expertise in software and cloud services. bmw announced a partnership with intel to put self driving car on the road in five years. go has come home. the smartphone game that is the rage in the u.s. and parts of europe is now available in japan. that's where the franchise began two decades ago. the worldwide phenomenon has added as much as $20 billion to nintendo's market value in two weeks. time now for our bloomberg quick take third we provide context and background on issues of interest. every year, one in six americans get sick, and 3000 die from food they eat. to combat this, president barack obama signed the food safety modernization act in 2011.

the most significant reform in more than 70 years. it has taken a lawsuit and more than five years to finalize the, some of which will be fully implanted in 2022. the seven major rules have now been finalized. the new law includes standards for growing and harvesting fruits and vegetables, increased inspection for domestic and foreign food production, and mandatory recalls. and in 10's policing of u.s. food from 15 different federal agencies for the food and drug demonstration, which will monitor more than 80% of the supply. and the department of agriculture, which will handle most of the rest. for decades, the permanent agriculture monitored meats, poultry, and processed eggs, while the fda covered produce, jews, dairy products, eggs in the shell, and manufactured food such as cereal and candy, a system that was often confusing. the foods if you modernization act after contaminated cookie dough, spinach though, jalapeno peppers

, and other foods killed at least nine people and sickened more than 700 and 2008 and 2009. the argument is the new laws require most producers and processors to do more to identify and avoid food safety hazards. the food industry says any additional expenses will be passed to consumers through higher food prices. skeptics say that all of these efforts may only put a small dent in the number of people sickened each year. it doesn't regulate how food is handled once it arrives at restaurants and other food service sites. those of the primary sources of norovirus outbreaks, which cause more than half of all foodborne illnesses in the u.s. read more about food safety at ni quick on the bloomberg. had to bloomberg.com for more stories. still ahead on "bloomberg markets," on the hunt for new buyer is a luxury watchmaker launches a casual watch for

under $10,000. we will hear from the ceo, next. this is bloomberg. ♪

nejra: in today's pursuits feature, pj is hoping for new buyers for a casual watch under $10,000. ceo of the with the watchmaker at the manhattan flagship. >> it's a huge segments. price,ly a question of its people, the way they use it. they like to have a watch they can use daytime, nighttime, and this is a segment that we thought would be great for going forward. , they all competitors have very strong offers trade it was natural for us to come back. >> what sort of customer are you trying to reach?

>> we are trained to make the range more accessible. to start at $9,250 plus tax, we're not talking about an expensive piece. but when you look at the price, it provides an access to the range that's important today. grexit how much to the soaring price of gold factor into your decision of launching steel watches? >> the average price of a gold watch today is high. steel is an opening access to the range. it helps us recruit young clients. tohow you balance out try reach new customers, while at the same time, keeping that exclusivity? >> by making sure the product is to be wonderful. i wouldn't have done a steel watch for the bracelet if i didn't think the product was going to be the star. the product is great, it's different from others.

i'm going to sell that product in a steel version. >> how important is the u.s. market? >> the u.s. today is not what it should be. in the 1980's, it was the most important market in the world. --t of it was because [indiscernible] with a very recognizable look. at the time, there was not the competition that exists today. we had a huge market share in the states. , and we we were bought had a great opportunity. lastrk very hard in the 20, 25 years in asia making the brand very strong in hong kong and china across asia. didn't do what we should have done in the states. today, it opens another opportunity. ahn's that was shery

exclusive interview. you can read more about luxury at bloomberg pursuits, go to and i pursuits on the bloomberg. vonnie: coming up, we dig into the first u.k. data points since the nation voted to leave the european union. business activity shrinks at its fastest pace since the last recession seven years ago. don't miss the next was an interview with pandora ceo tim best of them. we're 30 minutes from the close, you can see the stoxx 600 pre-much unchanged. the ftse 100 it .5%. sterlingeing a weaker vote. this is bloomberg. ♪

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11 a.m. in new york, 4 p.m. in london. i am vonnie quinn. left on is 30 minutes

the trading day in europe and you are watching the european close on bloomberg markets. ♪ we are going to take you from andfrancisco to washington cover stories out of paris and tokyo. here is what we are watching. the first indication that the brags it to vote is wreaking have it -- brags it -- indication that the brexit vote is wreaking havoc.