bloomberg television. ♪ vonnie: we will take you from new york to london to washington and of course philadelphia here it is fed day in the u.s. a majority of investors expect they'll offense to do what it has done, nothing. could this set the stage for a possible rate hike in november? mark: a strong july in stocks. higher today inequities worldwide. regain $3.9 trillion over the month. hillary clinton made history by being the first woman to be nominated by major party for president of the u.s. what to expect from tonight's lineup.

some breaking news on pending home sales in june. let's head straight to the market desk where julie hyman has been one and the data. julie: weaker than estimated. .2%.crease of two -- on the one hand, we have very low mortgage rates and on the other hand, rising prices seems to be offsetting any gains from the historically low mortgage rates. coming in below estimates for the month of june. in the meantime, we see all three major averages higher. in the meantime, we have been watching apartment landlords on the real estate front. stocks been watching like equity residential which came out with earnings earlier. it seems as though the issue for many of these companies is manhattan in san francisco, they are seeing greater than

equityated weakness, residential cutting its forecast for the third time this year, offering a lot of incentives to renters to try and get them to rent here. are under pressure and i just want to pair that with the pending home sales number we just got. it is interesting we see we us in the rental market in particular as well. major averages are trading higher despite the pending home sales and despite also durable goods orders, and estimated earlier today, hovering over all of this is the fed meeting decision expected today by most investors. we will of course pay attention to the commentary. the focus does remain on doesn't seemn it as though investors are discouraged by the economic data. encouraginginitely earnings news, apple coming out and saying that sales are falling but not as much as estimated. i will dig into that in a few minutes. boeing coming out with cash flow

that was ahead of estimates. and raising its forecast for the third time this year on demand for aortic valves. we have lower trading this morning, weakness outside of north america, those shares are falling even after sales actually beat estimates. however, if you exclude excise taxes, the numbers did miss estimates and that appears to be what is responsible for the decline. mark: stocks rising for the third consecutive day. that has not happen in two weeks and the fed is hovering over today'session and earnings are dominating the session. one reason we're seeing the stoxx 600 up by .3%. -- .75%. wiped out, trade and revenue slumped. it set aside money to reduce job

cuts, chief executive john signaling possible deeper cuts, he has been cutting risky assets and freezing dividend payments, eliminating bout 9000 jobs to boost capital levels and reverse the slump, it has made the stock with worst valued global investment bank. another stat for deutsche bank. it is the worst performer on the dax this year, the worst performer on the dax for the last 12 months. year, the number two lender in germany is down. deutsche bank is down 44%. this year alone. let's stick with banks today because santander will come. i want to talk about the italian lender, tapping shareholders were as much as 5 billion euros. and telling it stake in the bullish lender. it wants to raise capital. that is important for people familiar with the matter. -- he has only been in the job for a few weeks.

he has hit the ground running. these are the three big lenders and italy. look how they fared in the last 12 months. the investment back up by 30 or 40%. credit, 65% lower. oness test results in europe friday. they also said they have ended talks with santander and with private equity funds to combine the asset management separately, separate -- second quarter 50%, a narrow beat today, it one-time gain that was not repeated, closing branches in its home market, and eliminating jobs in spain as well. shares up by 3% today. >> it was a historic night in philadelphia with democrats making hillary clinton the first woman ever to be nominated for

president by a major party. clinton passes rival, senator bernie sanders, to the microphone -- took the microsoft -- took the microphone and ask she be nominated and bill clinton addressed the nominating hall. president clinton: there are affordable responses to our challenges, but we will not get to them if america makes the wrong choice in this election. is why you should elect her because she will never quit when the going gets tough. she will never quit on you. in thee are still >> democrat unity. sanders supporters demonstrating outside and inside. several dozens of the delegates paraded off the floor. the man who shot president ronald reagan and three others in 1981 is the released from a government psychiatric -- psychiatric hospital. john no longer poses a danger to himself or others and will be

freed as soon as next week to live full time with his mother in williamsburg, virginia. he will be subject to monitoring for up to 18 months. the powerball jackpot has soared to 420 $2 million thanks to nearly three months without a winner. if anyone matches the red powerball, it will mark the game's's first jackpot winner since may 7. the big prize comes less than three weeks after a player in indiana one 536 million mega millions jackpot. news 24 hours a day powered by more than twice's hunt for and analysts in more than 120 countries. this is bloomberg. vonnie: thanks. with's markets once again another surprise move. plans overnight were announced for about $255 billion worth of economic stimulus, which comes

two days ahead of friday's bank of japan policy meeting. the federal reserve gets to unveil its latest decision. a news conference following today''s fed announcement, investors will look at the statement for any hint on the fed's next move. joining us now is the chief michael, who previously served on the fed board of governors, and also a former economist with the imf. if we get notes -- no change today, when will the fed move and is it making the right decision? >> we think they will move in september and we do not expect he will get a stronger signal -- a strong signal of that today. see that gdp current on friday and more important given the labor markets, they need to see the july report. we actually think investors should look to the meeting in sixth of -- on august we

when there are indications of what the committee is likely to do. a littleeeds to see bit more so we do not expect a strong signal today. vonnie: that will be the first time in years they would make the news because it has been quiet in the last couple of years. will the fed be able to ignore what is happening in the rest of the world by september? >> not necessarily. they have done nothing so far this year. that is mainly due to external events. they were worried about china and the decline on oil, and rate about the u.k. referendum vote. none have materialized in a way that would change the fed's's basic view on the economy. what's it -- what likely surprise them was the employment report, which send the most important signal about expansion and contraction. the backdrop externally looks better. one or two more labor reports and i think they will be better

-- ready to get to action. mark: daniel has stated, if you do not know the ultimate impact -- is that a correct assessment, that it is too early to judge what the long-term impact will be not only in the u.k. but on global financial conditions on the economy? >> absolutely. it is too early to draw definitive conclusions. it's in the depends on what in activity in the united kingdom and europe and whether other countries take referendum decisions on their own. this will play out over the course of many years and the fed cannot tentatively sit on the sidelines and wait for all of that to play out. it may percolate into financial stress but at least for the near term, in terms of when the fed will look at data to make its

next decision, it does not appear to have a negative impact on the u.s. i want to talk about another central bank taking place this week. some say it is as important if not more important, the boj icks off tomorrow, before start my question, check out this chart. sheets under the balance essentially of the boj. the blue line is the fed and the white line is the boj. it's it's very close to the fed when it comes to the dollars, coming close to 4.5 trillion. we now know that the government will announce the ¥28 trillion fiscal package. what does that mean when it comes to the boj? there is a lot priced in. can the boj surprise us on friday? they have left the market down before. >> we do not think it will be a surprise. the package is mostly about

credit guarantees and loan extensions and maybe only $5 trillion in yen related to fiscal spending. we think the bank of japan will act in a conventional way, increased etf purchases to ¥5 trillion, as some repurchases but we do not look for jgb purchases or anything related to helicopter money. the minister of finance has squashed that. look for a relatively small response in the fiscal passage and the details next week will likely be more important. >> it has been a wild month, move in one, a big month for one currency. yesterday, talking about junk conditions. do you use the potential in any market over the next six months?

>> it could potentially come out of japan but that is related to helicopter money and the financing of fiscal policy and does not seem to be in the cards in the near term given the strong pushback. could haveions resulted from an adverse reaction to the u.k. referendum vote. right now, my answer is no, we do not the anything on the near term verizon. a conventional shift from monetary to conventional fiscal policies. mark: great to see you and they give her joining us. do not miss our special coverage of the fed decision. today at 2:00 p.m. eastern, 7:00 p.m. in london on bloomberg television. what a big day ahead. coming up, a look at the big stocks moving, corporate earnings continue to surprise on both sides of the atlantic. this is bloomberg. ♪

mark: live from london and new york, i am mark barton. i am vonnie quinn and you're watching bloomberg markets. time for a look at some of the biggest stories in the news right now. contessa second quarter profits beat estimates. comcast lost 4000 cable tv customers. that compares to a drop of 69,000 a year ago. is pocketing a cash bounty from rising jetliner deliveries despite reporting is first quarterly loss in almost seven years. the loss came after a $2.1 per share $.40

excluding some cost after taking previously announced write-downs. a larger than expected drop in u.s. durable goods orders this past month. expect it to last three years at least. that is the most in almost two years. orders rose for the first time in three months. that is our latest is the/. let's find out if julie hyman has been keep an eye and apple. julie: yes. i want to look at it again in more detail. it is a big and important stock to talk about. the shares are having their best single day in more than two years after the coming came out and said sales are falling but not quite as much as had been estimated. hard to demand for its lower-priced handset. when it came out, it not a lot of criticism. but there has been demand for it. saying it will see a decline in sales, $47.5 billion is the range, a higher

range and had been estimated. the average price for the iphone down from a been year earlier and that reflects the popularity of the less expensive device. at a more in-depth look at the earnings numbers. the quarterly revenue. we are seeing this slide, the change in quarterly revenue. you are now seeing declines. this is the growth margin number and i wanted to look at that because though apple may be selling some of these, the demand is there. the margins are smaller. it is something apple investors have always pointed to as the profitability of the country. smartphones sell for higher prices than many competitors. you are selling more lower-priced smartphones, it means lower margins as well. fourth quarter, growth margins will be 37.5% to 38% revenue, 38.3% is what analyst had been

predicting on average. this is something folks should be watching. we tend to have a ripple effect from apple earnings and you today as well. all of these apple suppliers trading higher. i want to look at apple's is your today performance. with today's gain, it is pairing is to client 21.5% but it is still lower on the year. will bees decline, it the first back-to-back annual decline for this company going back to 1996 and 1997, and the fall will be key for the apple as well with the presumed introduction of the iphone seven. mark: thank you. still ahead, cracking the glass dealing -- glass ceiling, president obama prepares to pass the torch to hillary clinton in a speech tonight at the

democratic convention. we are live in philadelphia next. this is bloomberg. ♪

vonnie: live shots of the wells fargo center in philadelphia, cap going in, day three of the dnc. mark: this is bloomberg television. last night of the democratic national convention, south dakota through hillary clinton and bernie sanders sealed clinton's historic nomination. mr. sanders: madam chair, i moved that the convention suspend the procedural rules, i move that all votes, all votes cast by delegates be reflected in the official record, and i

move that hillary clinton be selected as the nominee of the democratic party for president of the united states. mark: bill clinton made the case bloomberg white house correspondent joins us now from philadelphia. great to see you again. -- you could have heard a pin drop. the crowd was dying to hear what he was saying next about hillary walking toured -- toward him in his -- her white skirt. for americans watching on tv who are independent voters and will thisd voters,

sway them? it will take time. oakland and humanizing her in a way that hillary clinton cannot do for herself and in a way that michelle obama cannot do because she does not know hillary clinton as well and number two, talking about personal and emotional, bill clinton was able to avoid the topic of economic policy, a divisive issue among democrats. interesting on both fronts. symbolic moment when bernie sanders pulled the microphone of the and and called for hillary clinton to be selected as the nominee. i suppose a lot of democrats had a huge sigh of relief. does that marked the end of divisions within the party that have lasted a year? >> it at least seems to mark the end of the kind of electric angry feelings that have an in that convention hall for those first couple of days. that she is the nominee, we

began to see most of the protesters move outside, leave the convention hall and do the protesting outside. they will still have problems ringing many of those people over but to the extent they will hopinger be as vocal, for an 11th hour bernie sanders becomes the nominee scenario. that is over in a row the party is moving on. they think they have mostly move beyond it. we anticipate another exciting day today in philadelphia. president obama one of the speakers. we got a preview of what he might say on emmys the's today show. president obama: he does not seem to have any plans or specific solutions. the good news is we have got a candidate in hillary clinton who has put out very specific lance and is telling you exactly what she will do. >> will there be much talk about trump or will it he focused on hillary? >> we will hear quite a bit

about trump, negative attacks on trump and the approach toward foreign policy and where that , we sawhe -- the u.s. tim kaine, the running mate for hillary at one of his delegation ,reakfasts is this morning hosted in virginia talking about trump as a one-man wrecking crew, he called him. biden is aent foreign policy expert. vonnie: still ahead on bloomberg television, the government releases oil inventories and just he does minutes. will the oil reserves continue to decline? we will find out. this is bloomberg. ♪

live, you can tell that is new york.

i am mark barton. looking out onto midtown. you're watching bloomberg markets. let's turn to commodities. , weust a few moments expected out. julie hyman on the markets desk. we are seeing an unexpected build in crude oil inventories about 1.6 7 million barrels. paid at and his a million barrels. the big increase, that key place the supplies are concentrated, one point one million barrels. gasoline inventories up more 52,000, theed and once over lining here is inventory fell unexpectedly, down by 780,000 barrels. it looks like this is numberally not a bullish

four these oil prices. you can see they're holding up a little bit in the wake of this. i see a negative percentage at top but it does not look directionally like they have headed there yet. take a look, i want to look at the oil inventory here. can see the change, this is a weekly change in inventory. weeks and declines and this increase of inventory is coming on the heels of that. perspective if you will on the crude oil supply. oil year to date has had a wild ride as you know. the lows of the year back on february 11, we have seen an enormous, 63% downs back in the oil prices coming into the latest inventories report. it is interesting to have some perspective. if we come back to the daily movement oil prices, if we could wring the chart up or take a look at the bloomberg to see it, we see a pullback in these

prices and here is the light onn you would have expected the build and inventories. the decline is accelerating to more than 1%. numberely not a bullish for the oil prices. vonnie: and the stocks are now down. thank you. the lamarcus continue to head lower as inventory turns into -- preparing for major oil companies and in the markets. an interview this morning, alix curry from steph goldman sachs about supply and demand issues. have a listen. seen a build of product inventories, particularly gasoline and when we look at the context of the global market, you have got to ink at the context of ports nigeria and draws in saudi

arabia. we estimate here in the second quarter, you had upwards of 35 million arrows of crude oil inventories drawn down. look at the balances, it is a shift in the surplus from but also a shift in the surplus of the deficit around the world. we look at the broader fundamental picture and it has not changed much. >> we are going to get finer cuts as they go into maintenance on the fall. in asia, they stopped using crude. what is the risk profile for that? >> obviously, your risk of having containment issues, meaning when you blowout prices. the downside is the greatest in that time. let's look at it in the context of the global market here at we lost a lot of supply out of nigeria. lost supply out of venezuela. we have got to put that into the context of weak demand in china and india. the net position is not much. you will ask the question, what

caused the decline in prices down to where we are this morning? we would argue that because the fundamentals are not distinct right now, the market is just trading off the dollar. if you make it picture of the dollar and oil prices going back to june 1, it has been trading lockstep. the fundamental picture in commodities have not given that much direction. dubai from spread of one to two months. the prices in one month are much lower than that for two month prices and that is in part due to the oversupply. sprint has particular reference in terms of asian demand. are you worried about asian demand? clearly, asian demand is slow, and whether you look at india, numbers that came out most recently, supply downside. to give you an idea, the dayers, 600 barrels per growth, came in around two 50. a big surprise to the downside.

china is slowing sequentially given the fact the stimulus is beginning to back off. yes we have seen weakness in demand in asia but offsetting that situation in nigeria, it is worse than any other point. >> getting no credit in the market right now. >> right. and the oil prices trading off the dollar now. strengthening and the oil prices are going down to we focus on the bearish news and not the bullish news. bullish on all of the news. i could turn around and make a bullish case as well as a bearish case. kind of neutralized, the passion of balls in the market has actually backed away. the passion of bears has backed away. it tells you that the market and the fundamentals are not pointing to a significant direction. >> you saw the $50 range for oil and we will potentially get more stimulus out of the ecb at some point, maybe the boj, stimulus over japan as well.

if that boosts the dollar higher, are you going to revise that downside? >> you look at the fmo on c. the question is do they come out with a more dovish or a more hawkish stance? there is a lot of concern about the modestly accommodated language in the second paragraph. you can push yourself back up to 45 or 50. at this point now, we will get all of the risks and they are relatively balanced. tot is why i do not want take a strong view on what is going on in the refining market because it is a shuffling around of inventories as opposed to a distinct shift in fundamentals. -- xcu -- curry there currie there. in our newsroom in new york. ispope francis says the role at war but is stressing it is not a war of religion. he spoke to reporters on his way

from rome to poland, where he began a five-day visit. asked about -- 85-year-old priest in a normandy church, he described the real word, war, yes, it is war. he died at the very moment he was offering a prayer for all the church. the french state terrorism and issueoyment are the top that will impact the vote in next year passes election or into a poll conducted for politico. terrorism and jobs tied for first with 91%. the survey was conducted after the terror attack in these that killed -- in nice that killed people. a refugee will be allowed into the u.s. from central to america. those fleeing from dangerous conditions. the obama administration has come under attack for deporting central americans who entered the u.s. illegally.

prosecutors have dropped the remaining charges now against baltimore police officers in the death of freddie gray. man who was critically injured in the back of a police van in april 2015. the decision comes after the judge had already acquitted three of the same officers charged, including the van driver, and another officer, the highest ranking of the group. ukraine tried to turn a radioactive wasteland into a solar energy business. the country wants investors to .evelop solar power the radioactivity from the 1986 meltdown made the area uninhabitable. officials say it would be great for renewable energy because the land is cheap and there are already high voltage transmission lines. news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. mark: thanks. coming up, is the u.s. dollar

too strong? we will look at debate and why some countries which it was weaker. this is bloomberg. ♪

vonnie: i am vonnie quinn. mark: i am mark barton. here is what we're watching today. trouble continue for the european bank. , highlightingd the industry struggle. the brexit vote has made british consumers cautious. retailers are wondering where the shoppers have gone. corporations are not pumped up about it.

we will look at the pros and cons. vonnie: we begin with disappointing earnings. deutsche bank says second-quarter profit was him was wiped out. trading revenue plunged and deutsche bank set aside money. the ceo has been cutting risk assets and freezing dividend payments and eliminating as many as 9000 jobs. profitle, santander saw fall 50%. market.jobs in its home income lending remains under pressure. bloomberg is told the bank and put a heavy focus on u.s. operations. >> the u.s. is strategic for us. we are adding value in the u.k. for the u.s. multiple trade flows between the u.s. and these economies.

companies and individuals in the u.s. mark: consumers turned cautious after they voted to leave the european union. the fastest and in more than four years. a gauge of the outlook showed stores expected declines next month. sales were better than expected at the role's biggest luxury goods maker. revenue in the wine and spirits business was up 13% in the second quarter. the u.s. and europe but --mpagne and shares unexpectedly rose. nintendo has posted a bigger than expected quarterly loss. the japanese electronics maker hurt by a stronger yen and a you demand for its we gaming console. nintendo has had a runaway success with pokemon go, which the company partly owns, but it is not certain how much nintendo

will actually benefit from it. challenging tesla motors with an own promise to sell electric truck in about five years. the parent company says the heavy duty truck who have a range of roughly 120 miles per battery charge. elon musk included as part of a line of expansion and he market a plan he unveiled last week. time now for the bloomberg quick take where we provide context and background on issues of interest. today's topic is the almighty u.s. dollar. driving currencies down and making the goods more competitive on the european market. not the u.s. it is the one nation a prefers its money superpower strong. here is the situation. the u.s. dollar index which tracks the greenback against six major currencies surged 23% from the start of 2014 to the end 2015 and higher interest rates in the u.s. has made the dollar

even more attractive. all the while, major corporations have blamed to dollar strength profits. it has impacted sales like automakers and real estate. largest in 1870's. fast a few decades and the agreement made the dollar -- official in 1945, becoming the standard used exchange rate. the economy strengthened and so to the dollar. it remains dominant reserve currencies used by countries to retain national debt. even the global financial crisis of 2008 strengthened the dollar as investors -- in u.s. government debt. the rising greenback has made it tough for for the federal reserve to raise interest rates. chair janet yellen in february that it has harmed u.s. manufacturing and boards. problem is there is no easy solution pretty european central

bank of japan also continue to buy bonds to simulate their economies, investors are likely to pour more money into the u.s. you can read more about the dollar and all of our quick takes on the bloomberg. global business report. head to bloomberg.com for more stories. mark: shares of apple are on the rise to one point, the stock was up almost 8%, biggest intraday gain in 18 months. apple says its lower-cost iphone is gaining more traction than expected with users, soothing investor concerns about growth. let's see if that soothing extends to cory johnson. are you surprised by the traction in the sd? cori: a little bit. it is an interesting device. lower price point but virtually all the best functionality out there. topline numbers have been so aided by this device, it will have low margins. every device apple brings to

market has the lowest margins on the first day it hits the market. the components get cheaper daily. it will probably be better going forward with new devices. we are looking at an iphone seven probably the fourth quarter. there,ore compression but yes, it has been a runaway success. mark: china is a challenge but on the flipside, you have got russia among the emerging markets showing increasing sales. which point should we focus on? china with a positive? will be aink india crucial test for apple. we look at them lobbying hard so they can open some retail sores -- stores. a key driver for them in china. they are already in the indian market in a big way but they could be a lot more with those retail stores. i think we need to keep an eye out for those opening in india because that could drive sales. vonnie: are more products

necessarily always good for apple? cory: there is a lot of doubt about how much different the iphone seven will be. is thestion is what upgrade cycle like? how long are users willing to wait to get the next phone? people are holding onto their phones longer and longer. it will be huge be of so many people are ready to upgrade. the iphone 6's were released. keeping the pc's longer and longer, the newest are not that much different. at that much of a challenge as it was in the days of the microsoft upgrade that drove from intel that drove the cycle in the past. we're starting to see the same thing, and apple has seen a lot of struggles in their tablet sales, not this quarter as much, and also the phone. phone ownership of the

does not leave the new demand. >> the stock prices and so many portfolios but if you take a look at my portfolio, if you max it out over time, it is down but still way up there. cory: it is all a per -- a question of your perspective. it is remarkable you have got a company doing all the things a company should do, generating tons and tons of free cash, paying that back and dividend, being smart and using debt to a great advantage. theyet you have a business, stock by a lot of metrics, really cheap. twitter has got some issues. it is not just the inability to add new users in a substantial way. you have got two trends that are very contrary. you have got a tremendous increase in the number of people clicking on advertisements or seeing advertisements, but they have a really fundamental rot in their advertising.

advertisers do not find the value in that. every quarter, you see them decline in the price per ad, the price per engagement, the amount that advertisers are willing to spend. a big problem for the company because they have to convince the advertisers to devote their ad dollars not just away from traditional media onto the web and mobile, but not into mobile and snapchat, not twitter. what we can see is a value of the twitter advertisement is not seen and that is a problem. vonnie: thank you. facebook earnings are out today after the bell. make sure you watch with emily chang. she had an interview with facebook coo sheryl sandberg. donald trump is speaking at a news conference in south florida after hillary clinton was nominated as the democratic presidential nominee. you can watch this event on the bloomberg.

this is bloomberg. ♪

do it in style. i do not mean -- although i am sure you could. in decreasedise interest in the caribbean -- and the refugee crisis, cruise companies are blazing trails to places that are practically impossible to otherwise reach. we are joined now with the best cruise convention -- adventures. tell us some of the places you could go to if you were able to? >> it is amazing how far off the beaten path luxury lines are willing to go. this might actually entice you, we are talking about places like the baltics, even northwest, which goes from

alaska up through the arctic and through new york. vonnie: that is insane. how much do these cost? on what we are talking about. might go for about $2000, not that. if you want to get the top three, that will go for six figures. mark: why would i cruise to these destinations? why not jump on a plane and cut out the middleman? ofit is not possible in some these places. if you're talking about a place on the northern coast of canada, it takes about three flights and a 5 hour drive from the nearest u.s. city. it is just not possible. and once you get there, i guarantee there is no nice place to stay. mark: do you get the full benefit of these places? and jump offund the porch and run around, you do

get a lot of quality time there. >> that is the thing with these. these are places that do not have infrastructure for longer sustained trips. you do not have museums you are missing out on or anything like that. you go and meet native communities and wildlife is unbelievable and you retreat to your come -- far more comfortable ship and you have researchers or anthropologists on the vessel with you who can give you more context, which really adds to the experience. vonnie: how many people my sharing my vacation with? why wouldn't i just charter a boat and do it myself? >> part of it is the technology on these ships. they actually hold 1000 passengers. a big ship, but you could never charter a to do that trip the cause it does not have ice braking capability, it does not have radar detection to keep you safe from icebergs. vonnie: i guess those would be

necessary. mark: thankyou -- you for joining us. bloomberg pursuits, choose your destination for the final -- finer things in life. coming up on the european close, britain's's economy grew at a faster than expected pace in the second quarter. was it the last gasp of air before the brexit vote? we will speak with david, senior economist. take a look at the european majors trading today, rising for the third consecutive day. that has not happened for two weeks. driven out by better-than-expected earnings by whole array of companies. this is bloomberg. ♪

?c+sv vonnie: it is 11:00 a.m. in new london and00 p.m. in 11:00 p.m. in hong kong. i am vonnie quinn. mark: i mark barton and you are

watching the european close on "bloomberg markets." ♪ mark: we are going to take you from new york to paris to london and milan in the next hour. here's what we are watching today. the uk's economy grew faster than forecast before the brexit vote, accelerating 6/10 of a percent. economists warned that it could mark the end of three years of uninterrupted expansion. vonnie: more cuts from john cryan. the deutsche bank ceo signals another round of belt-tightening as trading slumps. bloomberg news has learned that italy's largest bank, unicredit, is considering a $5.5 billion stock sale. we have the latest. mark: have aoo