bloomberg television. >> the bank of england post decision, tesla earnings and comments on bank of america ceo brian moynihan. wrecking data on the u.s. economy so let's get to julie hyman with the latest. 1.5%, factory orders down a smaller decline than had been estimated excluding transportation. an increase of 4/10 of 1%, better than estimated. durable goods orders down three point 9% -- 3.9%. .xpectations down 4/10 of 1% it looks like these numbers are slightly better than had been estimated as we look at this verse is some of the economic data we have this morning including initial jobless claims coming out any much in line with

estimates. the biggest thing on the economic front, the bank of england coming out with its interest rate cut as well as increased stimulus here. factory orders, durable goods orders coming out a little better than had been estimated but it does not seem to be changing the direction of stocks to any significant degree at the moment. still seeing very little change as investors weigh what the bv has done with the bank of japan and try to extrapolate what the fed in the u.s. will do. playing into what we are seeing today asked stocks fluctuate above and below the zero line i half hour after the beginning of trading. i what to look at what is going on in the bond market following the bank of england action and following the economic data. as we saw in the u.k. we see yields moving lower. 1.49% in the united states and taking a leg of further down after we got this economic data

although it does appear to be better. in terms of individual stocks that we are watching this morning, we've got tesla. tesla is trying to thread the needle, play a balancing act between a loss worse than estimated on the one hand. on the other hand, elon musk trying to reassure investors saying the companies on track to release the model 3 sedan in produce 500,000 cars in 2018 saying the worst of the company's production issues are behind it. tesla, now unchanged. thes unchanged given turmoil of the stocks in after-hours and heading into this morning. another company we are watching is squared. 11.5%. the company saw a revenues rise 54% last quarter excluding starbucks it is trying to negotiate an extension of its contract with the company. raising it study 16 revenue and

earnings estimates. the shares getting a big bump up on that mark. mark: it is all about the boe. mark carney and his colleagues over delivered today. something for everyone. unless you are a sabr. cutting or -- unless you are a saver. through withit all ross walker in a second. first used by my friend and colleague ryan chilcote yesterday. he does not own the chart but he's got special bragging rights. this is the bank of england bank rate going back to 1911. the end of 1979 when rates were at 17% six months after margaret thatcher became prime minister. just before the financial crisis , 2007, rates were at 5.75%. you know where they have been since march of 2009 through today. until today at .5% now at 25 basis points and they will, it

seems, go lower. this intraday chart for the ftse 100 versus pound versus dollar, both unchanged going into the bank of england meeting. the ftse up by 1.5%. biggest increase since june. the pound against the dollar down by 1.5%, the biggest since the end of june as well. the yield on the u.k. 10 year, we had a record low. down to .63. .66 now. record low for the third year. we mustn't forget european stocks because the stocks 600 is up by 4/10 of 1% before the boe it was up by one third of 1%. interesting to see banks up by 1.1%. biggest two-day gain in three weeks but it's all about the boe. let's check in on first word news. alisa parenti has more. alisa: an american woman was killed and five other people

were injured in a knife attack in london's russell square. a 19-year-old norwegian of somali origin was arrested. the suspect's mental health appears to be a significant factor in the stabbing incident. police have not ruled out terrorism. areorities in dubai retrieving evidence from that emirates jet that crashed landed and burst into flames. all 300 people on board escaped. investigators will send flight data and cockpit voice recorders to abu dhabi for analysis. investigators are expected to expand the focus on the landing gear. they want to check that out because it did not deploy before touchdown. turkey state-run news agency says a court has issued a formal warrant for the arrest of us-based muslim cleric for tule:. accused of being the mastermind behind the failed coup attempt of renegade officers in turkey. he lives in self-imposed exile

in pennsylvania and has denied involvement in the coup. in south africa, there are problems for the ruling african national congress. early local election results so the anc trailing the main opposition party. the party leads in the overall national vote. the anc has been hurt by a succession of scandals implicating president jacob zuma. justice department officials raised objections to the payment the u.s. made to iran. they were concerned that flying over the cash at the same time iran released prisoners would send the wrong message. the obama administration said the payment was not ransom. it was to settle a failed arms deal from 1979. global news 24 hours a day, powered by our 2400 journalists and analysts in more than 150 news bureaus around the world. i'm alisa parenti, this is bloomberg.

mark: but get back to the bank of england decision. governor mark carney channeled mario draghi us whatever it takes mantra. >> all of the elements have scoped to be increased in this package. andease the size the tfs expand the scale of variety of assets held in the asset purchase facility. the mpc is clear that we see the effect of lower bound as a positive number close to zero but a positive number. bank of england stands ready to take whatever action is needed to achieve its objective for monetary and financial stability as the u.k. adjusts to new realities and moves forward to seize new opportunities outside the european union. mark: joining us now, ross walker. he says the decision is a welcomed first step by

policymakers. thank you for joining us on this historic day. why was there a necessity for the boe to overdeliver? .t brought out the sledgehammer it might not be the biggest sledgehammer in the world but you have to say it is a sledgehammer. ross: i think the economic outlook has deteriorated. a lot of uncertainty about the debt and duration of any slowdown coming following the eu exit phot. this could be a mild recession environment so it makes sense to act as quickly as possible. to overdeliver. mark: will it work? ross: that is the question. it is fair to say the bank of england is doing about as much as it can to make funding costs cheaper. the front end and along the curve. try and accelerate this portfolio rebalancing influence through qe. the big uncertainty is still, even if you make the supply and

cost of credit cheaper, is the demand going to be there at the end of the -- the corporate sector i think will still be very nervous about single european market access. the u.k. household sector is still carrying a lot of debt so the scope for consumers to borrow and spend their way to recovery i think is still limited. vonnie: the central bank covers forecasts all the way down to 2.3%. that is after actions. is there any possible chance that they might revise that back up .8% the best we're looking at for next year? ross: i think that seems reasonable in the short-term. the next two quarters will probably senior stagnation in the u.k. -- will probably see near stagnation in the u.k. economy. to the extent that the big facts are waiting on the u.k. economy,

hitting the corporate sector, on the investments, hiring outlook. there is not going to be any fundamental clarity on that for a year or two. the policy stimulus will have an impact but it will take some time. the rest of this year will be sluggish. i think we're looking at sub trend gdp growth in 2017 as a whole. by the second half of next year when this stimulus is starting to take effect, we might see the economy regaining a bit of traction in growth rates picking up. vonnie: to try and have a little bit. is there anything that can be done budget wise that might fiscally support the economy? ross: i think this is the other initiative. we will have sort of semi-half year fiscal updates expected in november. the u.k. is engaged in a fairly aggressive fiscal tightening. worth about 1% of gdp per year over the next hochul years. -- the next four years. we will see that fiscal tightening being blunted or

largely removed. whether we moved to an outright stimulus of fiscal stance i'm not so sure. i think they will be starting to dilute this plan. fiscal tightening that will work with monetary policy. mark: we seem to have an idea what lower bound means now. romilly something just above zero, maybe .1%. it seems we could get that come the end of the year if mark carney is to be believed. other central bank governor saying this is zero bound, this is lower bound and they have gone lower. the boj governor who said negative rates would not happen and they happened. mark carney seems adamant that negative rates will not happen. could things change? ross: it's always possible. the economy deteriorates to such an extent negative rates are deemed to be required. it's the erratically possible we could go there.

the qe -- it is theoretically possible it could go there. economy is weaker than expected we will see more qe possibly buying other assets, more corporate bonds. to get to a negative rate environment i think you're talking about at least 12 to 18 month before that could be considered. i think they will do other things first. vonnie: members were split on the increased acuity and the resumption of it. itshe bank overstepping lending? ross: the corporate bond purchases, these are riskier assets. they will sit on balance sheet -- they have the approval and authorization of the u.k. treasury. one of the things that made us a little skeptical about the possibility of corporate bond purchases at this stage. we thought maybe the chancellor might want to announce this

initiative in his autumn statement. it has come sooner so that is a positive. the purchases and aggregates will be relatively small, talking about of the 10 billion pounds at this stage. corporate bonds are generally fairly safe, issued by large, fairly sick companies. telecoms, utility companies. fairly safe companies. telecoms, utility companies. vonnie: russ walker, senior u.k. economist at rbs. we are looking at 131 and change. pound after that announcement. bloomberg exclusive, brian moynihan, ceo of bank of america, talks about the different between u.s. and european banks and what should be done to recapitalize italian banks. ♪

mark: live from london and new york, i'm mark barton. vonnie: i'm vonnie quinn. it's time for our bloomberg business flash. the european union is cracking down on cheap steel i imports. 36% on as high as chinese and russian producers of non-stainless steels. fairly undercut european steelmakers. a truce between one of the world's largest rick and read -- brick-and-mortar retailers and its chief online rival. to bring them back to stores. target quit selling the devices four years ago.

the chant thinks -- the chain thinks amazon products could give its electronics business of used. -- a boost. berkshire hathaway over one of its biggest holdings. , whether berkshires investment violates the rules for how much credit banks can extend to corporate insiders. it has to do with wells fargo citing financing -- providing financing to berkshire posts subsidiaries. markets lingering uncertainty. has not been easy being a bank chief executive. the transatlantic bank battle. who is rising to the top? brian moynihan, chief executive of bank of america weighed in earlier in this exclusive interview on bloomberg go. brian: europe is much more difficult to manage. in the u.s. it was tough because of the size of the economy.

you had multiple regulators. we do not have multiple jurisdictions and multiple regulators. that makes it so much harder. the second issue, don't have capital markets desk in europe so there was not any place for these loans and securities on the banks to go. in the u.s. we could get those author the capital markets, restructure balance sheets. at the time when we bought merrill, almost $3 trillion, we are $2.2 trillion. all went into the market. it is harder to do in europe. multiple jurisdictions, multiple banks. that just made it difficult. getting to it at a pace that is more slow. it is hard. tests.we have stress we just got results are you what to we learn about the state of the european banking system from those stress test? brian: i think it showed, with a few exceptions, that companies

have the capital for reasonable recession to get through. it also showed on a relative basis, and there has been a lot of talk, the u.s. stressed scenario was much more severe. -- we arenk about it in a more mature place in this recovery in terms of banking structure and things. mark: give us a sense of where you think u.s. banks stand -- david: give us a sense of where you think u.s. banks stand. brian: our brand scores are as high as they have ever been. customers are doing more with us and that is good news. there is a dialogue about the structure of the system that will go on and probably go on forever. it's been going on for a long time. people think of glass-steagall and all of this debate. if you think about it, we have more capital, more liquidity. we go through the stress tests it shows we can survive a terrible recession without any prior warning or ability to

change business models and have more capital than we had started the last crisis with. the system is in very good shape. question is, have you set the boundaries the right way so we can continue to drive the real economy? our job is to facilitate the economy and we have to make sure we set the balance right. if >> things are going well why are you so unpopular as a group? both platforms agree we should bring back glass-steagall. both campaigns are campaigning against the banks. , couldpeople are worried these banks create the same distress. when people think of glass-steagall people have different views of what it means. for some it is size, for some it is activity. you have all those different things are it if you think about what the regulatory and the people who run the companies of don from capital, multiples of

it. liquidity, multiples of it. the proof of that, we made money trading every day last quarter. billion. at the time of the crisis we were around $400 million of our. the revenue is up. revenues that went away -- revenues should not have been done are gone for good. you see a stability. risk is down, capital is up, liquidity is up. goes, is it too big. we're the sixth or seventh largest market cap in the world. in marketies are big cap and size because our economy is bigger. we have 13% market share and consumer banking and we have $1 trillion in positive. people forget the reason you

have big banks is to support big companies, a big economy. vonnie: brian moynihan speaking exclusively on bloomberg. still ahead, a look at stocks moving in the early u.s. ashen as media giant release their latest results. ♪

mark: you're watching bloomberg markets. from london, i mark barton. vonnie: i'm vonnie quinn in new york. julie hyman has the latest on media stocks. julie: a lot of earnings from these media companies. a mixed bag in terms of how they are trading. 20% three fox which is the -- 21st century fox. revenue was up 7% that was below what analysts have been anticipating. the company said -- higher programming costs and foreign

exchange volatility. lack of success for independence day resurgence. the company on its conference call emphasizing its commitment to fox news and keeping the same path for that property even as roger ailes departs as its head. viacom also reported numbers. complete profit falling the coming in ahead of estimates. a mixed picture. it's all lower ratings in higher cost to acquire new tv shows. teenage mutant ninja turtles was its bomb in the quarter to independence day resurgence for fox. in terms of some of the other media properties we're watching. time cutting revenue forecast. second quarter revenue down 1%, missing estimates. the company seeing higher digital at ailes on the one hand. it saw print subscription, newsstand revenue declining.

those shares down. we are looking at clear channel outdoor. owner of billboards around the country. shares down 7% after its revenue fell as well by 1% and missed estimates. mixed bag. these two down. vonnie: i do not know how any teenage mutant ninja turtle movie could pan. still ahead, tesla has another bump in the road. a second-quarter loss. elon musk has a plan to get the company back on track. this is bloomberg. ♪

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vonnie: live from new york and london, i'm vonnie quinn. mark: i mark barton.

let's check in with first word news today. lisa parenti has more from our newsroom in new york. alisa: in japan the newest member of prime minister shinzo us cabinet -- floating the idea of a wage target that would take on one of the key nomics so far.e minister theresa may is trying to reassure small and medium-sized companies in the wake of the brexit vote. she is meeting with companies and trade associations today on exitgenda, their views on negotiations and how the government can help them drum up business in new markets. president obama goes to the pentagon to discuss what the u.s. is doing to defeat islamic state. the u.s. and allies have made recent gains against the group in iraq in syria.

the u.s. has started bombing islamic state targets in libya. after the meeting, president obama will hold a news conference scheduled for 4:15 p.m. eastern time. we will have live coverage on bloomberg. president obama is writing a convention bump. newoval rating is 54% in a cnn rc poll. his best rating in almost four years. 54% say things in the u.s. are going badly and 26% say the country is going very badly. tensions between donald trump in the republican party have reached a boiling point. republican strategist and former elected officials are perplexed by the candidate's self-destructive nature. trump's refusal to endorse paul ryan and arizona senator john mccain made things worse. some republicans are ready to concede the white house and focus on saving the majority in the senate. global news 24 hours a day, powered by our 2400 journalists and analysts in more than 150

countries. i'm a lisa parenti, this is bloomberg. vonnie: let's get straight back to the markets desk. julie hyman has some breaking news. julie: natural gas inventories. the energy agency saying natural gas stockpiles fell six cubic feet last week -- 6 billion cubic feet last week. natural gas supplies overall for summer falling for the first time since 2006. for the first time in a decade u.s. gas supplies have shrunk in summer. powerplant fuel. we have seen the hottest weather in four years spreading across the u.s. east coast in the past week or so so that has driven demand for gas. inventories falling 6 billion cubic feet last week. supplies have declined twice before in the summer. both of those times in 2006.

this appearing to be a factor of the hot weather we have seen. a spike in natural gas as a result of this. up 4/10 of 1%. a dramatic move in the wake of these headlines. vonnie: we will keep an eye on that in thank you. tesla shares down just half a percent. this after the company reported a wider than estimated second-quarter loss as it burned musk reassured investors that his plans to create new models including a semi truck and a bus are back on track. whoing us is david whiston says fair value is about 259 dollars. thanks for joining us. i want to bring in a comment from william denning who is our columnist at bloomberg, one of not matterys it does

to investors what happens every quarter. they have their eye on the long-term. less concerned about short-term inconvenience this such as regular request for more capital and missed targets. this cannot go on forever, can it? until we probably can have the next recession or tesla gets through a massive breakthrough in volume. i thought liam's piece was excellent. the quarters can be a lot of noise. it's just a giant call option. you are saying i'm all in on elon and all in for the next 10 to 20 years on their vision. everything from cars to saying -- i think buying solar city is a good idea. you have to believe in a strategy long-term. your fair value target

of $259 because you do say tesla , possible recessions to fight through, possible acquisition of solar city. the idea that it is -- it's perspective relative to its reduction capacity may be out of sync. david: it is a very tough name to follow as an analyst. what i have done this year is i decided to give them a lot of benefit of the doubt, not the full benefit of the doubt, on their volume guidance. i've significant volume wrapups to help get me to 259. if that does not happen, that will be coming back down of course. mark: cash flow is negative but it was better. the company has a lot of cash to spend and it's going to be burning through cash whether it is on investing in production, soda or city -- solar city, battery plugs. is that a concern for you?

david: somewhat. ironically for the market it only started to become a concern roughly a year ago. no one seemed to care about cash on profits which i thought was interesting for the stock. the second half of this year alone is going to be much higher. 2.3 billion for the full year and he did something like 550 for the first half. we're almost adjusted cash flow q2.ral for cut mark: solar city. there seems to be some down when it comes to cash a man -- cash management and near-term sense can you see any logic in this solar city deal? david: i think that goes back to our you all in on elon for the long run and i think interested to shuttle -- i think it's a to

show shareholders are. -- institutional shareholders are. transforming the company from an automaker to being a sustainable energy company. given that tesla makes storage part of that with the power wall it makes sense to vertically integrate with generation and get a hold of solar city for the generation side. can you then sell those same people and expensive electric car? vonnie: the goodwill is with elon musk. everyone loves to see someone with great ideas succeed and build these wonderful factories and cars and trucks. bus, amething like a pickup truck that is electric, will it be able to be priced in a price range that people will buy? cities will buy the buses and people who typically by pickups will buy those pickups instead? away that it's hard

to say. longer-term, definitely yes. the bucketing battery costs down. a big part of the gig or factory is all about. you could have a cost advantage over to internal combustion manufacturing. particularly on buses, more for the city. a lot of people who do not live in cities contrary to what we see in the press. it remains to be seen if those people will want electric cars with short range or not have a car at all and instead have an autonomous vehicle pick them up. outside of cities people will want private ownership. vonnie: we'll keep an eye on your calls. david whiston. tesla shares down about one half of a percent. goldman sachs is pulling money from a fund run by one of its most famous alumni. why is the firm turning its back on a large special on daniel arce? \ ♪

mark: you're watching bloomberg. vonnie: this is your global business report. tank of america ceo ryan moynahan warned against knee-jerk reactions to brexit. he says it is too early to talk about what the impacts will be. mark: adidas makes a big comeback in north america. it steals a chunk of market share from nike in the process. vonnie: our quick take today, iran approves a new oil contract model taking the opec nation a step closer to welcoming foreign investments in its energy industry. bank of america ceo ryan moynahan says the sky is not falling yet because of the theit vote despite all

speculation on the fallout from the u.k. leaving the european union moynahan cautions it is too early to say what the real impact will be. in an interview on bloomberg, moynahan noted he has not made adjustments to the bank's business plan to account for brexit because no one knows what the rules will be. he pointed out that brexit training did not drive second-quarter earnings that much. , the: what happened was stability in the markets started driving earnings during the course of the quarter. the issuance market opened back up. it has been interesting out there. that stability is what drives it . a lot of people said earnings are driven by pregnant, ok -- driven by brexit, ok. mark: the interest rates rigging scandal. -- enter the program without issuing fines. so to the canadian competition bureau. $9 billion in fines levied against other banks by global authorities in the last watch

her years. more than 20 traders charged -- in the last four years. more than 20 traders charged. regulators imposed five-year tariffs as high as 36% on chinese and russian producers of non-stainless steel. they found imports from the countries unfairly undercut european steelmakers. adidas is bouncing back in north america. the german athletic shoemaker says sales in the u.s. and canada rose 26% in the second quarter. adidas has been grabbing market share from nike. china was added as the fastest-growing region. sales grew by 36%. takee: time for our quick where we provide context and background on issues of interest. outside been weary of influences especially when it comes to exploiting natural

resources. now the government is offering international oil companies their biggest role since 1979. iran's oil output returns to its pre-sanction level in april three months after the country won released from most sanctions. another 20% by 2021. the government has called on foreign companies to invest $100 billion in the oil industry and has dropped -- has drafted a new template for contracts to luer them. inamended contract model july and iran's cabinet approved it this month. from the first concession given to a british speculator in 1901 until the 1979 islamic revolution, iran had almost no control over its most precious natural resource. for several decades the british government effectively owned iran's oil and received the lion's share of the profits.

when islamic revolutionaries overthrew the western backed shaw, one of the first acts was .o re-nationalize oil they operated under short-term contracts which gave them no share in production process. most of these companies stop operating in iran by 2010 as political risks outweighed benefits. big oil companies will not pass -- the country's crude is cheap to extract. about 10% of proven reserves. the list of risks is long. political shifts in iran or the u.s. could undermine the nuclear deal and bring back sanctions. you can read more about iran and all of our quick takes on the terminals. that is your global business report. had to bloomberg.com for more stories. mark: goldman sachs's retirement plan is pulling cash from one of the banks most famous aluminum -- famous alumni.

its hedge fund run by daniel och. joining us with more is heather palmer who broke the story. tell us about the funds they are redeeming from. heather: discontinuing the multi-strategy fund that och-ziff manages for employees. a separately managed account for goldman sachs employees and has about $350 million in it. the majority of that is going to be liquidated by september 1 and is going to be put into a treasury money market fund. mark: och-ziff has been under some scrutiny lately. what are the details of that? hema: the firm is under investigation over bribery. talks forn advanced settlement. they doubled the amount of money they are putting on standby for that settlement. bumped it up to $400 million from $200 million earlier this

year. the firm is seeing redemptions about 6-- billion since last june. this account for goldman sachs -- the performance of that fund, down 2.5% so far this year and nearly 7% over the past 12 months. vonnie: particularly interesting because daniel och is a goldman alumnus. hema: he is one of the most famous alumni from goldman sachs. decade there and moved his way up to cohead of u.s. equities trading before he launched och-ziff in 1994. i should mention that goldman says och-ziff is a strong partner and that they do as a firm continue to invest in the funds across other platforms. we understand goldman sachs is still one of och-ziff's biggest clients. vonnie: more to it than meets

the eye. what do employees do now? do they get offered different choices? how to they manage their 401(k) investments? options. other one is leon cooperman's oh mega. the other is maverick. cooperman is another goldman sachs alumni and that firm is under investigation. certainly an interesting dynamic. cooperman used to the head of goldman sachs asset management units. his firm is down about 10%. vonnie: i think we shouldn't fight them both to come on and talk about all of this. it is a great story and wonderfully reported. have a look at it on the bloomberg at bloomberg.com. miami's architects for the city's wealthy elite. a look at the most over-the-top home features. ♪

would accusee south florida architecture of being understated or ordinary. when mansion owners want the most expensive and ostentatious features in their home they -- colby karp car . what is the single most over-the-top feature requested for the typical mega-mansion right now? rooftop terraces with beautiful views that allow us to see the tropical tree tops with mini area on and a the rooftop which allows to have great parties for the family and

friends. vonnie: that's not much of a request at all. asking a lotso flooding, the idea of climate change, the idea that they might want to be higher off this kind of thing? kobi: that is correct. the houses we design meet base flood elevation criteria is. we have an opportunity here in florida, the mayor, phil levine, has implemented means and methods for us to work the new designs into higher elevations which bodes very well because it allows us to set the homes in natural setting and create an opportunity for more flow of indoor outdoor spaces to the outside and the gardens which are very important here. mark: what does it typically cost to build the type of home you design in miami? kobi: the homes we design range. for the middle class we have

homes that are 2000 4000 square feet. we have some larger homes which range between 15,000 to 30,000 square feet. mark: who buys these types of homes? kobi: in the past few years we have had individuals from europe, england. a few also from the far east and middle east such as russia and abu dhabi. most of our clients are northeast united states. new york, philadelphia and a few from boston. mark: has brexit impact british clients at all? kobi: the english clients more so than ever are coming to our office. we are having great communications with a few new clients. it looks like a few more brits are coming over to make their home on a full-time or part-time here in miami. vonnie: obviously miami is known

.or art deco areas what is your style and read you draw it from? kobi: we try to make it tropical, modern designs which allow indoor outdoor spaces specifically to let the living, dining area, the public areas of the home to flow into the outside. outdoor terraces. outdoor plazas which tie you to the pool and gardens. we have a style which is very unique to miami. we strive to take some of the designs and implement them into our projects. shaped structures and floating eaves whic boat very well for the tropical sun. vonnie: do you find it is still a party town or is there a lot , may retirees and so forth that want to take advantage of your genius? kobi: miami has always been a

party town. i've lived in miami since 1988. i came from minneapolis and if you wish to go to ocean drive you may but if you were step a tranquil afternoon and spend a good time at sunset harbour shops you may do that as well. the community and whole vanity of miami is very nice. it's very street friendly. it's nice to walk the streets here. a very nice atmosphere to join in miami. vonnie: i heartily agree. you can read more about luxury at bloomberg pursuits. he is right, it is always beautiful down there. mark: former bank of england blanchflower puts stimulus measures into perspective. more on those exclusive comments

from bank of america chief executive brian moynahan. everything from european banks to adjusting his business post brexit. we are 30 minutes away from this thursday session. this historic session here in the u k after the bank of england cut rates, implement it a qe program, a bond buying program, a bank lending program cutting its growth forecast. raising inflation forecast as well. ftse has jumped by 1.6%. gains in europe. look at the pound plunging against the dollar. the euro is jumping against sterling. yen. down against the this is bloomberg. ♪

4:00 is 11:00 in new york, in london, 11:00 p.m. in hong kong. i am vonnie quinn. i am mark barton.

there are 30 minutes left in the trading day. you are watching the european close on "bloomberg markets. " ♪ we are going to take you from washington, new york and stories in the u.k. and germany. here is what we are watching today. inc. of england mark carney built an exceptional package of stimulus, including a first interest rate cut in seven years. he echoed the famous words of mario draghi, saying they will take whatever action is needed and all policy tools can be intensified. exclusive comments on bank of america ceo brian moynihan from everything from brexit to the health of the european banks. they can adjust for the referendum because