good morning everything. it's friday. you're watching street signs . stocks in the green led higher by the italian banks. mark carny passes whatever it takes moment. the bank could cut rates as the economy suffers from post traumatic stress disorder. >> the economic outlook as deteriorated and some economic

easing will likely be required over the summer. no kiss from hershey. could create the world's biggest candy maker. good afternoon, everybody and welcome the show. we're very glad you're with us. we'll take a look at the market and how the performance has been this month and on the quarter as well. first half of the year coming to a close. what a week it's been. currently looking a the 600. sitting at the flatline at the moment. we're now back up to those levels were we were at on the ft ftse before the brexit vote. the dax a bit higher.

ftse might be up to just a tad lower. when looking at what has been taking place in the various sectors as well. let's take a brief glance at the sectors too. we have seen switches in and out. we're seeing auto higher. construction and leisure to the dune side. technology just on the note of autos. you've got the june auto sales data coming out in the states this afternoon. a lot of people will be looking to see what companies have though say about production schedule for the second half of the year. now, we've got some data just hitting our wires. pmi data and just dplansing at what the euro zone june is. a 53.9: and is euro zone june

53.6 opposed to flash figure of 53.4. pretty much in line with what the flash anything yours had been, but moving a little bit higher to show that factory growth has reached a six-month high for the month of june. the italian banks have been trading higher. that scheme would allow rome to allow liquidity for len dors in the event of a crisis which would require them to be bailed out. according to media reports, it could be worth to up to 150 billion euros. that's a little glance at the european markets are doing. let's recab asia. >> lovely to see you. i'm several time zones away from you now. i'm not sitting next to you in

london. let's take at the market and see if they are ep behaving themselves. they are. are baking favor, but i wouldn't chase this market higher because you really are not seeing the conviction in the terms of the kurnover. a lot of the activity has been defensive in nature and scope. so the defensive end of the market, pharmaceuticals, et cetera getting bid higher. o other thing here is argue blif the yield this this yield hungry environment is to be found over here especially in emerging market sovereign debt so we are seeing some rotation into those corps for the market. they is having some sort of a spill over affect in equities. here now it's very defensive in nature this rally. we're not really seeing the conviction in terms of value behind it. the currency especially when you look at the japanese markets.

look at the data we got today. both the inflation numbers down. builds the pace for more policy stimulus. they have to do something aggressive and some talk of helicopter money, and cash handouts to the public. bank of japan meets on the 29th. >> i wasn't elbowing you when you were sitting next to me in the studio. i was petting your arm. >> i was falling asleep maybe. >> have a lovely weekend and we'll chat next week. felt some rest. i know it's been a full week for you as well as travel and markets. shares continue to make g n gains following mark carny's warning. >> in my view, and i'm not prejudging the views of other independent members of the npc,

the economic outlook has deteriorated and some monetary policy easing will likely be required over the summer. the npc will make an initial assessment on the 14th of july and a full assessment of the economy, complete with a new forecast, in its august inflation report. in august we will also discuss the full range of instruments to supply that monetary stimulus in necessary, the full range of instruments that are at ourdy sp disposal. hi, john. why do you think carny is talking about more monetary stimulus given that he also at the same time during the same speech spoke about how the market is functioning and wasn't need for currency for example to find a new level, which it indeed has done, but he was saying the market was operating

as it should. >> i think the way we describe it first and foremost, look at the market. it's actually been an orderly period of weakness. if you look at the head line ftse number, it doesn't tell you the real story. look at what the guilt market is doing. cable, sterling dollar down at 1.33, 1.32, yet ftse was up from one week ago at last night's close. if you put it in dollar terms, ftse is down about 8%. much more in line with what the sterling market and guilt market are felling you. there is a highly uncertain part of growth. fact of the matter is it's the currency that's done the heavy lefting. if you look at it in international context, the uk growth probably does have a great deal of uncertainty. >> do you think it needs

stimulus. >> this is the difficulty is he can't standby and do nothing if the market is repricing growth. it seems the bomb market certainly is repricing the outlook for growth in the uk perhaps down to zero or worse. in troez circumstances the standby would be tricky. quantitative easing, how much of an effect that could have when we already have a worried consumer and already had an underlying slowing down in terms of business confidence and output number. >> steve: because so >> because some of the analysis was saying precisely that. why bring it up so early. why bring it up so early because if it really comes to shove, markets are pretty orderly at the moment, but the push comes to shove and turns disorderly, it becomes hard to do something if you've already done something. >> perhaps mark carny is

learning from the mario draghi playbook here. the more one can preempt i'lly carve markets. let's look at the facts. we don't know who is going to be the leader of this country, really even up in the the autumn. we don't know twho state of the opposition is going to be. we don't know when it will be solved. markets can tolerate ale degree of uncertain outcome. put the two together and it's difficult to see that markets will be able to remain this calm for that entire period. i think actually mark carny suggestion that he stands by ready to act if he need to and to be looking at the outlook for the uk economy preemptively is what one would expect from a major central bank government. >> in five days the candidate with the least amount of support is eliminated via vote and the winner is announced on september 9. that's what we know so far.

>> yes. >> if we see more stimulus in the form of -- what would they do, bond buy in? do they want to push yields even lower. >> a number of things in the playbook. a base rate cut is plausible. bear in mind, although we've seen guilt yields tumble on the reduction in the growth outlook, the other side is with a weaker sterling, you will see a pickup in inflation. the issue is that for international bomb buyer, a quarter of the guilt market is owned by overseas investors. sooner or later rising inflation starts to bite. there's also the question mark over the ratings outlook. we saw the guilts under performed on the day we had the downgrade from triple a to double a. we are still on the watch with s&p and fitch. as a result sooner on later there's a risk the guilts run

out of friends. >> so the foreign markets that hold a quarter of the guilts, do you through they'll pull back now and get out of the uk guilt market. >> there's this giant gravitational pull lower in yields. roughly 30% of the global trades negative now, but also you've got about 700 billion short fall this year in net supply. what does that mean, you have a gravitational pull on yields arno around the globe. there are certain countries that look better than perhaps the uk would. >> hang on for a second, john, because we're just talking about the party, the contenders for britain's prime minster were finalized yesterday. the front-runner theresa may launching her leadership bid on a platform of uniting a splintered party, but it was the

shock entry by michael gove that put the cap among the pigeons. put his hat in the ring after expressing concern over boris johnson. he withdrew his name from the contest. andrea and steven crab making up the rest of the lineup as well. now it comes down to negotiations after a leadership is decided and how the potential -- how the future is going to look. what do you think is the best case scenario from where you sit. from a financial market economic perspective in terms of keeping the wheels rolling on the uk economy. >> well, more information fundamentally. markets dislike uncertainty. markets will take a view of political outcome time to tie, but often they do so by buying

options. any investor, we would include ourselves in this, can't bet on singling outcomes of single vechbts events. what we're looking for is certainty. the longer the uncertainty both in leadership and also in terms of the opposition goes on, the more jittery markets will be. >> john, you're staying with us. so do sit tight and by all means get your e-mail questions or comments through. john happy to take them, right? yes. you can find us on street signs europe. on cnbc.com. you can treat me directly as well as @louisa bojesen. now could a promotional bid from apple for jay-z's title make waves in the music seen.

we'll get all the news on that one plus the latest on the viva technology event in paris. that's coming up off the break. we'll talk credit too. ."

hi, everybody. welcome back. you are still watching street signs . we are just getting flashing on the airline brryan air. the board is seeking approval to consider further buybacks, they say. they had no plan to engage in further buybacks, but the board should have the flexibility and the discretion to do so. if there is further market volatility like we've seen over the last week. so this egm taking place on the 27th of this month of july as the board is looking at gaining approval to consider further

share buybacks if need be. speaking of equities, the ft ftse 100 for the month of june, higher 4.6% for the month of june. you can see a lot of that volatility in the back of the month as anticipated on the back of the vote. 65-28. when looking a the the ftse 250, we're lower by elementalmost 4% month. some people saying there's more opportunity in the 250. others saying stay away from uk equities for the time being. the dax for june, here we're again looking at a slight bit of a drop. a monthly change to the tune of some 5% on the session we're a little bit higher, but the monthly change in the upper right-hand side of your careen

ask the ftse mib, the italian market down. john is still with us. italy reflecting worries about the italian banking sector one would assume. >> i think so. the channel from issues to europe was always going to be banking via credit, via kofd in terms of borrowing. we have known from the start of the year there's been question marks over the italian banks. the fact we've now seen potentially some latitude from policymakers to allow italy to take the next step forward in the banking sector over there potentially is a positive, but they have bore the brunt of the move of brexit. it was the worst of the performs sectors the last week. >> what's your scenario after the vote. is it for recession, no slow

down? >> i think with the uk it's a very localized issue. the fact of the matter is the cbi survey made very sobering reading. some of the reads on consumer confidence poll pointing to the lowest level since 2013. thatst the first read of the consumer we've had post brexit so the idea that we are going to escape this unscathed in the uk, i struggle to believe. i think here you could be seeing a significant chunk taken out of the growth, possibly flirting with a technical recession. mario draghi has already suggested basis points. we're seeing gdp at the moment. and there's maybe some downward pressure on that, but we don't see it into full blown recession. the u.s. and the rest of the world is european and uk issue. >> do you think the ftse 100 is

going to have to fall further. >> the ftse is actually a very defensive index. it's got around 33% in pharmaceuticals and staples around 18% in financials. if you look at the way it's performed, around 75% of the market cap is actually up on the week following brexit, but only around 50 percent of companies are up, which suggests a big quality defenseness and size buyers. the better read is to look at the mcx, the ftse 250. here you have twice as much financial exposure and a quarter of the defensive exposure and that's where i think you're seeing the cracks form. the uk equities, the defensive nature of the ftse will help, if you want the true read on uk stocks, look at the mcx. it's not a pretty picture. >> thank you for being with us. have a good weekend. get some sleep. might be needed affidavit this

week. john from jpmorgan asset management. that's the way the cooky crumbles. hershey has turned down a big offer. >> it's enough to make you want to have some hershey kisses. day filled with up and down. making a 107 share bid for hershey and being rejected. later in the day saying it doesn't see the reason for further discussions given, at least, that price. this following months of discussions as we reported between the two companies. cull anyo tham offer made last week. mond thought they would get the board of approval which controls 80% of the voting share for hersh hershey. they made allowance for just

that. saying we would call the company hershey. we would head quarter in hershey pennsylvania and not eliminate manufacturing jobs. so far they got the approval of nothing. the board rejecting that offer. we will see if they choose to come back with another offer at this point or whether any suitor for hershey should appear on the horizontal. david faber, cnbc. >> now the majority of shareholders have indicated rather they will be voting in favor of the proposed merger with do you have boerse. this is according to various reports. comes after the uk's vote to leave the european union. that vote taking place on monday to make sure to check in for news on that one. speaking to cnbc earlier, the euro ceo reiterated plans to swoop in if the merger with

deutsche bank collapses. >> this is having voted so we have to respect the decision of all the stakeholders in this decision. they have a project. it's all about the shoulders to decide whether they believe the brexit is rangechanging anythin not about this project and they will have to vote, but that changes also related entities before the brexit and will continue to be after the brexit so the other very important around this situation. the european commission that has to form its view of whether or not there is concentration on certain market segments. obviously the predadvisers have concerns on two big issues and particularly creating assets and obviously regulators in germany

and in france who want to have some clarity. >> that was the euro eu rejecting plans to swoop in with the lsc if the merger collapses. now, apple is in talks to acquire a title. a music streaming service run by jay s-z jay-z. that would boost apple music. the talks they may not result in a deal and the terms of the deal are unknown. speaking of all things technological, nancy joins us once again out of paris. nan nancy, good to see you again. >> reporter: great to see you. apple interestingly enough one of the big u.s. tech giants not at this event in paris. we were speaking to facebook a bit earlier. we have presence google. all the big guns talking about

europe tech landscape. i did get a chance to someone who was at the apple efforts across europe. i spoke to him because he is now overseeing his own investment fund. of course everyone in the mind here is talking about 2 post brexit affect, if you will, what it mean for the race to claim. what it means for the multinational perception of europe as well and for quite some time before this event, the big debate was what will it take for the success of silicone valley. others are wonring if that is relevant. i asked him that question and he was hired directly by steve jobs. someone he knew very well and so much of the discussion here is whether or not europe has the culture to encourage entrepreneur like steve jobs. >> i don't think that's going to happen, but what we create is the current of what exists in

germany. a set of medium size companies to create permanent jobs. we need many of them. remember the small rivers make the big rivers. that's what europe is about: so forget the steve jobs in europe. forget the google, the microsoft here. we have tons of leaders in specific areas and we already have them. >> pascal had the opportunity to ask him whether or not he thinks europe gets a bad reputation for the way they deal with the multinationals coming from the u.s. and elsewhere like china. specifically when it comes down to the tax debate. he was here yesterday saying look we don't look at taxes as optional. we pay them, but hinting that something has got to change when it comes to the way that governments tax. as you know yesterday google having their office in spain. i asked pascal whether or not europe was getting a bad name on the front. >> the way they think about the

right to be forgiven, the way they want to protect private data is something that everyone needs to respect. at the end of the day, the large multinationals in the u.s. will have an issue with that. now there might be a play making the things harder to pay in europe. you have to believe you've got the difference of cultures. even the proximity is far more important, the differences, and we need to respect that than play with the rules. >> so there you have it, some considerations up. perhaps european union now has an opportunity to look at its and say with everything going on maybe now is the time to look at things to change the regulation to foster invasion here. however most tech conferences, the mood here has been damped a bit by the brexit talk coming out of london. >> thank you. see you back here in the studio

on monday. >> yes. >> back doing the show from here so we look forward to that. now, moving on and we need to take a short break. check out the world markets live. that's our blog which runs throughout the european trading day. lots of good stuff on there. we'll be back just after the break. taking to merrill lynch with regards to credit and the brexit bonds and where the opportunities lie. we'll be right back.

european shares losing a little bit of steam. uk number still to come. mark carny has his whatever it takes moment.

the goemp singling they could cut rates as the economy suffers from post traumatic stress disorder. >> the economic outlook has deteriorated and some monetary policy easying will likely be required over the summer. no kiss from hershey. the chocolate making rejecting a bid which could create the world's biggest candy maker. june manufacturing pmi dates. higher than the forecasted level of 50.3. quite a lot higher, even. the main manufacturing pmi, 50.4. by the looks of things, quite a bit stronger than what had been

anticipated. just keep that in mind. cable still trading right around 1.33 at the moment. there has been a real repositions taking place over the last seven days or so. the u.s. futures and how we'll called to open in the states this afternoon. slightly lower. they've got quite a bit of data there as well. june final manufacturing pmi. construction spending for may. june vehicle sells worth mentions. june auto sells. just said that. and yes, here we are looking at the implied open just a couple points to the downside. back to europe and economic trading. mostly in the green at the moment. just a little bit of downward pressure from the ftse maybe in the last half hour and also seeing the atx trading off a

tad. the rating agency warned that the union may have less budget flexibility following the uk's departure. the ecb could relacks the rules for bond buying. this coming among concerns the pool for eligible paper is shinging. sources cited they could allocate purchases by a country's outstanding debt instead of the size of the economy. head of european strategy at merrill lynch global research. good morning. what do you make of that if they decide to do that? if they change the way the do the bond buying. >> it shouldn't be a surprise in a way. the rules of sovereign purchase program were always suggesting to us there's a finite limit with a 33 percent limit. they're going to hit a finite end date. they need to think of more creative ways to buy government

debt in a different form and moving from capital key is an interesting idea. that's going to be difficult to do over the long-term. in a way you're endorsing the southern european company. endorsing the states in the south we know were overlent and indebted. longer term there probably needs to be a different plan. >> yields continues to move south. we saw guilt this morning moving lower. the pool for eligible paper is shrinking. >> is shrinking. >> so what happens? how do they get around that. >> thankfully he's got a bond program he set up in march. he's just started a few weeks ago. as we've been saying, we're surprised by the numbers. they're big. now, for me that's a surprise. i suspect it's a surprise for the market because ecb it pains to say we're going to start

slowly. it's a different asset class for us. we're not comfortable in credit so expect us to start slowly. so if 9 to 10 billion is slowly, tells us the flexibility he has when he's up and running is big. i suspect over time some of those sovereign purchases will be moved to credit. >> moved to credit. >> yes, it's a new asset for him and the world is his euoyster. >> where do you think they will be buying if we see that shift. >> we've done a lot of work on this. we don't know what his benchmark is. we think it's geared to french credits so we think around 33 cents of every euro he spends goes towards french credits. a lot of it goes towards utilities. it's basically nonfinancial corporate bonds in europe that are actually really supportive of this policy. >> why do you think france, necessarily. >> france use accideecb's eligi

data, more than germany. corporate sector purchase program really helps the core country first which is a problem down the line for mario draghi. >> i was talking to a guest about this a couple of weeks back. two things stood out in a note that you put out recently, the european credit strategist brexit wounds. two sentences stood out. allow me to read them. one being the irony of brexit is the world just saw a jump of close to $1 trillion of negative yielding debt since thursday. >> yes. since thursday. let's think what was one of the drivers since thursday? there was a chance in the note that says the public in the uk were quite misinformed about all the points of brexit. >> you can't expect the public to be informed. >> these are issues that are poll rising.

do we really know the nitty-gritty about immigration. and actually the chart shows the p populous is quite off. part of wealth and equality is we're forced to save more. they made a clear point recently with negative interest rates we feel it's difficult to save for the future for retierm so what do we do, we save more. so negative interest rates as a policy is meant to create animal spirit and it's doing the opposite. therefore post brexit the frustration with wealth and equality has gotten worse. that's your irony. >> so drives the class difference even larger. >> it makes you and i frustrated because what do we get on the savings in the bank when we get even less because we've suddenly inherented negative yielding assets. the cause becomes quite difficult really.

>> that's precisely. you're one ahead of me. that was precisely the other sentence. if the populous vote then central bank is only complica complicating matters. >> talk from carny, draghi has got risk assets up. when you think of what it's doing, this repression of yield which is driving public hanger, which is driving more quality in the populous vote, it's quite a concerning development. >> that's all little bright spot to think about over the weekend. barn bi, thank for being with us. head of credit strategy at merrill lynch global research. we need toe show you how others have been performing for the month. brent very flat when looking at the monthly change.

intramonth volatility, but nevertheless, still around $50 a barrel. when looking atw g aing at wti. best quarter since 2009. similar story there with a slight change on a monthly basis. not so with gold. a jump of around, what, 10% almost now since the beginning of the month. on the session just a little bit higher, but a safe haven trade heading into brexit and after that referendum vote as well and silver linked closely sometimes to gold having buy in large performed. up 20% on this session. australia heads to the polls tomorrow to vote on the next prime minster. the leadership described as being too close to call. urging voters to favor stakt

after the country has seen five leadership changes in five years. that's a lot. meanwhile his key rival has emphasized his focus on social wealth and policies like health care. and as we head to the break, here's a quick recap of the eventful last ten years for those in the top job. >> i will be prime minster for all australia. >> it's with the greatest humility, resolve and enthusiasm that i sought the endorsement of my colleagues.

>> in 2007 the australian people elected me to be their prime minster. that is a task i resume today with humility. >> i am both proud and humbled as i shoulder the duties of government. >> very humbled by the great honor and responsibility that has been given to me today.

hi everybody, welcome back. now to the important stuff.

football. the poll scored the competitions fastest ever goal after 100 seconds. portugal hit back in the half hour through a deflected shot by 18-year-old sanchez. misses at both ends. took the game two penalties with ricardo scoring the winning goal after it will attempt was saved. portugal is now going to be playing the winner of tonight's quarter final between belgium and wales. one fan, particularly upset probably, after last night's result is sell la the el vant. she was given the honor of predicting who would win the match. she got it all wrong. predicti ining poland would sti

win. >> i can't say football is my favorite sport. >> i haven't watched either. i've been living vicariously through friends. it dollar yen for the month of june, just to recap some of these other moves that we've been looking at, the dollar yen lower by some 7.5%. there is speculation we might not see more stimulus from the bank of england, but could be looking at the chinese and chap kne . >> the euro dollar for union as well, 1.1099. on a monthly basis relatively unchanged, but not looking away from the volatility that has been seen. speaking of voltyty, sterling unchanged on the session, but having dropped by 8% or so over the course of the month.

1.33 is where we're at. mark carny has signaled additional easing following the surprise vote to leave the uk. wilfred has the full report. >> reporter: the pund fell on thursday after mark carny said there should be an easy. >> in my view, the economic outlook as deteriorated and som likely be required over is summer. >> the fall in the pound much more muted than last friday. the governor was asked if the bank of england had to step in and do some buying. >> there were some pretty big moves in currency that was to be expected. it was expected given the scale

of the change. those markets function very well. the markets there were huge volumes. while the currency was moving, it wasn't moving because of market technicals. it was moving because of opinions of investors as new information came in. so the market was functioning. when the market is functioning you don't want to get in the way of the market. there was a need for the currency to find a new level. >> by the way, the fall in the british pound has allowed the exporters to rally within the ftse 100. the index closing at the highest level in 2016. that said, some sectors still under pressure including the banks. here's what the governor had to say about the state of british banks. >> the capital requirement of the banks now ten times higher than the crisis. moreover, the bank has stress tested building societies against scenarios far more severe than the country currently faces. >> no few policy action from the

bank of england today, though hints of monetary easing to come this summer. back to you. these are live pictures coming from outside boris johnson's home in london. small protest i would say, but there are angry people in both camps actually with regards to what was promised beforehand, but a small number say the protesters have shown up outside boris johnson's house. saying they're glad he is not running for prime minster. arguing the vote has increased divisiveness and encouraged racism. what does the brexit mean for the property market. the run up to the referendum, uk chancellor john oz born has

warned. gem ma joins us onset to talk more about the housing market. the people wow have been talking to, what have they been saying. >> i've spoken to a lot of agents in the last week. their real opinion is give us another week and we'll have more clari clarity, but really give us until the end of september when we knew what the new minister is. we'll be able to give you more of an opinion. >> how about the difference between existing homes that are on the market versus new homes. if you were looking at new build, there was a lot of new build activity plans in the run up to brexit. >> this week to the extent there has been any activity, remembering that for the last year there's been very, very limited activity, but this week we have seen a bit of enshothusm from international buyers.

new builds are rather attract ichi ev attractive. we have seen a bit of enthusiasm on new build. generally overall it's a tough environment. there's very little in those conditions. only the really special stuff people think might escape them is moving. >> there's also speculation we could see a change to property tax laws, depending on who gets voted in to make it easier for the consumer if we're dealing with a brexit aftermath. stamp duty could be pulled back a bit. makes it easier for a first time buyer. >> what's interesting is people i spoke to say brexit may not have that much of a difference one way or the other. what's really making the change is the stamp filter. very interesting historical parallel in 91,' 92.

stopped and put a moratorium for a year in order to get a gummed up market moving again. there have been some calls for that right now because there has been a noticeable slow down. >> i do know one of our guests bought a house apparently yesterday. o that was interesting. why not. if you be planned it right and need a house. gem ma, thank you very much for being with us. gem ma agoson. let's move on and talk about some of the other market moves we have seen. recap again. the s&p 500 for the month of june very flat. a little bit higher on the close yesterday as you would note. the dow for the month of june as well, just running through some of the overall moves. also again completely unchanged. a little higher on the close

yesterday. we've come back to pre-brexit levels. nasdaq as well. by and large we've had a strong rally. nasdaq underperforming a little bit. off by some 2% over the course of june. unchanged in yesterday's session and u.s. markets are being called just a little bit lower on the open today. not st. louis fed president, clachled the impact of brexit on the u.s. economy is, quote, statistically in the neighborhood of zero despite it adding to uncertainty about the future. the u.s. president, barack obama. has signed a last minute financial rescue package for puerto rico. creates an oversight board that will be supervising negotiations to reduce the debt pile.

doesn't provide financial aide to the territory. speaking in the oval office emphasize fa sized the citizens of puerto rico have not been forgotten. >> i want to let the people of puerto rico know that although there's still some tough work that we're going to have to do to dig puerto rico out of the hole that it's in, this indicates how committed my administration is to making sure that they get the help they need. tesla share as falling around 3% after investigators announced a crash from a vehicle driven in pilot mode. american car rental company herts has jumped on the band wagon. signing deals with uber and

lyft. rent vehicles for longer periods of time like several weeks and months. the program will be starting in los angeles, but could spand expand to other u.s. cities. more than 36 million people will be hitting the road to celebrate the weekend 4th of july. in washington joins us to look ahead at what's going to be a very busy weekend on the roads. >> reporter: very busy weekend on the roads. 36 million to mention in all 43 million people will travel by a car or airplane. it's a huge increase. a record number of people will be traveling for this holiday period. now 65% of americans will go to a barbecue over that holiday period and that's partly the reason they'll be traveling. one of the big reason that travel is happening because the lowest gas prices in a decade.

because of those gas prices you'll see more police on the roadways. you'll also see more visible security at airports because of the suicide bombings in turkey. the police say the bottom line is be aware of your surroundings. anyway they are out there, but also don't let security concerns ruin your plans or your parties. finishing on a little fun fact for you. it will be 150 million hotdogs eaten over the holiday period. that's enough to stretch from washington to los angeles five times. back to you. >> will >> edwards, thank you very much. with us from washington. u.s. futures as said they are pointing towards a slightly lower start this afternoon. many of you writing in with responses to the market moves that we're seeing. it's really interesting to read through your comments to see whether or not you still see

value in markets. your guest from bank of america made a lot of sense. it was interesting the links he was making between how everybody becomes poor once the yields start heading decisively south as has been the case. david talks about the chances of a brexit revote knowing the financial distresses has caused and will continue to cause. i don't know, do you think there could be a revote still? do you through the policymakers would go for that? feel free to let me know. john talk about how much of the massive ftse upswing has been due to unwinding options. in other words, are there negative fireworks ahead? >> good question. keep your tweeting coming through. people protesting outside boris johnson's home today. showing you pictures of that.

here in europe, mostly green on the screens. poland having gone negative within the last 15 minutes or so. the atx still trading lightly lower and the italian market underperforming just a little bit. keep your eyes on u.s. data this afternoon. june final manufacturing pmy. the ism manufacturing data. you have the make and construction spend and the june vehicle sells as well e. again, note what they're going to be saying about second half production schedules. that tends to be where the analysts are focused. that's it for today's show. "worldwide exchange" is up next. we'll see you on monday. louisa bojesen.

if good morning. the post brexit bounce. we'll talk about what's in store for the second half, straight ahead. music to apples' ears. talks to gain jay-zs streaming service. and move over. a uk fight is taking the world by storm. it's friday, july 1, 2016, and "worldwide exchange" begins right now.