joining me today on studio 1.0, no manus, gv ceo. thank you so much for being here. bill: thank you for having me. toly: you are hand-picked create the venture capital fund in 2008. you have limited investing experience, no clout in silicon valley. how with those early years like? shared was sitting at a office space, sitting next to a corporate development intern who happened to be the founder of instagram. at the time, we were trying to figure out what we were going to do. i was certainly not picked for my clout or experience. in part, my lack of experience has led us to develop a sort of unique model. emily: the story goes that you were going up and down, knocking on doors, trying to get people to take you seriously. career has been a progression of not being taken seriously in volunteering for jobs that i was not qualified for. saying,irm to firm here's what we are thinking of doing, and some took a seriously, and gave us great advice, and still do to this day, and some litter the last. laughed at you? bill: i will not name names, but they probably are not laughin

manus: no, i think we got a message for the loud and clear.rms of your perspective of world growth, many people are wearing that growth is the lowest since 2009. what are you seeing? guido: i think what we are seeing is a mixed picture, if we take a look throughout the world. what we see is euro, the potential growth is slightly declining on brexit, but now on the other hand, we have seen there is more kind of optimism coming back into the stock market, reflecting the possibility of a brexit is dealt with in a reasonable manner, that we will have such a big effect. what we see in the u.s. still is a strong market, not growing as fast as it was. it isr us, what we see, still do nicely. brazil is, and south america is still very much down. maybe they have seen the bottom. you hear some voices that could be the bottom. and that is to be expected. but starting from a very low level, if we take a look at asia and mainly china for us, i think if you to the numbers on our elevators, we are still selling more or less the same amount of units. so we do

this is bloomberg. ♪ manus: they are probably some people having a late martini in a couple of those bars. that is what you do on a thursday, early friday morning. in london, there are no here of martinis. we have a bloomberg business flash. >> thanks, manus. leave theeo is set to company on september 13. that is according to people familiar with knowledge of the matter. they said the company's ford has approved an agreement, ending a month-long legal dispute with dauman. the chief operating officer tom dooley will serve as the interim ceo. and the billionaire paul tudor jones is demanding that all of his managers take more risks in their bets. that is according to an investor letter obtained by bloomberg. it also said the legendary macro trader has boosted the amount of money he is managing to more than 50% of his main hedge fund's net assets. the moves are essential to his shakeup of the business, which this week cut 15% of its staff. a spokesperson declined to comment. apple has hit roadblocks in making major changes that would connect its watch to cellular networks and make it less dependent on the iphone. that according to people with knowledge of the matter. the

manus: no one wants to spend money on buying -- andrew, stays with us.e are eight minutes away from the start of the trading day. we are going to take a look at the corporate movers. [indiscernible] stop and shop, keep shopping. this is bloomberg. ♪ caroline: 7:54. minutes away from the open. that means we're checking out some stocks. check in on our hold it we're talking retail and the dutch margins likely to push stocks higher, 1% or 2% is how much we could see climbed. quickly changing tact. we are going to be looking at the german stocks. lufthansa, the company striking a deal with some of its union members. a long-term agreement, relief. manus: well, those airlines could do with a little bit of relief given the summer they have had between terror and global issues. coming up, it is the start of the year trading date. stocks indicated for slightly lower opening. london down. 68 116. where do we go next and and countdown to jackson hole? this is bloomberg. ♪ manus: good morning and welcome. this is "on the move." on manus cranny in bloomberg european

manus: the governor had a their message, you have no excuse. >> i am not going to sit here -- we willg at it. manus: the one thing the camera , heading to a zero interest rate world in the u.k.. how are you modeling to deal with that? how are you preparing to deal with 0%? >> as you saw, certainly in terms of terms and conditions, we are putting ourselves in a position that if we needed to, to be able to look at how we get to a fair and balance with liability customers. where the non-interest-bearing on-demand -- that is a tough place to be in a zero interest rate environment. we are heading into an environment that is structurally lower in terms of profitability for the large u.k. banks and going to make it harder for subscale challenge events. manus: let's talk about brexit. can you tell me what is going on ? is the demand dropping off? from the data you have seen since the 24th of june, what is it telling you? >> we are the biggest bank in the country. we have seen a slowdown among corporate customer base. stalling decisions to invest in .eople that continued after the referendum v

manus: i just having a little poke. anna: yousef, ignore him. thank you very much. no i do not. ,manus: let us do this.for apple. throwing down the gauntlet over a tax deal sweetheart. who is next? we take a look. anna: brexit key data point, nationwide home index hits u.k. time with. we will bring the number. manus: macrononmics. what does france's biggest employer federation think? all of that ahead. this is bloomberg. ♪ anna: welcome back, everybody. 6:50 in london. 1:50 in new york. fairly flat on the u.s. equity market, at least that is what the futures say. woman to the start of trading on wall street later on this morning. let us get the first word news. here is rosalind chin. ce will: bhp billiton not get his bonuso, following last year's fatal da collapse in brazil. mandrew mckenzie was paid a base salary of $1.7 million could have earned a maximum of $4 million as a short-term bonus. meanwhile, according to one of the officials on the case, brazilian prosecutors are finalizing a criminal, prosecution expected to ask the judge to charge the employees. investment bankers and europe's biggest se

manus: no one knows when article 50 will be invoked by theresa may.ely piece of news overnight, this is the reality of brexit. londoners cut their house prices to lure buyers. are having to cut their prices a little more aggressively to get properties away. that is the reality of brexit, that along with the pound is the devaluation. enough to put a floor under the economy. breaking news coming out of japan. industrial production numbers coming through for june. against this backdrop, the backdrop of that gdp figure. the pressure is back with this number and the second quarter of growth figures. we had business investments going backwards. jodi schneider is standinb by. -- standing by. let's start with the key takeaways of this report. i will highlight business investment. that was falling off a cliff, it seems. >> that was a decline and was not expected. that's one of the key takeaways. yenously, with the strong and declining stock prices, companies have not been choosing to invest in the economy. but also concerning to policymakers are the consumptio

>> they are no more than fairly priced. manus: it is the best performing index in terms of equities. looking at the corporate bonds. the have delivered 23% this year. is that a reach for yield or a relief as it were in terms of a political state of play? will these rallies run out of steam? >> it is a combination of hope and reach for yield. sloshing hot money around. until we see some actual factual revival of the brazilian economy, i would be a bit careful. anna: it seems like brazil stands alone with the things theirrive interest in assets and their investment case in terms of the politics. the broader emerging market story, how attractive is that you at a time when the fed is likely to have a rate hike by the end of the year? thatere is always the risk with a dollar rise, it would be bad for the emerging markets. time there is a bit more positive momentum in the emerging market economies. there is more momentum and positive demand around the world so i am not white is concerned the time that we will have same backlash against

but at this stage, no natural impact. manus: one of the lines that has been used in describing france, one of your biggest and most important markets, is stagnation. one of the phrases used by many commentators. the imf is warning about structural on a. what can you tell me about the state of affairs in the french market? alain: q2, we had 3% growth in trends.th two different it was good, adecco. but mainly due to the strikes and the bad weather conditions. but then, we had a rebound in june. and we see that this growth has continued in july and even at the beginning of, august, so we see a continuation of the modest growth in france. and i would say that a slow recovery in france, foreshore september is a very important month for our industry, more particularly in france, because that is the moment when the companies are coming back from the holidays. they look at the order book, and we will see at the beginning of september if we have more visibility about the end of the year. but at this stage, this slow recovery is continui

they cannot improve margins if there is no topline growth. manuseople are saying and we will talk more about this in the japanese context when i am back is that comes down to a fiscal reset globally. guest: that is the thing. we have gone pretty far with monetary policy, maybe to the limits depending on which view you take and this goal interest. look at the eurozone. this is the first time in six .ears we have fiscal easing we are moving a little bit away. markets have tightened ahead of the fed who says the market cannot get ahead of the fed. japanese exporters are feeling the pain of the strong yen. how can the world third-biggest economy stand months of declines? we take a closer look. this is bloomberg. ♪ manus: it is the city that never sleeps. it has gone to 17 a.m. in new york. it is 7:17 a.m. in the city of london. we are wide-awake. higher? the fed is divided. is a street, is a good for equities -- easy street, is a goo it's good for equities? >> nestle has reported the slowest sales growth since 2009. missing analyst estimates. that is t

manus: no, go ahead. well, go ahead. ask a question.eed to see as stimulus package? give us the details of what you think it should look like? . governor kuroda has been easing the monetary policy during the course of the last two years and has had some impact. as i said earlier, the impact of the monetary policy has been weakened. governor kuroda has implicitly been staying stimulus on the fiscal side is necessary. stimulus, i don't have any exact number what should be problem with the japanese fiscal side is that accumulated fiscal deficit is huge. continuing on the fiscal stimulus side is not really that easy. 1% is the achievable number, fiscal stimulus is , what is thedo robust response for japan if we have run to the end of the road on monetary policy and you seem to question the ability to continue fiscal response. that takes us to structural reform. has abenomics failed? well, i don't think so. growth rate of the japanese 1%, and i close to think they are expecting a 1% growth rate for this year. i think it is quite satisfactory

manus: the governor had a clear message. you have no excuse. u will pass it on. >> i'm not going to sit here and commit we are going to pass it on, but we will be looking at it. manus: the one thing that came out yesterday, we are heading to a zero interest rate world in the u.k. how are you going to deal with that. how are you modeling to deal with that? how are you preparing to deal with 0%? manus: as you shop a couple weeks ago, -- saw a couple weeks ago, we are putting ourselves in a position that if we needed to, and it would help if we didn't need to, to be able to look at how we get to a fairer balance between liability customers and asset customers. we have 85 billion pounds of non-interest-bearing on demand deposits. in as a tough place to be zero interest rate environment. i think we are heading into an environment that is structurally lower terms of profitability for large u.k. banks and going to make it harder for subsequent banks. manus: let's talk about brexit. can you tell me what is going on in u.k. plc? is demand dropping off? w

manus: the governor made it clear message -- you have no excuse. pass it on. >> i'm not going to sit here and commit we will pass it on, but we certainly will try. manus: look, it's a tough set of numbers for anybody to go out and do. i think the message is very clear. it is going to get tough, it is going to be hard for banks. maybe the point is that they haven't gone beyond them. this is what will come through for the british media. one ofmade it clear, and the things he made was that you need to pass this on. two, get ready for a tougher time. he is not a fan of negative rates. given this set of numbers, they say they will be very reasonable. it's a slow down but not a recession, and ppi doesn't go away. manus: caroline -- anna: caroline? caroline: such a cracking interview. give us a sense of investment banks that have been hit by the fact that we have too many share sales on the table. it looks like rbs is adding to that issue. manus: yeah. rbs,ams and glenn, part of when they got there bailout, part of the rules that you have got to get rid o

. ♪ avtk"0 manus: beautiful day in tokyo. dollar-yen is moving. noer facing down the barrel of 100. we are 101.1. that is up 0.75. sony mobile. it is daybreak and it is available now. let's look at the top stories. cisco very squarely at the front. this is one of our biggest corporate stories that we are tracking. giant potentially plans to lay off 20% of its workforce as it moves toward software-based products. a spokeswoman for cisco declined to comment on this particular report, but that would be quite in cisco.ant shift up next is spain and their attempt to form a new government. that story is running. leaders with his party to consider the reforms proposed by the free-market party in an attempt to end a seven-month political stalemate. you are seeing one of the strongest turnaround stories in the area. political chassis. there is no government yet. about the fedl minutes. what is driving at jackson hole? president bill doubly spark it again. september rate hike is still on the table. it will be interesting to see the access of rhetoric comes fro

that is why we are seeing .olicymakers continue to lean no sign of a dramatic turnaround for the chinese economy anytime soon. manus: a very sobering take on the data. guest, anna,in my the head of emerging market macro. always good to have you with us. he burst my enthusiasm. --ave got it for you here inflation data. this is the white line, that is the inflation data. the underlying tenor is iron ore and oil. he would maintain this boost in the manufacturing prices is not having anything to with tackling the factory. >> credit is going quite strongly in china and the with much less global impact has been depreciating against the dollar. not only are some of the underlying commodity prices other than oil going up but they are importing inflation through the exchange rate against the commodities and the dollar generally and the multipliers are working once again. and the market is not so worried about it because the problem of the credit, for the time being, or the problem of the exchange rate or the combination has been bottled up through capital controls and much less risk of an event such as a big devaluation. is

there's no point in having that conversation. manu. >> reporter: [ inaudible ]. been a little busy today. i heard about this second amendment quote. it sounds like just a joke gone bad. i hope he clears it up quickly. you don't joke about something like that. i didn't actually hear the comments. i heard about those comments. >> reporter: [ inaudible ]. >> look, i think it's very clear the trump/pence ticket is going to be one that will put good judges at the supreme court and we will find far better receptivity of our agenda that we're trying to get on track to fix this country's problems than the hillary clinton administration, that much we know. let me get frank and then kelly. >> reporter: [ inaudible ]. >> that was paul ryan speaking, easily winning his seat in wisconsin's first district. again, he will continue on as speaker of the house. when commenting -- he was asked about the comment made by donald trump today, he said have i not seen the comments, i heard about them and read about them, he said i think it was a joke gone bad and should clear it up quick

no respeta a sus fans. >>> y ademÁs. la belleza y el talento se juntan en la voz de manu aquÍ con nosotros en casa en un nuevo dÍa que comienzaegresamos con mÁs a uo dÍa que comienza contigo. >>> los juegos olÍmpicos sÉ celebran con todo y vamos ahora con camilo en vivo desde rÍo de janeiro. >>> muy buenos dÍas camilo!. >>> cami. >>> buenos dÍas. >>> danny y rashel familia de un nuevo dÍa con mucha energia y buena vibra y color con las historias que traemos porque el clima estÁ regular como ven la playa hay dos personas en la playa camilo al aire y este seÑor que estÁn viendo aquÍ que va caminando somos dos por ahora pero va a mejorar pronÓsticos decÍan que hoy y maÑana se esperan dÍas complicados pero nos vamos con uno de los hombres de moda siempre en juegos olÍmpicos phelps todo el mundo quiere ir a verlo, y el hombre con mÁs medallas en la historia de juegos olÍmpicos y ayer sumÓ dos oros y representando a estados unidos y todo el mundo muy orgulloso de cÓmo sigue pues sumando estas preseas a su historia y pues independientemente de lo que haga de aquÍ en adelante creo que su rÉcord serÁ difÍcil de superar. >>> y a propÓs

there is no real driver in the economy has economists were telling us today to change this picture. manus very breaking the numbers down. jodi schneider in tokyo. beesley,ng in matthew head of global equities at henderson. great to have you with us. jodi isg to what saying, trying to put it together, a weaker gdp reading, we are in a state of vacuum in terms of the bank of japan and arbe. what we have here is the yen against the dollar and the topix. even this market, it is all about the etf program from the bank of japan. you would maintain that you are underweight japan in your global equities spectrum. been a: japan hasn't great place to be investing. experimentmost the that we are experiencing globally in terms of distortion from equity markets driven by central-bank action and with currency volatility overlaid. the story in japan has been this very strong yen and what it has meant in terms of the impact on the export sector and the economy. underlying that is the chart that you pulled up which shows this tremendous distortion between the nikkei and the topix. manus: this is the diffe

manus: they are confident in the abilities of paying the dividend. there will be noe comments coming across. china investment will be positive in the medium-term. more banking. ana -- williams was a bank that was under pressure to sell in 2008. they had 2 million customers and 24 billion pounds of assets. rbs. santander ceo was at already a little family history in that. oil is also featuring heavily in daybreak this morning. in particular, after taking a pounding for two months oil prices are set for a violent reversal. that is according to trader andy hall. violentlking about the reversal set to take place. little fear of further declines. the bottom could be near. yesterday we were talking about $57. we have a bloomberg business flash. paul allen is standing by. good day. paul: societe generale said second quarter is a percent lower on loans and a gain on its sale in europe. income climbed to 1.4 6 billion euros, beating the estimate of one point 36 -- 1.3 6 billion euros. difficult to say when the environment will be stabilize. the rate is very high. the uncertai

manus, latin for hand. >> probably, but i'm saying no for the purpose of my argument. manage, comes from the word man. and leo lane. >> my lane. >> i mean malcolm. you too martin. know what they did to him? they killed him. >> didn't they kill malcolm too? >> no, they say that. but ain't nobody seen the body since the funeral. >> that's how funerals work. alfred, you're already malcolm. okay, you have that already. what you really need a silent wild card. somebody who is about the money. the opportunity. who can play both sides if needed. >> oh, like don lemon. >> fair point. let me rephrase what i'm trying to say. >> oh, wait, it's 4:30. [ cheers and applause ] >> jimmy: donald glover, everybody. "atlanta" premiers september 6th at 10 p.m. on fx. dolly parton is going to perform for us next. stick around, everybody! [ cheers and applause ] ?? feast your eyes on the thin-mazing, thin-tastical new chips ahoy! thins! then, feast your mouth n and presto-chip-o, now it's thin-credible! made with - [bell rings] walking to school is serious business. especially on class picture day! you have to stay clean.

my understand is no, but he is behind right now. >> i want to get to manu, you've been following the primary battles for us tonight. john mccain in arizona. marco rubio, debbie wasserman schultz down in florida. what do you have for us now? >> reporter: don, the florida senate race did not turn out to be that competitive. marco rubio winning with more than 70% of the vote against the businessman. remember when marco rubio dropped out of the presidential race after lose thing state by nearly 20 points to donald trump, he said that he was going to retire and be done with the senate. but instead, he was lobbied aggressively by republican leaders, mitch mcconnell on down, urging him to get into this race, because they believed he was the one person who could win and save the senate seat. as a result, all the other republican challengers dropped out of this race. now, rubio just speaking to supporters here had a chance to talk about what he called a "unusual way" he got back into the senate race. >> this has been an unusual road back here with you tonight. as you know, after my race ended

manus: but it's going to squeeze your numbers. >> it will squeeze us, it will squeeze the interest margin, but will it help us lend more? no, because we have already been lending at a decent rate. manus: does the governor get that message, that it is a demand problem, not a supply program -- problem? >> every bank is different. for us, it is more of a demand problem, not a supply problem. the new other banks, lending facility will be helpful. a cut?will you look at >> we will look at all of our problems. manus: you will go on? >> we will certainly be looking at it. > manus: we are heading to a zero interest rate world potentially in the u.k.. how are you going to do with that? how are you preparing to deal with 0%? >> as you saw a couple weeks ago, in terms of terms and conditions we have put ourselves in a position that, if we needed to come and we hope we would not need to, to be able to look at how we get to a fairer balance between our customers. we have about 85 billion pounds bearing onrest demand deposits. that is a tough place to be in a zero interest rate environment. i think we are heading into an environment tha

manus: this is on net interest income. >> know, this is on return equity. if you are banking in a 5% return, you are applying nonow these things are shrinking. you can certainly explain why these banks are where they are. tests allow people to sell this off in the absence of better data. manus: you said you were quite happy with the stress test in terms of hsbc's performance and standard chartered's performance. by the way, hsbc is now up 3.9%, hitting levels we have not seen cents april 13. -- we have not seen since april 13. do you feel more comfortable, jonathan, post stress test? i think if you look at the problems wihth the stress tests, they are still not addressing the relative levels of provisioning, the different levels of bad debt, and also, the different assumptions about the revenues of the banks. the interest rate assumptions are covertly wrong. rbs, which is going to make $15 million of a cumulative loss, versus georgia bank, where theutsche losses were not as bad as what people expected. risk is going of up. these guys are in different cycles. there are many different ways in different cycles to

no more negatives. thank you for joining us live from hong kong. manuswe are going to repair for the german chancellor's whistele stop tour. this is bloomberg. ♪ manus: this is "on the move." it is 8:43 in london. we of the bloomberg business flash. reporter: thank you. volkswagen's agreement to pay will.s. auto dealerships cost about $1.2 billion. that is according to a person familiar with the matter. that will raise volkswagen's sentiment to resolve the u.s. lawsuit to $16.5 billion. e-mail, the carmaker is still facing possible criminal charges and invester claims. vivendi posted second-quarter earnings that missed analyst estimate. they continue to lose money in france. the media company thought adjusted net income fall 3.1% to 187 million euros. the vendee also plans to cut costs by 300 million euros. banks mightsed end up with a status more like that of their swiss counterparts. banksture for british will be "dependent on the model of relationships the united kingdom intends to keep with the eu." thretheresa may will fight for the city to retain p

no real pressure lately or economically. cfo of for know vonovia, thank you. into ahe oil market fell bear market. manusenergy asia reporter. the whole price of oil has the relationship to em. how is it weighing in your market? the indications of it weighing on the market at the moment is essentially supply of crude and products. what we were talking about earlier in the year was about products like gasoline and diesel. we have this apply weighing on , theyice, especially wti are of the highest in at least two decades in the u.s. an increase in drilling from companies in the u.s. are seeing five straight weeks of increases which is added further pressure to the prices and pushing it lower. dipped below $40 and hanging around that level now. anna: briefly, where to from here? $57 is the number being talked about for next year. ben: if you look at the forecast, goldman says between $45 and $50 in mid-2017. in the next six months, it may get to around $50 towards the end of the fourth quarter. rebalancing is in process and that should support prices. anna: ben thank you for joining us. manus: that is it fo

cuarto comenzaba desnudo y no estaba respirando, llamÓ a su novio, baÑaron en niÑos lo envolvieron y lo colocaron en la cajuela del auto. la idea de la madera quemar el cuatro de manua de sus otros hijos, y de unos gemelos que nacieron hace unas semanas tal y como hizo la gente en el 2012 cuando le retirÓ temporalmente la custodia por maltrato a menores. testigos dijeron a las autoridades del menor hacÍa sus necesidades dentro del cuarto y escondÍa su propio excremento y orina para evitar que su madre lo golpeara. >> Éstos son individuos que han tenido experiencias primarias en su vida lo han marcado con respecto a larelaciÓn que tiene con sus hijos. viviana: el departamento de servicios y falia tomÓ custodia de sus otros cinco hijos de la madre. pueden venir cargos adicionales luego de la autopsia del menor, del impuesto una fianza de 2 millones de dÓlares a la madre y se presentarÁ de nuevo en corte con los cÓmplices del prÓximo 23 de agosto, desde chicago viviana Álvarez. arantxa: un caso lamentable. en georgia el padre de las gemelas que murieron dentro de un carro enfrenta cargos por homicidio involuntario, el jueves olvidÓ a la pequeÑa cual estacionÓ el vehÍc

there's no doubt that that man supports donald trump. manui want to talk about another story in the news right now about the other party, the democratic national committee, which overnight had a purge. they got rid of three top staffers at the dnc, largely because of their role in this entire e-mail hack, the things they said that were revealed in this hack. there's a kind of upheaval right now in the democratic party ranks while no one is looking. >> that's right. a lot of democrats wanted this to happen much sooner, including senate minority leader harry reid, who i interviewed last week. he told me this should have happened six weeks ago, eight weeks ago, particularly debbie wasserman schultz, who abruptly resigned just as the democratic convention was beginning in light of this e-mail hack. there's a real concern, john, that there are going to be more of these e-mails that are going to come out in the coming weeks, there will be more and more leaks, that it will reveal even more embarrassing disclosures. as much as we're talking about don

incumbent, roy blunt of missouri, a sign that the landscape is shifting in no small part because of donald trump. >> great, great job, manure also watching louisiana very closely. look at these pictures. 20,000 people have been rescued from this deadly floodwater. lot of them forced to stay in shelters. we'll talk live actually to the red cross about what can be done to help families who have lost everything. brace yourself... the first ever gsf is here. with a 467 horse power v8 engine... torque vectoring differential... and brembo brakes. it's the next expression of f performance, from lexus. so we know how to cover almost almoanything.hing, even a romantic rodent. [rickie] a romantic what? [squeaking noises] i'm a sucker for proposals. and we covered it, april twenty-sixth, 2014. talk to farmers. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ >>> just past the bottom of the hour. you are watching cnn. i'm brooke baldwin. donald trump has a big problem when it comes to african-american voters. when you look at polling, it shows him getting barely 1% of the black

manus, thank you. -- has removed its ceo sing the role has become so complex that judicial management profile was noequate. statements from the banks chairman says he will be replaced with immediate -- shares have fallen 22% since he took over as ceo in march last year. -- that is according to people familiar. the carbonation of the two companies would create the world's largest supplier of industrial gases. warren buffett's berkshire hathaway boosted investor -- investment in apple when the stock slipped. according to a ventilatory filing -- according to a regulatory filing -- that is your bloomberg business flash. manus. manus: thank you. there has been a raft of post-brexit data. it all kicks off today with the cpi. cio.han bell, he is the today is the beginning of the truth serum in terms of what brexit means. the pound is down 12% post-brexit. is inflation such a bad thing in the u.k.? jonathan: what central banks want is to get some inflation. the bank of england is expecting that inflation will pick up around 2.5% before settling back to 2%. certainly, a bit of inflation is a good thing. if w

manus: deposits, u.s. dollar deposit rate -- >> the gap between one year u.s. and one year sterling is 90 basis points. there is nopport. we know we have a currency account deficit. we know whilst of the bank of england is talking sterling down, and mr. carney made some comments that he would be worried if inflation came through. he has been clear that he has to see the direction travel lower. ,o my mind, here we are post-brexit environment. we know there will be a shift. they will make this as competitive as possible. sterling is the easiest way to do it. manus: i'm going to take you back, 1984. you wrote a beautiful piece on the day we cut rates. in talked about nixon 1971. what caught my eye was in your notes, 1984. we vacillated between 130-134, and then we dropped. there has been three great sterling collapses over the course of the last , 1980 4, 1992,81 and 2008. each one of those was between 25% and 30%, and it took place over six months. if you take the move developing since june and compare it to those previous moves in percentage terms, it is so similar. -- 105 isquestion is perhaps extreme, but is that

no qa, a wait until the autumn statement. that is your risk and that is your reward. francine: manus cranny in front of the bank of england.ncement, charles duhamel joins us. you wrote a scathing note on july 18 on mark carney and the fact that he almost preempted a brexit would be so volatile that you question the more it -- the merit of having a foreign head of investment bank. i think getting the policy right is extremely has becauser bank the monetary conduct has run out of juice. we have seen it particularly in japan and the eurozone. you cannot just do it without politics and fiscal policy. francine: what do you think about politics? the bank of england is there to see if they want to look through inflation or not and try to avoid and and -- a recession. anrles: if you make announcement immediately after the brexit vote that it is going to be bad for the economy and you are the head of the central bank, that is more likely to provoke a recession. for this is your call morning? is he going to shock people and not make the move? charles: i think they will probably make the move but the main point is it does not really

no way you can challenge that. so not particularly a ringing endorsement from paul ryan to donald trump. that's the way the relationship has gone, guys. >> manu for us in janesville, thank you. >>> let's shift gears back to the presidential race. lesley rutledge is a member of the rnc rules committee and the attorney general of the great state of arkansas. thank you for joining us. >> thank you. i am not a member of the rnc rules committee. i was counsel at the republican national committee in the 2012 presidential cycle. just a little correction before we get going. >> love being correct. thank you for the correction attorney general. >> sorry about that. >> no reason to be sorry. evan mcmullen has jumped into the race, calling donald trump since he's jumped in, i'm human, weak and that donald trump seeks to divide. what do you say to evan mcmullen? >> i think evan mcmullen is wrong on a number of issues. particularly he is wrong if he thinks getting on the ballot is easy. i was counsel at the rnc as i mentioned. it's an overwhelming task to be on the ballot, to seek the presidency of the united states. i think evan is a non-factor in this e

no plans to cut or to increase rates. so, that is pretty good from a carry perspective and i don't see that changing anytime soon. manus rand -- let me just take this clutter out on the left side. you have got the rand. you are not so endeared towards the ruple, are you? peter: we have had an enormous rally. but the question continues. if you are going to see the oil price come lower, i don't think the momentum is there for russia to trade more strongly. and we have the same issue for ukraine as well. manus: that can put a lid on anything and soak any price of oil at $50. ppeter kinsella, always good to get your thoughts. caroline? caroline: fascinating emerging-market chat, manus. up next, the newest candidate in the french presidential election looks a lot like the old one. we are in paris next with a look at the challenges for nicolas sarkozy. this is bloomberg. ♪ caroline: 43 minutes into your trading day and this is "on the move." only four stocks are falling, one of them bayer. here is the bloomberg business flash. reporter: caroline, thank you. negotiations between bayer and monsanto are said to be advancing. ac

en baloncesto, el equipo de argentina, liderado por manu ginÓbili y luis scola, buscarÁ su segunda victoria cuando se enfrente a croacia. nor united de mourinho. 110 millones de euros, poquito menos de lo que le costÓ a la producciÓn traerte a ti, johnny lozada. cinco temporadas estarÁ con el manchester y united. superÓ a cualquier otra transferencia que se haya hecho en el fÚtbol internacional. yo creo que no los vale. el real madrid, con muchas ausencias, se reportÓ listo en noruega para la supercopa de europa contra el sevilla. benzema estÁ en duda por molestias fÍsicas. el madrid buscarÁ su primer tÍtulo de la temporada. asÍ las cosas en los sports. karla: hoy voy a soÑar con el dÍa en que me gane 100 millones de euros. gracias, mi edgar. johnny: sÍguenos en todas nuestras redes sociales. te esperamos en facebook, michelle: quÉ bueno que continuÓ con nosotros. el fuego se extiende rÁpidamente en las montaÑas de san bernardino, california. el fuego ya consumiÓ mÁs de 6000 acres. el operativo obligÓ al cierre parcial de varios caminos, por lo que se pide a los conductores que tengan precauciÓn. los bomberos no han bajado

. >> manu, considering what errol said, i always think this election is going to change things forever, people will no they used to and we're going to see this shift in our culture. we don't know what it is yet, but do you feel that, too? >> reporter: that's what a lot of these republican senators are hoping for in terms of not expecting, as errol was saying, this straight party ticket that's been so voters to vote straight party which has been so common in recent election cycles. you're seeing in states like in ohio where ohio senator rob portman is actually leading his democratic opponent in that state according to the polls even as donald trump is struggling. here in new hampshire, kelly ayotte is worried about the trump effect because trump is down nine, ten, 15 points in some polls. she needs to significantly run ahead of donald trump to win. she needs to convince these voters that this senate -- this senate seat is much different than a presidential race. that's a difficult thing for candidates to do, particularly if the top of their ticket is running eight, ten, 12 points behind the other candi

and no longer moving, tesla's elon musk assures investors sales are intact, despite missing estimates. a very warm welcome to countdown. i am edwards. and i am manus cranny at the bank of england. it is almost as you get a 25 basis point rate cut. that is what the market expected eight. it is almost deja vu, anna. but how doom and gloom laden will the prospect before inflation? anna: a lot of focus on the bank of england. let us get to the breaking news from the corporate world, numbers coming in from siemens. we have numbers coming in at 2.1 9 billion euros, ahead of the estimate of 2.09. so far ahead of the estimate, seems they are actually upping guidance once again. we her not long ago from siemens that they will basically be 670, that is the euro range. they had seen it at between 640, upping that guidance. we will talk later on to the ceo joe kaeser. we'll talk to him about that upgrade to guidance, just how convinced are they about how they can do in all of the energy-related indices they have been turning attention to. europe's biggest engineering company, in munich. let us get to the pharmaceutical industries. we have merck in germany giv

en baloncesto, el equipo de argentina, liderado por manu ginÓbili y luis scola, buscarÁ su segunda victoria cuando se enfrente a croacia. nolones de euros, poquito menos de lo que le costÓ a la producciÓn traerte a ti, johnny lozada. cinco temporadas estarÁ con el manchester y united. superÓ a cualquier otra transferencia que se haya hecho en el fÚtbol internacional. yo creo que no los vale. el real madrid, con muchas ausencias, se reportÓ listo en noruega para la supercopa de europa contra el sevilla. benzema estÁ en duda por molestias fÍsicas. el madrid buscarÁ su primer tÍtulo de la temporada. asÍ las cosas en los sports. karla: hoy voy a soÑar con el dÍa en que me gane 100 millones de euros. gracias, mi edgar. johnny: sÍguenos en todas nuestras redes sociales. te -- que tal le saluda alejandra arce --brandon crawford se convirtÓ el lunes en el primer jugador de las mayores -- con 7 hits en un mismo partido en 41 aÑos, --y adelanÓ a los gigantes de san francisco con un sencillo remolcador en el decimo-cuarto inning que cerÓ un triunfo por, 8 a 7 ante los marlins de miami.crawford conecÓ un triple, un dob - les saluda ba

desiderio seÑores, con lo Último sobre las olimpiadas no se lo puede perder y vote con nosotros entre a premios tu mund cc: telemundo network >> manu

manus from london to dig into the numbers. the brexit effect not seeing anything in the data. >> no. know -- it's immunity without impunity. the numbers, the composite numbers comes in at 53.3, the highest in seven months. the gap between france and germany is beginning to close. france is strong. services in germany showing a light wobble. you're seeing german serves at the lowest level in almost 15 months on the services side. france is seeing great deal of more rebuffness. they're at a 10-month high. so that's really what we're going to focus on, john. it's a narrowing of the gap. jonathan: the high of the economic tension in the eurozone, these data points would move the euro significantly. the euro no, big price action on that particular cross. i guess the question is has the importance of the data points for the e.c.b. diminished to some extent? >> i think the e.c.b. will be focused on that. if you look at the employment and inflation numbers, they're not giving any great ruling of the upside. i've got euro starting. and this is the biggest issue at play for the eurozone and that is the bid that the euro has. it's up

trump in no uncertain terms he did not appreciate those comments about his close friend paul ryan, and it does not bode well for the party if they're not united heading into november, carol. >> manu>>> just last month, the rnc chair, reince priebus, had a positive tone, explaining to abc's george stephanopoulos that trump has plenty of room to grow. >> he knows the po s the pivot important, and i think he's going to do great moving forward. >> with me, inside politics contributor and white house correspondent with the associated press, cnn political commentator anna navarro and john avlon, editor and chief at the daily beast. julie, we're talking a lot about donald trump this morning because a lot of the things that have happened in the past couple of days are just plain unprecedented. so can you make sense of it for us? >> i wish that i could but i'm not sure anyone can right now. it feels like there's this endless cycle and we keep using these words like "extraordinary" to describe so many things he's done but i do think this idea that he is not able to support someone like paul ryan should really put his neck out there for donald trump, it is extraordinary. and it's unclear wh

no words today when describing the republican presidential candidate, calling him a bigot, the remark made during a conference call with reports about the republicans blocking the supreme court nomination of merrick garland. manu were on the call. i want the context of this. >> reporter: sure. this is the famously blunt and partisan democratic leader, harry reid, never known for holding his tongue. in fact last month when i spoke to him at the democratic convention, he called trump "dumb" for his handling of the russian e-mail situation, his comments about the clinton e-mail hacks. in that same interview he said that he used to say nice things about donald trump because he wanted to prop him up so he could win the republican primary and become the gop nominee. and now that he is the gop nominee, harry reid is unloading. >> they spent a lot of times, these republicans, spent a lot of energy trying to separate themselves from donald trump. but as long as they're holding court for him, they're his minions. they're his enablers. that's the legacy and mitch mcconnell republicans. >> in the same call harry reid also said he is convinced with "some degree of certainty" that hillary clinton, if she becomes president,