peter rosenstreich. talking about jean-claude juncker's state of the union speech today. this is bloomberg. ♪ manus: -- moving beyond brexit, european commission resident junkball younger gives his state of the union speech in stratford. pushing the bed, but here is proposing a higher offer of 60 -- $56.5 billion and a doubling the break free. unilever ceo tells bloomberg that the central bank stimulus is limiting real economic growth. >> it is not giving us the growth we were expecting. the reason for that is the system is too much tech toward the capital market. ♪ manus: you are welcome to countdown. i am manus cranny. anna: i am anna edwards. 7:00 here in london. we are getting news from the luxury goods maker, hermes, maker of bags and the silk scarves. they are talking about a challenging market in asia -- japan. they are talking about the context being challenging in hong kong and macau. the context in america is still uncertain. target. -- sales growth they're giving us their numbers for the first

peter rosenstreich. >>> the italian government said they'll decide the date of the italian referendum on september 26th. renzi had previously said the vote would be held between november 15th and december 5th. now we have a date. >> it's always waiting for something. are we waiting for any more movement in the italian banks? the bank has now appointed its new ceo michael morelly. he's been the ceo of merrill lynch since 2012. he's also the vice chair. he's also professor at roems lewis university. now, he'll have to deal with the 20.7 bad loans. the mps emerged. he'll have the tough challenge of persuading investors to back a $5 billion cash call. we're joined out of milan. claudia, good to see you this morning. the new ceo as we just heard has a whole long list of things that he needs to get through and move quite swiftly as well. it's at least seen as being a good step they are going to be going down this new route though. >> well, certainly. he will have to move swiftly, which he is actually well known for doing. so clearly that may be one of the reasons why he was picked. another