alix: tech has momentum.t is potentially dangerous area joanathan: the dax is getting hammered again this morning. whether the euro in the dax cannot perform. james: i don't take so. not for any amount of time. they can't tighten policy and expect everything to be a garden of roses. this is potentially dragging on the economy. this is strange given the policy they are worried about. this is all about tightening to some degree. justax index is not reflective of germany. areas ofas huge revenue growth. that is definitely the case. joanathan: thank you very much. day, the headhis of m&a will be joining us. there about two hours in catch the dax is getting hammered. euro is nearing to your high. this is bloomberg. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations

alix: optimism.g-20 this weekend, everyone says it does not matter. larry summers wrote over the weekend what he thinks it matters. look at this. rethink the need to multinational companies at all? >> not really. summers' analysis is an interesting political analysis. a move toward america first rather than multinational institutions, i think what that does is introduce more tail risk and expand doubt in the economy. it makes problems in korea more likely. it may be makes issues with europe more likely. there are some banks in europe that do not look good. it clearly makes the stability of the persian gulf less assured. the fact that president trump was there and a couple of weeks later, they all turn on qatar, i think that is interesting and shows the impact of going for bilateral rather than multilateral. i think that expands the doubt. it does not change my course. i don't think the reason for earnings growth is particularly driven by washington. i think the earnings growth is coming because the u

alongside alix steel.opening bell here in new york. , prettye equity markets flat across the board. a little bit of weakness over in europe and not a lot of volume as traders taking advantage of that summer tuesday. s&p futures flat. the pound, an interesting story. have higher earlier in the day. bank of england deputy governor spoke in scotland and he warned about trade risks between europe and the u.k. it seemed like the market interpreted that as a more dovish communique from members of the boe and the pound took a leg lower because of it. fascinating story that unfolded. weakness on the margins here with the margins here with yield backing up by one basis point. crude off the lows of the session despite some downgrades from barclays. abigail doolittle is looking at some of the individual stocks on the move ahead of today's open. >> first we have pepsi co. not moving so much, modest declines, shares slipping between small losses and gains. out, they we pointed are kicking off the second quarter earning

alix: yes. on this basis, the real concern i think the fed is having is about inflation which is probably most likely to have an impact on their rate outlooks as opposed to their balance sheet outlook. even brainard, who is very dovish on the scale, said she would like to see balance sheet normalization happening soon, which is potentially keeping july on the table but also likely a reference towards the temper. david: did you read what lael brainard was saying as a difference between raising rates or raising balance sheets without having much effect on the strength of the dollar? it is him of free shot but rates may be a different matter. stewart warther: it has something to do with the signaling effect and if you tell the market it is not a big deal, hopefully it won't he of the deal because it is unprecedented territory. no other central bank has undergone such a significant tapering after such a long period. they are setting up the market to not react but at the end of the day, we will see w

alix: the money.ch us online, click on charts and graphics and interact with us directly with bloomberg go. go back and rewatch what you missed. this is bloomberg. ♪ ♪ market,: looking at the getting you up to speed. equities big across europe. we are up on the s&p 500, a quarter on the dow after closing at an all-time high yesterday. that is where we see it coming into wednesday. other side of the story, bond market, two basis points. and going into the fed decision in about four of the six hours. i cannot be bothered to do the math. and in the fx market, we are unchanged on the day so far. 130.55 on the cable rate. and a stronger pound story, curiously, even as gdp data confirms a slowdown in the first half. and getting a little support from recent data out of the u.k., growth picking up modestly last quarter compounding what the office of statistics called a slowdown in the first half. the pound rallying back into positive territory after a dip following gdp results. we go to christine, she joins u

alix: great stuff. bloomberg's matt miller. put it at future what they were talking about, that breaks down the revenue streams acted deutsche bank. equity sales down 28. digital generation down 24. the advisory unit is up by almost 100%. isn't this a deutsche bank issue or for the broader european banks? joining us to talk about it is "bloomberg daybreak from jake -- mislav matejka from jpmorgan. answer the question, deutsche bank or european banking issue we have to focus on? mislav matejka: our review is banks will do well. if you think about the environment, the curve steepening and it is peaking and we think the banks will perform well into the rising bond yields. the focus is on the domestic leverage banks. deutsche bank is really focused on germany. will germany get enough of a foundation to take advantage of whatever improvements there is an economy overall? mislav matejka: germany, it is a all-time record highs. the economy is doing extremely well. banks, thatfor the is not the key issue. they key issue is the net mark

alix: remember the macron one? if that is the biggest take away from the g-7, i hope that is not the take away from the g-20. economists are forecasting 170,000 jobs added for this month. average hourly earnings are to 2% from last year. here to break it down, jim and alan leopold group krueger, princeton university professor of economics. let's start with you, your forecast? [laughter] part? who loves this alan: i was required by congress to do that. alix: are we going to see a continued weak? report? alan: i would not be surprised -- a continued weak report? surprised,ld not be considering our demographics, but june and may are difficult months because they are seasonal . there is a lot of hiring that takes place. the timing of when schools let out varies. i think these are months when you may want to put in bigger confidence the normal. backdate --u have a >> three months is enough for me. jonathan: jim paulsen does not plate job as is with a three-month lag. what are you looking forward to? jim: i agree that th

here is alix steel. alix: netflix and banks. these are the areas we are watching. record high, the number is 4.1 4 million. that was the international subscriber growth. creditan update from suisse. michael pachter upgraded his price. we are going to be talking to him. he has been a bear on netflix since 2011. bank equities, goldman sachs off by a percent but the number is for fit. it is the worst fit trading quarter. the ceoe worst since position changed in 2006. was this a continuation of one-off or is this going to be systemic? the flatter yields curve taking a toll on goldman sachs has less exposure to consumer banking versus bank of america. that stock down by 5/10 of 1%. if equities trading was better than estimated, but for bank of america, that interest income was slightly lower than net interest margins. the interest margins should improve in the third quarter. a lot of these issues that were transitory and should improve, we are also getting some readthrough on the deposit data. so how much they are going to raise the deposit base to attract customers. we

alix: thank you.ll a cloud? wasthan: this scandal massive, if you live in u.k. come you get a phone call every five minutes about ppi, you were given a loan and missed payment protection insurance, no one knows they were actually sold it and everyone to go out there and claim literally thousands, if you were mis-sold ppi and the banks have been paying out billions since the crisis came out and many people in the u.k., they think the ppi payouts were more effective than qe because the money went straight into the pockets of the consumers who went out and spent it. the money was so much, lloyds bank 18 billion paid out and barclays at 9 million. the: bp, the payouts from oil spill, it is hard to quantify because they keep on rolling it. producers are like moveon. howard marks would join us next week i tuesday at a: 30 a.m. eastern, a fascinating read on where we are ♪ in the markets and vibrations. this bloomberg. >> i have your bloomberg come up flash, at&t has with the biggest bond deal this year and

alix steel is sitting in. alix: here is the deal. 128 earnings per share. get to the juicy numbers. you've got revenue down 6%. it was a the versus estimates. investment banking is crushing it your onion -- you're on your. also, the commentary on consumer banking. revenue is up 5%, deposits rep, loans were up. allowances for loan losses was down. moreve more loans, but not for loan losses. we will discuss that dynamic through the next two hours. if you have a bloomberg terminal, check out the go. you can interact with us directly. ♪ this is bloomberg. joanathan: earnings are coming in for citigroup. alix: revenues almost $18 billion. equities a down year on year. investment banking was the best in seven years. charles: the numbers are stronger-than-expected the revenue number was in line. thetrying to figure where heat was. i don't -- i haven't seen the numbers yet. alix: we are going to the press release right now. consumerl customer rating was up as well as their loan and loan losses were down. that feels like a different story than the headline at jpmorg

this morning, morgan stanley has alix steel. alix: stock up by 1/10 -- 8/10 of 1%. thick number with a but his attention. bang in line with estimates coming in at $1.2 billion, beating goldman sachs. coming in atates $1.5 billion. r.o.e. over 9%. there with us to discuss is alison williams of bloomberg intelligence. your take on the earnings? >> too few things? wealthover 9% and their margin coming in at 25%. we saw that strength at bank of america, we saw strength at wells fargo which was a precursor but those are key metrics. they focus on that r.o.e. and the margin is one of the goals they focus on to get there. fixed debt in line, the banking fee is something we have seen. alix: what have we learned about morgan stanley on goldman sachs? is it all about commodities? >> it is more execution. alison: it to be a little bit of both. every quarter is going to be different in terms of where the strength of the overall business is and depending on where the strength in the industry is, that is going to impact who is doing better. and of it is just business product but

alix: this is killing me. lisa: boring. alix: it's really depressing. >> boring is good., there was a piece on bloomberg today. he outlines the first three things federal bankers don't get about wages. there are significant economic changes in recent decades that are holding down wage growth. are we in a structural decline for the dollar if we can't get any juice? true that there are structural changes in the labor market that's just those are ins curve models need of recalibration. causing acal changes degree of distraction in terms of the wage growth. it is going to be the case that we are in this slow or low inflation environment. wages are going to be relatively benign as we try to find a way in the labor market. we will see what shakes that environment in the short term. markets are still looking to be maintaining and assuming if there would be a dislocation the central bank would be there to sustain them. that creates this boredom that is creating low volatility. alix: get me out of this segment. thank you very much. coming up later this week, on wednesday morning p

i am david westin with alix steel. jonathan ferro is off today. alix: here are the markets. s&p futures relatively flat, although the high for the assion, sterling getting boost. it was lower earlier and then we got those job numbers out of the u.k. with the 10 year treasury pocket , that is supply later today as markets handle that as they move lower. crude is getting a big relief rally by over 1.5%. they lowered the estimate for production in the u.s. for next year but this feels like a call before potential more storms. david: time for our morning briefs. it is a big day for the federal reserve. at a: 30 this morning, 8:30 this annual monetary policy report delivered to the house financial services committee. she will appear in front of congress at 10:00 a.m. to deliver remarks and answer weston's. we will watch for indications on how fast they will raise rates or when they will start reducing the fed's balance sheet. in the afternoon, they will release its beige book and in the afternoon, we will hear from esther george in denver on the economic outlook of the balance sh

here is alix steel.igh, up 3/10 of 1%, the dow up seven tens of 1% but not near a record. 3m was a disappointment and that makes over 6% of the dow. also on a soft foot, pretty much flat on the day. you can pretty much blame google as well as that cash revenues 30 to eat into google and they worry they will have to pay more to their mobile advertisers. caterpillar up 4%, they crushed it. they raised their full-year forecast as well and it is sitting right now, not yet at a record high but 116 is the level you want to watch. ak steel up 6%, same kind of deal. the average selling price of steel was up and shipments fell on lower carmaker demand but earnings rose 256% year on year. bidport getting a nice because copper is on a massive care. .- tear someone got bullish on china, some labor stoppage just -- stoppages, but it is just sentiment at the end of the day. where do you want to get that growth, in the u.s. or europe? most everybody says europe. look at what the stocks are telling you, these are the nu

alix: how do you model a profit outlook in the short-term? you look at the demand side, you are seeing positive demand. if you go forward, you should start seeing more activity pickup and it's a question of driving that productivity in services and the equipment we provide to them so they can be efficient at any price per barrel. alix: the real story for oil is the down term, down as much as 50%. do you expect to recoup that once the market stabilizes? >> i think you have to look at a new way of doing things. wasation came down and that just going out there and giving price cuts. we got to change the way in which we work and the way in which we collaborate and new ways of doing things. we are focused on designing the space differently. instead of going for deflation which we cannot do, it's not sustainable when you look at run materials, we got to look at data analytics. how do you marry the data analytics and start to drive production rates. that's what we are focused on. you can already start to see it. only 1% of the data available within

here's alix steel.n focus with trian, peltz also getting their act together. i'm not advocating -- they are not advocating any kind of wake-up. ceo.are looking for a new this is not the first time the company has to contend with activist investors. same,ackman did the advocating for a ceo change. the question is while these companies in the states. heinz was making the bid for unilever that fell through. we will be examining this through the next hour. bank of america, melon, with its own ceo shakeup. darrell, isceo, going to be replaced. apron getting killed, down 8% free market. they opened three weeks ago at $10 per share and are trading below 7%. amazon is being reported to file a trademark application for at-home meals. that would be a knife in blue apron's heart. now they are looking for things grainrotein, veggie, and packaging. echo, i would like my did from amazon, please. i do not cook. i would do that. jonathan: let's get back to the markets, with futures may be a little bit higher, up to ano

let's get you that open with alix steel. alix: unchanged on the day as we see.and s&p are still around record highs as we head into this huge earnings week. we have 189 s&p companies reporting and these are fun data points for you. for the 2017 closing highs, the s&p has had 27 and the nasdaq has 41 despite all of the headlines and warnings we have been talking about. crude helping to support the market today but also some of the individual oil stocks. halliburton is up by 1%. it had a very solid, very clean order. it made $1 million more last year due to a racking revival -- fracking revival. a roundup seeing demand outpacing supply and better pricing pressure coming from the international segment. i want to highlight petroleum and apache. those are present in the pace starting tohas some move higher although that has fallen in the last couple of weeks. speaking of earnings, one of the highlights, where are we in terms of the u.s. versus european earnings, this might be my favorite chart of earnings these and. -- earnings season. our top panel for earnings revi

alix: it is good to see you. split on the timing of the balance sheet unwinding on inflation but agreeing over concerns of asset bubbles. some suggest increasing risk tolerance might be contributing to elevating asset prices broadly. the market volatility coupled with a low equity premium could lead to a buildup of risk to financial stability. noining us is the morgan -- i want to start with you. are we assuming the fed could than economic data warrants because of the financial conditions and instability? saw moreinitely concern about the inflation outlook in the minutes. we saw a pivot towards financial stability concerns. it is a clear that is going to be a convincing argument for some of the more traditional economists on the committee, like janet yellen and charlie evans. while we are getting more noise in the minutes, it is not clear that will have a major impact on the rate outlook going forward. we will see. alix: if the fed strays from the basete where their models for that and they go with more financial

alix: what about periphery old that? -- peripheral debt? long as the ecb is doing this gradually, they will say inflation is low and they are gradually easing, so i think al debt looks ok. yields went lower. could we see something similar happening in europe if the ecb moves too quickly? andrew: i think it is unlikely. behind the taper tantrum and the rally and bond yields was the sense that inflation was never coming back. i think in europe inflation stays low. it might be up a little because go lower, but i think inflation stays relatively low. you are both going to be staying with us. 7:45 used in time, the ecb policy decision followed by mario draghi's news conference 45-minutes after that . from new york and london, this is bloomberg. ♪ david: i'm david westin. donald trump is six months into of his presidency. here to give us a status report is our chief washington correspondent kevin cirilli. and the bloomberg international economics correspondent michael mckee. let's start with you. one thing the president wants to do is repeal and

alix: there were a lot.o introduce melissa etheridge and looking to her across the screen and i set welcome melissa etheridge was the highlight of my day. special.ally, really i never thought i would be doing that. david: many thanks to her. jonathan: i love that she pretends like she is having on with us on that. i know she does not. [laughter] in the next hour, weighing in on the g-20 evidence this week. weighing in on the markets, north korea, that did not last long. the market action how we look. features unchanged. of six points after a long weekend for some and a shortened day on monday and close on tuesday and we are back open today. 95 minutes away from the cash open. the dax is up by 0.1%. relatively muted. if you go to the second board, here is the story. treasury are lower by a single bases unit. market, we saw broader dollar strength earlier in the morning and giving him of it up -- giving some of it up. cable rate unchanged. area you'ret 141335 watching bloomberg tv. ♪ it, they are behind the cu

alix for joining that's an extraordinary amount. alix forjoining us. be back in these chairs, not designer ones, the business live chairs tomorrow. see you then. hi there. good morning. yesterday we had quite a bit of cloud across eastern parts of the uk. some damp and drizzly weather. today i'm hopeful it should be brighter the for all of us during the afternoon we are looking at sunny spells and it will feel pleasant as well. yes, this morning there is cloud across eastern scotland and down the eastern side of england, but the cloud will thin and it will break up gradually during the morning so by the afternoon, there should be some brighter weather. some sunshine from start to finish in south—west england and across wales. yes, the potential to catch maybe one or two showers here, but those showers few and far between. for most, it will stay dry. certainly a warmer afternoon across east anglia and the south east compared to yesterday with a bit more sunshine. sunshine for much of northern england through northern ireland and through most of scotland

alix steel is getting ready for the fireworks and fourth of july holiday.o far. futures are firmer on the session. where up about one third of 1%. the biggest quarterly gain for the currency since 2010. yields unchanged on the 10-year. david: u.s. markets are closing early today for the july 4 holiday. a big week ahead for economic data. coming up later today, the isn manufacturing data. markets will be closed for the fourth of july tomorrow. wednesday we get the fomc meeting minutes from june. this is a leading up to the date friday jobs report -- to the big friday jobs report coming out. something else happening on friday, the g-20 leaders are all getting together in hamburg, germany. german chancellor angela merkel will be meeting one-on-one the day before with president trump, urging that they all seek a win-win as she calls it for economic growth. joining us now is michael mckee. meeting will be happening here, and that is vladimir putin and president trump. that is going to get a lot of focus. the two have been in a row romance nine since donald trump

alix: when i talk to guys like yourself, they say i like energy infrastructure in alternative energy.y do not tell me i want to rebuild the tracks at sensation. -- at penn station. jim: they do, but it has to be offered in a way that makes sense. saying put money into penn station does not work in its own right. what the government and agencies like amtrak me to do is make it clear project with boundaries to bear with the capital to deliver it in some form of structure like the public private partnership. that is tough. years tothree to five develop any substantial program. the quickest way is to give existing agencies may crash -- new cash. it will give it to bonds and not people like ourselves. the reality is that people in the global investment and for structure world is looking at the united states. it is an energy and power market. that is what we have to substantial invest in this country. the market is open and ready if there is an interest of investment opportunity. david: is that really the difference? there are companies with cash ready to go. it is really, schreck immediate

we have alix steel, and carol massar to bring you the time-honored event right here on bloomberg.al. julia: a spectacular. mohamed el-erian spoke to bloomberg television earlier today. see what he thinks is the most and port in fact are moving markets and his take on the new normal of high stocks and bonds. from new york, this is bloomberg. ♪ julia: what's driving the bull market and the unusually high correlation between ages and bonded. according to mohamed el-erian, it's not strong fundamentals. he spoke to bloomberg daybreak: americas earlier today. liquidity has been critical. we enter the are hoping that policies and global relations would take is higher on risk assets. policies have generally disappointed, due to what happened on the political side, and the global reflation is not as strong as hoped for. it is there, but not as strong. ultimately, it has been again about liquidity, and liquidity is meant not just that investors have done really great, but even diversified investment having beingtoo much of by invested in bonds, so liquidity continues to be the main driver o

alix: half an hour away

alix: hopeful of joining rivals. the u.s. laptop bans ending in america. rishaad: narendra modi visits israel in a dramatic shift of policy. he provincially supports the palestinian cause. alix: half an hour away from the and thecy decision, tone of his statements may tell us a lot. rishaad: 8:00 a.m. in the emirates, this is "bloomberg markets: middle east." markets dive into the and show you the landscape across the asia-pacific region. gmm is the function on your terminal and you can see that the leader on the board today is australia after that surprising retail figure coming up to the upside. we're seeing a rally on the asx 200, with retail stocks and macro funds reportedly selling into the rally. but we are seeing the rest of the market with a little bit of a mixed picture, including hong kong and china. and theres down, really is this anticipation ahead of that communist party congress in the fall that we aren't going to get a lot of policy guidance, so perhaps investors will be staying on the sideline. what are you watching? yousef: there are

earlier, alix steel talked to jim berry about the giant mason project that promises to disrupt hundreds commuter lines over the next eight weeks at new york city's penn station. jim: ball investors are interested in projects like that and penn station is estimated. it is the poster child for the state of the american infrastructure. what you are seeing is the patchwork activity th the summer to keep it safe, but it's been under investment decades now that commuters deal with on a daily basis. it requires tough political decisions and yet the cost is typically born in a very tough use and non-cash way for commuters. it is only when you got the safety crisis that is really consumer events that you get political action, but it's tough. forink the challenge president trump and the in ministration is coming forward with a program that will get the capital to move in short order. alix: when i talk to guys like yourself, they tend to say i like energy infrastructure and i like alternative energy. they do not say they want to rebuild the tracks over at penn station. jim: they do, but it has to

tune in tonight where alix steel and matt miller will cohost the boston pops fireworks spectacular. if you are watching globally and wants a little fourth of july at home, that is when it will start. this is bloomberg. ♪ back to bloomberg markets. i am anna edwards. as germany gears up to host the g-20. the german car industry, home to the world's largest carmakers, could germany suffer from a follower of our international over -- fallout international trade? can you give us your assessment of how the relationship between president trump and europe is going to impact your industry? what are your worst fears? >> our hope is that everyone understands open markets are the precondition for mutual success. more we argue that we are selling cars in u.s. and producing more and more cars there, the more people understand in the senate and house that any kind of restrictions would not be wise. to give you a figure, in 2009, the german automotive industry produced 200,000 cars in the u.s. than we will produce more 850,000 cars in the u.s., and most of them are exported. that means we are cont

alix steel, carol massar, and matt miller cohosting the boston pops fireworks. boston's historic esplanade for you -- esplanade. juliette saly is standing by. juliette: thank you. banco santander has a month to espanol and banco it expects to report a profit of its .2 billion euros. the price of its 7 billion euro capital raising, selling shares at 485 euros each. executives had told a london court that they will plead not guilty to charges they conspired to commit fraud over a 2008 hundred with qatar. -- fundraiser with qatar. to loansrelates barclays made available to qatar the in a deal that raised 12 billion pounds. the only liquidation of to lenders and progress to recapitalize monte paschi was a turning point for the country's financial sector. also discussing consolidation. >> by the end of this year my we probably end up with less than 140 banks or banking groups active in italy. and the consolidation of the sector is already in place. exclude additional consolidation. consolidation at the european level could he welcome. -- he welcome. juliette: that is

. ♪ ♪ alix: treasury as the health care bill strikes out.agenda. inlation unexpectedly slows june raising the case for an immediate rate hike. brexit negotiations carry-on in .russels theresa may defines backbiting in her own party. is it to on the way? coup on the way? atad to come back, looking dollar, looking at president trump's political capital, also, u.k. inflation. coordination at the meetings in portugal that has gapped into the diversions between slowing u.s. data -- that sort of thing. a glowing global economy. that is the tension you see in the market. francine: i like that we're talking about central pac. this is the picture. it is important because it gives us a snapshot of what is happening in the u.k. you can see unchanged. in the meantime, let's get to the bloomberg first word news. taylor: senate majority leader mitch mcconnell has raised the white flag on replacing obamacare. he will seek a simple repeal of the affordable care act. it would be delayed for two years as congress works on a replacement, a step back for republ

alix steel, carol massar, and matt miller will host the boston pops fireworks spectacular. this is bloomberg. ♪ mark: live from london, i'm mark barton. vonnie: from new york, i'm vonnie quinn. this is "bloomberg markets." oil is gaining a straight days, the longest streak since december. here to discuss the path of crude and more is a senior strategist with ii trading. bill, you say this short squeeze is not done yet. not done yet. last week we saw a marginal increase in crude oil but we also saw a record short position in all four major petroleum contracts combined. the shorts are still going to get squeezed. think we can think we can run t dollars. aside from that we had some small fundamental [no audio] maybe the tropical storm had something to do with that. we also had rick falloff for the first time in 24 weeks. this will be critical when we get to the oil data. will it stop the rally, kenneth extend the rally? critical time this week. not as many on the floor of the cme as her typically would be. is there a way to take advantage of that given that rates are moving hi

eastern for alix steel and matt miller cohosting the boston pops fireworks spectacular live from theic esplanade. that is it for the european close. this is bloomberg. ♪ announcer: the following is a paid advertisement. for time life's collection. >> from beautiful downtown burbank. announcer: it is the best of the "laugh in" from time life. it has been 50 years since america heard this. >> alright, sock it to me. >> one ringy dingy. two ringy dingies. [laughter] announcer: and this. >> may i suggest you look that up? >> news of the future, 20 years from now

i'm david westin alongside alix steel. jonathan ferro is off today.o caroline hyde in london. on, the: the launch is fight back, someone desperate to appeal to the population after losing her majority and her respectability and calling for rival parties to contribute and not just criticized. we have not had much new coming from her. a lot of this was leaked to the pr

i'm jonathan ferro with david westin and alix steel. futures are positive.ime at a record high. the euro falls further back from 1.1505.h at alix: in the currency market, the u.k., butn that isn't helping sterling. it is all about brexit. john cryan warning about a heart brexit.

this morning, morgan stanley has alix steel. alix: stock up by 1/10 -- 8/10 of 1%. attention. bang in line with estimates

alix:

i am david westin with alix steel. jonathan ferro is off today. alix: here are the markets. the high for the assion, sterling getting boost. it was lower earlier and then we got those job numbers out of the u.k. with the 10 year treasury pocket , that is supply later today as markets handle that as they move lower. crude is getting a big relief rally by over 1.5%. they lowered the estim

very warm welcome to bloomberg day break on this monday july 10th i'm alix steel.l week if you're a long bonds and long stocks last week. that seem to be reversing as we get under way here. slightly.s up dollar yen strength the story of the morning. dollar yen at a two month high. about central bank divergence. we affirm the fact they will keep yields low. much goesield pretty

alix steel will be joining us from boston. futures in the united states up by .1%.uro weakness for a fourth straight session. treasuries unchanged. 235 is your yield on the 10 year. and thengela merkel chinese president

plus tune into bloomberg on the july -- the fourth of july when alix steel and matt miller will cohostoston fireworks spectacular. this is bloomberg. ♪ ♪ you are watching bloomberg surveillance. let's get to your market checks. >> stocks are up for the first day after the work -- worst week since november. fourth weekly drop as well. in theuarterly drop biggest monthly drop since june of last year. gas, basic resources leading the advance. crude gaining, best run since december. wages onas hedge funds wti crude is the highest since august. more than doubling in the last couple of months according to cftc data. lowerincreasingly much pace in the past two weeks. shale drill is reducing the number of oil rigs for the first time since january. we have the government report showing production in the u.s. may not be growing so fast. the rig is the yellow line. , 120g on, sterling today falling for the first day after the longest winning run it over five years. it just enjoyed its best quarter when it rose against the dollar. strategists are not raising their forecast. goldman sachs sticking

i warm welcome to bloomberg daybreak, i am jonathan ferro with david -- alix steel, david westin is offrd of 1%, euro-dollar is still firmer, north of 1.17 and euro strength carrying through the week for a third straight week and treasuries choppy. between -- movers,ighting the amazon premarket, down 3%.

alix: the damage deutsche bank as doing to the dax.

alix: if anybody listens on the radio on thursday, and heirs in london.ogether. we look f

oomberg i am jonathan ferro alongside david westin and a special welcome back to alix steel. .5%. a 17 month high on the german 10 year yield. taking the euro with it. oat: in

i am jonathan ferro alongside david westin and alix steel. would do whatever it takes good the euro-dollar -- would do whatever it takes. we are sitting at a record high today. seeing somee earnings coming out right on time should -- right on time. ford is above estimates from last year. they also beat on the rev

where alix steel, carol massar, and matt miller will cohost the fireworks spectacular.e in. live from -- this is bloomberg. ♪ francine: "bloomberg surveillance this is "bloomberg surveillance." we are getting breaking, this is --loomberg scoop saying that a pharmaceutical company in germany that mainly does a lot of generics, the chief executive, we understand is set to depart ahead of a likely renewed 5 billion year buyout yield. this is bloomberg news hitting the phones and getting people familiar with the matter giving us that scoop. we will check up on the share price -- if you look at stada gaining around 3%. a very comment on the role-play of private equity in this. are we going to see private equity perms -- firms come into this space? love the area. they are stable cash flow's was pretty good profitability. short-term, you can always jacked up your profit by jacking the prices up. are actuallyies sitting on nearly $1 trillion of unspent money at the moment. it's the biggest number ever, absolutely immense. the pressure on these large funds to do deals is very hi

alix: crude is getting pummeled did you get the june jobs numbers.

year.our yield on a 10 alix: german confidence not really reflected in stocks.