francine: andrea iannelli stays with us.e following very closely everything that is happening in hong kong. legislation passed yesterday by lawmakers in china, signed by president xi jinping, allows for potential life sentences for crime, including some of state power and collusion with foreign forces. we are live on the ground to bring you the latest developments. a conversation with former national security advisor john bolton. he has written a book, you may have heard about it. that interview coming up after 1:00 p.m. london time. this is bloomberg. ♪ ♪ is "bloomberg surveillance." we have seen technical difficulties in some markets across europe this morning. debt officefice -- postponing a government debt auction. the exchange is working to fix the issue. the manufacturing pmi reading for june came in at 47 point four, showing sectors still in contraction in the euro area. italy preparing a new 20 million -- 20 billion euros stimulus plan. the spending would push the 2020 budget deficit to around 11.6% of gdp versus the