i think barclays presence in europe is important for barclays, but also for europe.s recently as last month, we had to completely reengineer the legal constitution of our business in the united states. we had to create a new holding company. we are currently in the process of reengineering our banking presence in the united kingdom. we have to create an entirely new bank called barclays u.k. adjusting our legal construct to execute our business strategy is something that we are getting pretty practiced at. brexit will be another issue that will acquire us to adjust. i'm very confident, because of the value we bring to europe, that we will find a way together with the british government so that barclays can remain a presence across europe. francine: for more, we're joined by the ceo of the british bankers association, anthony brown. great to speak to you. we don't know what brexit will look like for banks. anthony: we don't. it has caused huge amounts of uncertainty. reaction, therket turmoil, the banks weathered that better than some expected. that was a tribute to t

let's get to barclays.mbers coming through now. , 2.063alf pretax profit billion pounds. the core pretax increased 19% for the first half of the year. they are talking about first half common equity capital ratio increasing to 11.6%. second quarter numbers coming through. this is slightly more up-to-date. second quarter adjusted revenue, 5.79 billion. that revenue number for the second quarter looks to be ahead of estimates. one of the big questions when we speak to jes staley is about transporting lights for the banking sector in the u.k. bank has been bringing through a number of strategic changes. they've been moving away from various parts of their business in asia and africa to focus on the u.k.. what will the u.k. consumer or the u.k. economy be doing? how is the investment banking business performing? events very crucial to this company. the stock is down some 30% or so since staley took over. just getting a few more lines coming through. in 2017 noncore costs as 400 million to 500 million pounds. th

francine: barclays is feeling the brexit pain.hatzker sat down with a canand asked if the bank withstand added stress on its balance sheet. >> the crisis we are facing right now is a political crisis. it clearly will have economic consequences, but right now we have a political crisis that may lead to economic challenges facing a banking industry that actually is in strong shape, particularly in the u.k. the strategy we have for barclays as a transatlantic, consumer an investment bank is to be large and diversify. so, that when we face a challenge in a given sector, we have the diversification to be resilient. um, we have an investment bank where over 60% of our revenues are actually driven by our bank in new york and u.s. dollar-based. we have a very good credit card business where 50% of the business is in the u.k. 50% is between germany and the u.s. we will be a part or responding to what happened to the economic environment inside the u.k. we are a very major player in this country. it is our home country. we are a british ban

meanwhile barclays is soaring. we talked about the good results earlier.o some analyst comments hitting the wires. that's certainly a strong beat. >> let's show you oil under pressure and breaking below had $41 a barrel for wti this morning. we saw the 40.71. down 1.5%. red really across the board. i was had been a story of dollar strength leading up to this week, but the dollar is weaker for the week overall. you wonder what supply issues is coming back to haunt. >> significant declines. 8% for the week wti is down. 16% for the moent as a whole. >> the world's online retailer reporting fifth straight quarterly profit. results beating estimates on the top and bottom line. sending shares higher after market. company seeing strong growth in cloud business and increase in s subscripti subscriptions. it was a great day for amazon. more importantly a great day for customers globally. they saved over double what they had saved in prime day 2015. >> and, again, the web services aws really the profit driver less than 10% of revenues, but almost half of the operati

shares of barclays posted. outperforming european rivals as for brexit, the achieve executive say the bank can weather the coming storm. >> we want to work in cooperation with the efforts of the bank of england and be on the side of our customers and clients in great britain. mark: to break down the earnings and preview today's european stress test result, let's bring in elisea martin. it was one of the strange days. yesterday, we had banks beating earnings but still shares fell. today, barclays earnings missed but shares rose and what a rise it was. nine% higher most since 2012. what's the takeaway from barclays? why are investors looking at the glass half-full than empty? >> they're looking the numbers that point to potentially the bank turning a corner. so you're looking at the cost income ratio which fell to below in at least two years. you're looking at capital. u're looking at that fixed income revenue line. so people are looking to the bank and looking into next year and thinking in particular, the unit

and british regulators find barclays more than $400 million. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. thank you. all eyes on this week's jobs report. investors and economists want to know if it was a blip or confirmation of a loss of momentum. officials continue to weigh risks like the brexit. joining us now is patrick spencer. good to see you. focus.the u.s. is your but how has the exit vote changed one's assessment of the u.k. stock market? mega caps have outperformed profit estimates but have risen .n recent days how is our assessment of the u.k. stock market? i'm an economics student and economics 101 says of your currency falls i 10%, it's a huge beneficiary. beneficiaries,he which are the big exporters. 250 has done well, obviously with concerns about ongoing domestic policy. i would have thought for the country and the big cap stocks that it is a real boon and valuations of some of these countries are pretty attractive. the winners and losers got segregated and chosen quick

>> these are our top stories, the reformers barclays traders have been convicted of manipulation. they were found guilty of conspiracy with other barclays employees between june 2005 and august 2007. the decision comes almost four years after the back without almost -- hundreds of millions of dollars in fines. to fix the benchmark rate behind $350 trillion in securities. one of the most high-profile post brexit campaigners has resigned as the leader of his political party, he is stepping aside as the head of the u.k. independence party, he said he has done his job and wants his life back. cc andestment bank ci the china investment securities are on talk about a merger. the firms have around $28 billion in assets, cicc has declined to comment while there has been no response from cis. global news 24 hours a day powered by more than 2600 journalists and analysts and more than 120 countries. let's check in on the markets appeared your opinion stocks falling for them -- for the first day in five almost rising almost 8% in the four days through thursday. that was the most since februar

barclays ceo says concerns about aarnings have caused significant dip in the share prices.loomberg's eric in london he says the bank's weighing more heavily on investors than any thoughts of capital or liquidity. >> the important thing is for barclays to be there for the public of great britain, and our consumer clients, small business, and corporate clients. so we have thought a lot about this referendum. it went one way that will have economic consequences for the barclays is going into this process with eyes wide open. are very motivated to the economy of the united kingdom. >> i take it the answer is yes, you can withstand the challenges ahead of you. >> for sure. >> your leadership skills will be tested like never before. are you ready? [laughter] >> we will find out. we have spent 13 months getting ready for this referendum vote. we created room which invoked last week. we had the full executive committee meeting four times a day beginning on thursday. and through the early part of this week. it was to make sure we knew what was going on in our branches and call cente

i think that the barclay president in europe is important for barclay and also free europe. would add that in the brexit we as recently as last month had to completely reengineer the legal constitution of our business in the united states. we had to create and you bank holding company to execute our business in the u.s. we are in the process of reengineering our banking presence in the united kingdom to meet the rules. we have to create a new bank called barclays u.k. adjusting the legal construct to execute business strategies is something that we are getting practiced at. brexit will be another issue that will require us to adjust how we do business in europe, but i am confident that because of the value that we bring to europe that we will find a way, together with the british government, so that barclays can remain an important presence in europe. >> dealing with a lot of changes at the moment. let's talk about the lower for longer interest rates environment. but headache is that giving you? we heard from lloyds bank yesterday, the impact on branch closures. will you hav

ceo andto the barclays he was putting up a fight for european investment banking, saying the barclaysnvestment bank has performed well in the last three months. the question came from the contrast in hell american banks have been doing against europeans. luke: we've seen this in some of our businesses. -- completing [indiscernible] commitment to the market, to the balance sheet, and the confidence of using it, has made a big difference to the americans. the europeans in particular care to back on their use -- pared back on their use of balance sheet. caroline: give us a sense of what we are anticipating as we going to the stress tests later today. we've seen such worries about the italian banking system. perhaps some shocks could come from the larger lenders. are you interested in the stress tests at all? looking,will be back but it is going to be important to help us form an opinion. we're going to be watching deutsche bank. we're going to have to see some reaction from nps and monte dei paschi. we should get some sense of a deal. today,eds to happen before the stress test. those are

and chars a barclay found another way to swing a golf club. coming up in sports. i'm hillary clinton and i approved this message. who do you talk to for military advice right now? well, i watch the shows. i mean i really see a lot of great - you know, when you watch your show and all of the other shows... while donald trump watched tv, as secretary of state, hillary clinton negotiated a cease fire in gaza. a reduction in nuclear weapons... took on vladimir putin... and stood up against the trafficking of human beings. a steady leader in an unsteady world. . >>> delegates and convention attendees, those to soak in the political process got a taste of philly with tasty kakes, pretzels, volunteers handed out information about the city. besides the convention, what do you suppose the delegates and the visitors will do in philly all week long. >> we sent fox 29 brad sattin to find out. he joins us live from the art museum tonight. what were the first impressions. >> reporter: i think first impression is boy it is hot around here. they're telling us. some folks deciding

more breakdown in the thubs from barclays and u.b.s.s four minutes away. ♪ vonnie: from bloomberg world hours in new york, i'm vonnie quinn. >> and live from london, i'm mark barton. you are watching "european close" on "markets." [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. isit ncicap.org] mark: we're live in new york and london for the next hour covering stories in san francisco and milan. european stocks heading for their best month since october. u.s. shares seeing gains in july led by strong tech earnings. vonnie: european banks making a comeback. shares of barclays and u.b.s. rise even though profits fell in the last quarter. and all eyes will be on the bank of england's policy meeting next week trying to give the u.k. economy a boost in the wake of the brexit vote. mark: let's have a look at how european equities are trading. the power of the bloomberg

how does that look to you at barclays? analysts toall the look at our second quarter.porate and investment rank in the second quarter return ona 9.5% tangible equity. that is one of the strongest in the investment banking industry, whether you are in new york or london. i like the performance of our corporate investment bank in the second quarter. i think the investment bank is a critical part of our vision and strategy and i think we performed well in the last three months. >> jeff staley, ceo of our police speaking on bloomberg. >> mark crumpton has more from the newsroom. mark: hours after hillary clinton formally accepted the democratic residential nomination, she and tim kaine are on the campaign trail. they spoke at the first campaign rally at temple university in philadelphia before beginning a bus trip through the battleground states of pennsylvania and ohio. mrs. clinton took another shot at donald trump. mrs. clinton: i find it highly amusing that donald trump about make america great again. he doesn't make a thing in america except bankruptcy. mr. trump earl

taylor: barclays posted a $1.4 billion loss.e ceo's attempts to turn around the bank were dealt a blow by the u.k. leaving the european union. the owner of british airways is slashing targets and cutting capacity in the wake of the brexit vote. they had expected profits to grow by 40% this year before brexit and now earnings are expected to rise in the low double digits. the weaker pound will be worth less when translated into euros. -- a rally in steel and a boost in earnings for the luxembourg waste steelmaker. that is your bloomberg business flash. tom: thank you so much. --have a wonderful fret of set of guests. london with is in morgan stanley. from tokyo, his colleague, robert feldman. dr. feldman, good morning. what an interesting statement from the bank of japan. did they simply blank? -- blink? robert: i don't think so. they put out measures that were smaller than we were asked acting. -- expecting. you have already gone over the eds and something like that. the etf's were quite important. they are going to reconsider p

but we are seeing this move trading and barclays -- trading in barclays for cbs's.about it, the markets are concerned. we do not know where the end of brexit will go. has it changed your allocation in the united kingdom? iain: you want to be thinking about yields. guild yields are at low levels. we saw very strong demand yesterday. manus: i was just looking at that. record low 10 year. can we go lower? 10 year paper, two-year paper. will it collapse echo when we get -- collapse? when will we get to negative? iain: they are going to cut interest rates. it is going to continue to pressure pushing down government bond yields. go for a rated cut next week, 25 basis points, followed by an august? iain: i think we will start with 25 next week and see how things play out. he doesn't want to go to negative rates, so you are probably looking at zero or 10 basis points. definitely lower than we are today. blips 25 billups -- 25 off next week. that is the whole problem, isn't it is that our mortgages -- it is not about the consumer, it is about industry. is that where he is ta

barclays stays upbeat on the bank's core business, but cuts the dividend. ahead of stress test he says he's worried the sector is holding back the european economy. >> the european banking sector is challenged. if you rook at the top 12 banks across europe. in on average trading at 50% discount to book value. that's not healthy for the financial system. that's not healthy for the european economy. >>> eds sores in paris on the news it signs off on an investment in the uk. comes despite the uk government saying it wants to review the deal. >>> u.s. tech heavy weights amazon and alphabet surprise to the upside. record projects while jumps in the surge market. >>> hillary clinton takes aim at wall street in her nomination acceptance speech saying america's biggest bank should be more patriotic. >> i believe wall street can never, ever be allowed to wreck main street again. >> whack back to "street signs." let me give you a look at the futures this morning after a mixed performance on wall street. cleesing near session highs in fact we did see the dow falling f

of barclays. live here "the pulse" in london. i'm francine lacqua.

three former barclays traders have been convicted of libor manipulation. they were found guilty of conspiracy with other barclays employees between june 2005 and august 2007. the decision comes almost four years to the day since the bank paid out hundreds of millions of dollars in fines for fixing the key benchmark rate behind more than 350 trillion dollars in securities. exchangeock shareholders have voted overwhelmingly in favor of the deutsche, but the deal is getting pushback from german regulators who don't want to come might exchange to the based in london. people familiar with the matter said the compromise may mean moving the new company's location outside the u.k. one of the most high profile pro-brexit campaigners has resigned as leader of his political party. arage is stepping aside as the head of the u.k. independence party. he says he has done his bit and wants his life back. global news 24 hours a day powered by 2600 journalists and analysts in more than 120 countries. the rally in a greasy as seen in the last four or five days has come to an

jonathan matthew, j merchant were found guilty of conspiracy with other barclays employees between june 2005 in august 2007. the decision comes almost four years to the day since the bank paid out hundreds of millions of dollars in fines for fixing the key benchmark rate behind the more than $350 trillion in securities. one of the most high profile probe brexit campaigners has resigned as though leader of his political party. he is stepping aside as the head of the u.k. independence party. he said he has done his bit and wants his life back. the investment bank see icc is confirming its holding talks with the brokerage china investment securities. they are at a very preliminary stage. the firms, whichever run $28 billion in assets are in strategic cooperation and business opportunities. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. let's have a peek at what is happening to equity markets. stocks in europe falling for the first day in five after rising almost 8% in the four days through thursday. the client in london and frankf

debt -- looking at barclays debt versus barclays stock.if you think earnings will go down that amount, i would be really shocked given the kind of recession we like to go into. it builds insubstantial problems in the mortgage market, the consumer lending market. quite frankly, i don't think that is the case. it is a profitability issue. banks have been facing, it's difficult to generate revenue. david: before brexit, the banks were not having an easy go of it. there was limited growth come interest rates were locomotor's a challenging time for them. low, itest rates were was a challenging time for them. who are the people in position to take market share and take advantage right now. chris: i spent most of my time looking at u.s. banks these days . there are some winners. in the u.k., there's been talks of challenger banks taking share. the challenger banks were the market is most concerned, the traditional mortgage market, which is making people uncomfortable. whether they can take share or whether there will be share for them to take is

angie: great insights from barclays. always good to see you, thank you for that.siness flash headlines. yahoo! may be looking at more job cuts after the sale of its internet assets. the new owners could slash up to areas like human resources and marketing. second quarter earnings will be reported later on monday. devaluing the australian dollar could be do best option to stoke their economy. believes the rate cut will have a limited effect on their benchmark rate of 1%, as you shared by the rba's next governor. devaluing their dollar would not stir any opposition. investors have turned a little positive about the economy if gold is anything to go by. concerns over the brexit vote have used while the u.s. economy has stayed strong, curbing the need for precious metals as a refuge. next, the u.k. and australia turned back the clocks with a tradeial post-brexit deal. all of the details coming to your next, head. this is bloomberg. ♪ ♪ angie: welcome back to "trending spokess." theresa may with her australian counterpart not internal over the weekend to discuss bilate

and british regulators fined barclays.lobal news 24 hours a day powered by our 2,400 journalists and more than 150 news bureaus around the world. -- 120 countries. stocks are higher ahead of tomorrow's jobs report. in phil campar oriali. we've had a lot of news, how has the landscape change for you? -- changed for you? phil: it looked like the u.k. would stay in the eu. .obody saw the jobs cut you have a fed that is been pushed all the way out. you need at least 50% to move. you had that on june 2. untilu don't see 50% 2018. for us, we think tomorrow's number will validate a continued strong job market. the 38,000 is more of an outlier than a trend. on brexit, i wouldn't underestimate how powerful european -- is. you have data showing that the eu and ecb brought more peripheral -- thought more peripheral than germany bought. think about the last time we had european chaos going into 2012. away.b was three years italian bonds are at one and a quarter. mark: what would be 8 -- vonnie: what would be a game changer for you? ph

this is bloomberg. ♪ >> these are our top stories, the reformers barclays traders have been convictedthey were found guilty of conspiracy with other barclays employees between june 2005 and august 2007. the decision comes almost four years after the back without almost -- hundreds of millions of dollars in fines. to fix the benchmark rate behind $350 trillion in securities. one of the most high-profile post brexit campaigners has resigned as the leader of his political

former barclays traders have been convicted of libor manipulation.comes almost four years to the day since the bank paid out hundreds of millions of dollars in fines to fixing the key benchmark rate behind more than $350 trillion in securities. that is the latest bloomberg business flash. let's stay with the banking sector. momentrexit be a lehman for the u.k.? mark gilbert is here to explain why good crises should never go to waste. one of the most read stories on the bloomberg. significant? mark g.: in a different kind of way. we saw after lehman was the u.s. instantly fixing its banking sector. they recapitalized the banks. they set a regulatory laying field everyone knew and understood. if you look at where u.s. banks are versus their european peers, any european banker will tell you the u.s. bankers are eating their lunch. fix its banks, particularly italy. the roles are restrictive on how to do that. mark: how do you get around the roles? mark g.: you have to be loose. you have to let italy face up to the fact that you cannot have billions of l

three former barclays traders have been convicted of raping in 2005 in 2007. jury could not reach a verdict on two others excuse -- two others accused. a fine for its role in the scandal, which led to an overhaul of the banking industry. it also saw the barclays ceo about $9s job and billion in penalties imposed on the financial sector. the retirediled president for life. he was convicted in the closed-door trial on monday of illegally obtaining state secrets and abusing power. he is the latest high profile target of an anticorruption campaign that has ensnared more than 100,000 officials since president she jinping came to power in 2014. global news 24 hours today, powered by journalists and analysts in more than 120 countries. this is bloomberg. yvonne: thank you. let's get back to the commodities. advancing as much as 7%, or rise above $21 for the first time in two years. that is a speculation of more central-bank stimulus that prompted investors to save havens. gold also rose to a near two-year high, benefiting from uncertainty following the uk's decision

this is why it has outperformed barclays.he bank says brexit will reduce the amounts it will generate this year and could her future earnings. share said lloyd down 5.2%. let's check in on bloomberg first word news. president obama made his most forceful case for hillary clinton. offered a stirring endorsement last night at the democratic convention in philadelphia. mr. obama: that is why i can say with confidence there has never been a man or a woman, not me, not bill, nobody more qualified than hillary clinton to serve as president of united states of america. >> clinton joined the president on stage after the speech and the two left to loud applause. french officials have identified a second man who attacked a normandy church, taking hostages, killing a priest. he was a 19-year-old spotted last month in turkey as he supposedly headed to syria, but return to france instead. a warning was sent that he could be planning an attack. saysny chancellor refugee that have committed acts of terrorist mock the country's hospitality.

. >>> barclays shares dropping today ahead of european bank stress test results due in about an hour from now. will fred frost has the latest. >> in line revenue and stronger than expected earnings mainly due to lower costs and the core uk business did better than expected. sharyls up sharply today. despite earnings falling one third highlighting how low expectations were following poor european bank results elsewhere this week and barclays shares down sharply year to date. now the results of the stress tests. spotlights will be on deutsch bank and italian banks where there's political pressure on renzi, the prime minister of anti-eu parties, to save the banks. italian bank shares have rallied today after it was confirmed of a bailout, a private bailout for the embattled bmps. here, barclays ceo talking earlier about the wider health of european banks. >> the european banking sector is challenged. if you look at the top 12 banks across europe, on average they're trading at about a 50% discount to book value. that's not healthy for the financial system. that's not healthy for the euro

in 2012, barclays became the first institution to become find over libor rigging. a huge amount of frustration at the banking sector, but very few individuals or institutions were punished. libor opened the floodgates to this huge fines to the banking sector. it was not just libor. it was rating of the foreign exchange markets and commodities. to personifyrfin people's views of the banking sector at that point in time. it was it profound moment. it was also profound moment in history barclays, which at that point had been a real success story in british banking and one of the few institutions that never took a bailout. had been a hugely successful individual who turned barclays from a mid-player to one of the largest banks. since his departure, it looks like a very different from. firm. david: there were some higher ups implicated and mentioned in these trials. is there a sense that the indians all got in trouble but the chiefs got away with it? liam: this is something you hear all the time and there is a legitimate amount of frustration on behalf of some of the tr

we are talking about deutsche bank and barclays and credits we's best credit suisse.l brexit effect that? stuart gulliver said they might have to move up to 1000 investment bankers to their office in paris. that's a fairly large exit is from their trading cohort in london. they are also hearing from barclays they may be moving something to dublin, which will remain inside the eu press london is looking increasingly likely to be out. we really like to see some the banks can i coach her after just having revealed the strategies in the past six months, sometimes even four months. they will have to look at not only the structure of the bank of whether they will put their people in the region. dimon outspoken in his unhappiness with the brexit vote. the more he be relocated a few thousand of his employees in the u.k. to countries. >> this is really a story of the financial site and london. london is the question the european center of finance. it's a global one. everyone is wondering about the uncertainty about brexit does that mean you start to see relocation very soon. k

is it time to buy barclay's? >> i'm going it say lloyd's is better.t's about $3 and kind of an interesting lottery ticket. a lot of people play those games, i don't know, the mega millions? lloyd's is like a mega three going to four. i think you're barking up the right tree there, carl, in chi town. how about caroline? >> caller: hey, jim, a very big thank you. a large part of my retirement is in netflix. what is your thinking on the partnership with comcast and the competition they're up against? >> i don't think comcast stock, which i work for, is that important. my friend doug kass is saying this is the sell of the week in real money pro, over at the street. netflix, i think there's value here. i know right now the numbers seem too high. so can you handle that? i don't know. i'd prefer you to see bae in comcast. >> caller: professor cramer, pack yourself on the back, whitewave foods, boo-yah to you, my friend. >> thank you! ♪ hallelujah >> caller: i've accumulated 2,000 shares sense you first touted whitewave way back when. all i can say is thank y

s expectsote, barclay investors to dump $3.2 billion in turkish bonds if moody's follows through withhe downgrade. angie: thanks for that. a quick check of the state of play in the markets. mumbai has been trading for almost 20 minutes now. it is climbing. check out hang saying above -- hang seng above. it is closing in on a bull market. a lot of chatter and buzz. we have japan snapping six days of gains. just under two hours away from the opening of the emirates market. let's shak take a check. mix the markets for the middle east yesterday. checking over dubai, abu dhabi and qatar, this is basically the view. today, we mull over imf downgrading the global outlook. checking in on first word headlines from around the world, here is rosalind chin. rosalind: the imf has scrapped its tradition that global growth will go up. it sees a 3.1%. the fund says that is based on britain and the eu reaching new trade agreements. otherwise, it could slip into recession at 2.8%. the latest production forecast by sydney. the world's biggest mining company is expecting productions to be flat this fisca

barclays declined to comment on the ruling. meanwhile ubs has been ordered to hand over tax information for a number of current and former french clients. order made by the french administration at the question of french authorities. taking legal steps to assess the valuety of the order as it seeks to clarify on the issue. >>> goldman sacks upgraded uncredit to buy. meanwhile shares in bmps continue to fall. however after the ecb yesterday told is to slash its loans. the question is how. claudia is here with all the details. >> reporter: yes, good morning. as you can see we're getting banks moving in two directions. one bank in specific, continues to suffer on the heels of the letter that did come for the need for italy's third largest bank so shed another 10 billion in bad loans, and, of course, the possibility of a capital hike at this point being absolutely needed. the stock is trading at a all time low. worth about 1 billion after this point. this comes after the last three or four years the bank has gone through a ballout.

that is because it was cut to equal weight at barclays, so it is reversing two days of gains.ays saying the stock has momentum, has improving momentum, but they think the earnings boost from efficiency savings and increment of cash returns are unlikely until next year. look at humana down 2.8%. this stock fell 10% yesterday. it is continuing its downward slide. we are seeing it fall 2.8% because j.p. morgan is saying they think that deal with aetna will probably not go through. they are doubting the deal will happen so it is at the lowest levels since february. julie: thank you so much for the latest on the analyst calls. coming up, with the shootings in dallas, baton rouge, and the how cities, we will look at the latest technology is helping police patrol the streets. this is bloomberg. ♪\ ♪ vonnie: this is "bloomberg markets." i am vonnie quinn. julie: i am julie hyman. facebook's live video service is drawn scrutiny after screening graphic content from recent shootings. it raises questions about how he the content should be monitored and curated. what is facebook's responsi

. >>> a british court has convicted three former barclays employees. verdicts bring five people as being part of a global conspiracy. barclays was the first bank to be penalized over rate fixing. >>> let's go to uk politics as the search for the next prime minster continues. boris johnson showing his support. calling for a quick brexit. first round takes place today. the surprise over the weekend though was the resignation of nigel farage, unrelated to the leadership battle. nigel farage the leader of the uk independence party stood down. >> that is why i now feel i've done by best. i couldn't possibly achieve more than we managed to get in that referendum so i feel it's right that i should now stand aside. >> so far farage has declined to endorse a candidate. >> we should point out that boris has endorsed lead some. the pro-potents of the exit vote have now pretty much quit their parties. >> well, no, the next leader is going to be from the conservative party. you've got a battle between theresa may as one candidate versus eerd leadsom or gove. you ge

the retail business cannot support barclays.ve a management team that has to focus on the institutional business to get performance up. it is a large fixed income house. they are trying to deemphasize the fixed income side to get profitability up. that is a tough story because we know all the regulatory changes over the last eight years have hurt the large capital intensive parts of the business. tom: we saw wells fargo take -- wenion -- that union saw wells fargo take that unit. uniqueve government-sponsored structures there that we exited years ago, even if we ever had an rbs equivalent. stayu believe that one can in major banking capital? brad: what choice? there is no alternative. are you going to move to zurich? it is to bank small. are you going to -- it is too small. paris -- i do not want to sound trite -- how many schools are there in paris for the kids? tom: guy, i will say this -- every issue of schools for the kids is london's trump card. bankingook at the industry, you are thumbs on london and on new york, but all o

we have had barclays and ubs today, michael.has been all about cost cuts so far and you are starting to see barclays and ubs that.me credit for both stocks up a decent amount after posting earnings. barclays missed on the earnings number but they forecast a lower cost from the unit from last year -- next year and that is been encouraging for investors. jonathan: they also need to follow the stress test results. 4:00 eastern. michael: i think it will all be about italy and deutsche bank. the italian lender's, five of test, if they have a shortfall, it might give the italian government some way to inject some capital. some loopholes in those rules that they could act on that. deutsche bank continues to have capital questions, trying to put those two rest. -- trying to put those two rest. jonathan: michael moore, finance team. thank you very much. know -- need to -- sheary clinton warns is scoffing that donald trump's claim that he is the only one that can fix that. she is the first female candidate officially nominated for preside

barclays, dr. thank you as well.xt hour, carl weinberg will join us from high frequency economics. this is bloomberg. ♪ tom: turkey considers democracy after a failed military to. over 6000 are detained. president carter about must invent a new turkey. supremehour, the former commander in and we look to cleveland to greet a grand old party. in france, and nice, and in paris, let us go to a moment of silence. ♪ tom: in extraordinary moment for the republic of france. nice forever changed. the palm trees and the views of mediterranean, it will never, ever be the same. >> it will not, but it is a continuation of a theme. that has raised the most disturbing economic aspects of this. what happened and nice, the concern about the immigration population that has not been fully integrated has become radicalized in certain instances. and, what is happening in turkey and the threat that potentially poses to the migration store that has been broken with the administration. to thinkor europe about right now in so much to figure

. >> we had a lot of star maurer out from steph to charles barclay to usher to justin timberlake to the, the only nature boy rick flair. >> this is the nature roy rick flair live at the espys. we're going to whoo all night who long! >> thank you, sir. >> i have my manners. i was saying yes, sir, no, sir to steve young. they got tired of it and said you don't have to keep kwulg me sir. >> we have a little bit of an issue. >> ok. >> i'm from san francisco. >> ok. >> and you're a college kid so you're not supposed to be able to afford a lot. what are you wearing? >> i'm just trying to be clean. a very casual look. >> we'll have to go out in a little bit here. are you ever going to starts hating on the -- >> i told you that little rinky ding team woonltd hold up to an seven-game series. >> do you know the nature boy? >> e yes. it's somebody i want to meet. >>st trilogy in the finals, that would be one heck of a story. >> i hope with a little different outcome next time. although i do appreciate you giving me -- >> you and me both. i hope for the same outcome. you hope for a different one. >

. >>> charles barclay a crowd pleaser maybe more than a fine golfer.l hall of famer and warriors antagonist is playing at this week's american century championship in tahoe. get this. he listed as 6,000:1 odds to win. i don't know why. barclay finished 90th out of 91 last year. steph curry is one of the favorites at 6:1. now, this is a complete fail. minnesota united goalie sammy -- >> oh. >> really? into his own goal? wow. didn't have too much of an impact on the out could the united lost 4-nil to a visiting english team. >>> hey, you think your know your sports trivia? test your skills this at the casino for a taping of gas money which will air later this fall on kpix 5 following thursday night football. here's a guy who is just as passionate about his old gig in baseball as he is about his current profession. ♪[ music ] >> on the left, that's michael fabiano. ♪[ music ] [ singing opera. ] > just performed with the san francisco opera here in the lead role of the production, don carlo. ♪[ music ] >> a jersey born kid yankees fan. deep passion for bas

various rankings over at barclays.ths all the way up to six and a half years. he was considered the senior figure and all this and that is where you get the longest sentence. one of the bankers was a very jr. guy and talked about being bully on the trading -- lead on the trading floor and hit with a baseball bat when he did things wrong. he still got or years in jail because he was one of the key settlers in all of this, and the judge is saying that no matter what your personal circumstances are, you have to know what you were doing was wrong. jon: bloomberg was at the forefront of breaking this scandal, that feels like a lifetime ago. is this the conclusion of all of this or is there more to come? >> it is exactly four years ago when the bank in the center of all this hate that initial 290 million pound fine. crazy period, and this brings it to a close, that it is not over. there will be more of these same kinds of rest -- revelations all over again. jon: what did we learn from these cases? there is a perception looki

the old owner surrendered business control to the folks at barclays.d not seem to be shaping up as a workable partnership at barclays. if they can make modifications to the arena a big if because those things are not cheap perhaps there is a future. certainly planning for another arena somewhere else is certainly in the minds of the owners now. scarlet: talk about this potential new arena being discussed. where would it be? scott: it's hard to know if that would be a retail place -- the city has been looking to do something with the iron triangle . they're looking at a development , whether it be a mall or shops or restaurants, hotels, they're looking at some sort of mixed use development anyway. perhaps an arena might make it easier to get this pushed through. a lot of people are looking at these big sports entertainment venues that will draw people when the teams don't play. shery: will this be enough to appease the fans and the team? scott: you would have to think this is a ploy by the fan base. they were not pleased that the team was moving to broo

he is barclays head of economic research. when you look at u.s. jobs, christian, it is different to what it felt like. as the unemployment rate goes down, all we expecting a lot more volatility when it comes to jobs numbers? christian: you were spot on when you said earlier that this number today is very crucial. it was a disappointing drop growth numbers in the recent report. even the market is to know whether if this is a soft patch or is this a beginning of a trend? the labor market has turned. since the 1950's, every recession in the u.s. was preceded by a slowdown in jobs growth. there was a time in the 1980's and 1990's where there was a soft patch. the market has to decide there could be nine soft patch or this is the beginning of a recession. in the next 18 months or so we would have to deal with the high probability of a u.s. recession. friend of the problem is if you consider janet yellen the central banker to the world. no matter how much of a great number the u.s. jobs can provide today, she will not hike for some time. james: i would

i want to go on what could be -- >> barclays cut apple's price target to 115 from 121. >> oh, wow. >>ow that out there. >> we're a realtime show here. the last three or four months have had a ream of negative data from china for apple. whether it's sales going down, whether it's the beijing removal of certain iphone models, that can actually turn around and get positive. it's hard to see it getting much more negative than that. i hate to throw hostage to fortune by saying that but i see more asymmetric risk -- >> if apple gone from technology leader from innovation to innovation, to energy follower. >> it's not priced like that. >> it's priced like it should be, fairly like a hardware company. a consumer product hardware company. >> it's a luxury goods company too though. >> you don't know what the iphone 7's going to be. >> don't forget 5g. >> that's why it's a buy right now. >> samsung is apple technology and it's not a bad one. it's not a luxury item. >> well, you spill your champagne on it, it's good, right? >> you've had phone buying patterns change dramatically. i was incentive.

>> the group offered support to three uc barclay students injured in the attack. 21-year-old darius medor ais still hospitalized with a broken leg. 23-year-old vlasilov and 20-year-old diane whang were treated and released. leslie was among 85 other cal students studying in france. he posted daily videos of his time in nice. >> for me, the biggest thing that i found interesting in nice is the diverse mix of cultures. >> in del mar today, friends brought flowers to leslie's family, still in disbelief. >> it breaks my heart. this is just frightening that this may have happened. >> the big question tonight is what happened to nicholas leslie? >> despite the attack, the university says it will continue the study abroad program until scheduled, until july 24th. however, at least seven students have decided to come home early. >> thank you, marianne. >>> americans overseas continue to stand with the people of france after this attack. the memorials continue to grow by the hour. among those paying their respects, san francisco native eric dartel. he saw the the bloody aftermath. >> an american h

along with another former barclays employee, they will be sentenced wednesday.you heard earlier in the bulletin, it is the fourth of july in the u.s., and the holiday has added some pop. the average household spends food, raking down to 22 million cases of year. they will be reaching into their pockets and spending $4 million on u.s. flags, millions on fireworks, a grand total of $6.8 million of an injection into the u.s. and i cannot contribute at all. i am stuck here in france. laura: maybe a little u.s. flag. $4 million on flags. we are taking a short break. stay with us. this is "france 24." ♪ ú]q from pacifica thisis is democracacy now... what, to the american slave, is your fourth of july? i answer: a day that reveals to him, more t tn all otheher days of the year, the gross injustice and cruelty to which he is a constant victim. to him, your celebration is a sham.) today in a holiday special we featuture james earl jones reading frederick douglass's independence day address more than 160 years ago.

deutsche bank results, poor, ubs and barclays, surprise, very low expectations, all three ceos makingvery clear the situation of european banks is rough. >> and the european banking sector in challenged. the question josh is, if these results come in sort of more dire than expected, what sort of rollover affect could you have from europe over into the u.s. market early next week? >> look, here's my take on this. the best case scenario, a non-event. that would be fine. however, the big market events we've had in u.s. stocks have already been currently related going back to august with beyond valuation, what went on earlier this year with the dollar ripping and then reversing. these have been currently issue, the brexit episode. i think the concern here is the five-star party in italy, even with a comedian running it, and all of the things you can say that, oh, it's a non-event, rensi basically bet his government on this. if it looks like italian moms and popless have to take a hit. politically he's toast and then germany is faced with yet another possible exit in country, or a country

you and i both have a dog named barclay. >> true. one of the connections we have.re looking forward to that event in the nbc bay area. one of the things you may not look forward to if you're heading out to hawaii are tropical systems this time of year. we'll cross over the big island in mau maui during the day tomorrow.. if you have family and friends out there, the big withest impact will be heavy raines and possibly a little bit of flooding. that storm continues to move across the hawaiian islands. closer to here in the bay area, not in the cards, just a few low clouds moving inland as we head home tomorrow morning. still at this hour, 73 degrees in livermore. san jose, 65 degrees ask where you're closer to the ocean, not all that bad. breezy conditions with patchy low clouds. the ocean air, applying to the central bay and coast here. we will see one of those allow clouds filling in for the morning. but not much of an impact. we'll see allow clouds throughout the day again handlinging out on the shore. temperatures in the mid 60s for your sunday. upper 80s still