profits at uk banking giant barclays have been dented by a near £2 billion in legal settlements. to £1.7 billion for the six months to the end ofjune. peter hahn is a professor of banking at the london institute of banking & finance. peter, i say it is to do with ppi, payment protection insurance, am i right? i was guessing. payment protection insurance, am i right? iwas guessing. sorry, i didn't hear the whole question. right? iwas guessing. sorry, i didn't hear the whole questionlj was didn't hear the whole question.” was saying barclays bank has been hit by a £2 million legal bill, is it to do with ppi? they have had a history of problems, but in the results announced this morning, one of the good things is, the reduction in their conduct charges. their charges decreasing with the results and what has happened in their us investment bank, where they have increased volume in certain areas. generally i think 11—3 it is a more positive measure. in terms of the actual earnings themselves, the bosses saying he's very bullish about the outlook, of course it is hisjob to say about th

so the core banks are doing well barclays particularly, the inve investment bank is doing well. both ceos cited risk around brexit and politics. >> interesting you talk about barclays investment bank, they have come under activist pressure to change or reorient activities away from the investment banking would that be the wrong move >> barclays has undergone a big restructure. so they've spun off noncore businesses, whether it's african businesses, non-core european businesses now they are much more focused on the core uk bank that the credit card and the investment bank i think the results today sort of show that that process is very much going well and it's probably a reasonable strategy these seem to be strong and clean results from barclays. >> tobey, thank you very much for that tony gibb at fidelity international. >>> ing posted better than expected second quarter profits, but total income slipped on negative currency effects and a weak performance at its financial markets unit the lender lets said provisions for bad loans fell over the past yea year >> commercially we had

bank. the move will make barclays ireland's biggest bank. for chief executives at britain's biggest listed companies rose more than six times faster than wages in the wider workforce last year, with the average boss's pay packet hitting $5 million. the paper says a worker on a median salary would have to work 167 years to earn average ceo pay. let's begin. with me is david buik, who's a market commentator at core spreads. david, very good to see you. good to see you. usually when we pick up a picture straight to focus on it is a happy occasion. this is a striking and afraid memorable

bank. the move will make barclays ireland's biggest bank. and finally the guardian says pay for chief executives at britain's biggest listed companies rose more than six times faster than wages in the wider workforce last year, with the average boss's pay packet hitting $5 million. the paper says a worker on a median salary would have to work 167 years to earn average ceo pay. let's begin. with me is david buik, who's a market commentator at core spreads. david, very good to see you. good to see you. usually when we pick up a picture straight to focus on it is a happy occasion. this is a striking and afraid memorable picture that they independent has picked up on they independent has picked up on the collapse of this bridge. it's extraordinary the way the independent‘s picture department is just fantastic, but as you say this is desperate. just looking at it the viewers will see how it has gone over these flats, it is a terrible thing for me to say, only 26 people of lost their lives. the fall... it must be 200,300 of lost their lives. the f

bank. barclays,ou plan at are you planning for a no deal brexit, is that real in the boardroom at barclays?e to plan for what people call a hard brexit. we are doing that. our subsidiaryth banks in ireland and dublin, what we are doing in terms of relicensing our branches across europe to be branches of our irish banks, what we will be doing in terms of putting capital into that irish bank, doing all that so we can continue to engage with our european customers and clients tomorrow the way we do today. irrespective of what happens with the brexit negotiations. theyone would like uncertainty of the discussions to be resolved as soon as we can . i do think it is weighing on the ..k. economy to a degree as a bank, we have to prepare for whatever eventuality is going to come our way from the negotiations with the eu the biggests downside risk for your business in the second half of the year, as it brexit or something else? jes: the biggest downside risk the major us is central banks are beginning to move out of the quantitative easing and accommodative monetary policy they have had since the fi

barclays, one of the french lenders, where does hsbc sit? underperforms on the trading side. bignow hsbc is not the global investment bank barclays is. it is a solid lending bank. you saw john flint highlight net interest margin. it was up three basis points. investors will be focused on lending profitability going forward. if that margin stars to slip, that is going to have an impact on the stock. mark: thank you. vonnie: let's check in on first word news. here is courtney donohoe. >> the u.s. is reimpose in first round of trade sanctions that had been suspended under the nuclear agreement. they go into effect one minute past midnight. will be barred from ewing u.s. dollars and will not be allowed to buy plane parts. sanctions targeting oil will be resumed in november. present from claims he has the upper hand in the trade dispute in china. -- president trump claims he has the upper hand in the trade dispute in china. china claims it is prepared for a trade war. china says it is prepared to endure the follow. trump says the sanctions are working big-time. there has been an escalation of a dispute between saudi arabia and canada. the

barclays running free. you bring up a good point. this is one of the first quarter is where we are clear of the legacy issues, with no more restructuring hanging over the banked 1.4 billion pounds-plus in after-tax earnings. it is a remarkable double-digit return. it feels good. ceo that was the barclays speaking to anna edwards earlier. a pretty positive outcome. the stock is reacting. we are getting a lot of individual stock movers today. a lot of attention is around gam, taking another big leg lower. the stock is trading down around 13%, 14% today. the asset manager has dated a number of key bond funds -- gated a number of key bond funds. the market is looking at what is going on. maybe there is a little bit more going on. speculation. there are no firm foundations. the market discounts prices forward and maybe thinks the worst. that is what is being done. down on big volume. matt: i want to quickly show you the move in the lira. 505.77.t it continues to weaken. trump's ascension threats hit the market. ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination a

lisa: does this say anything about deutsche bank and barclays on their position or risk appetite for point -- from your vantage point? sridhar: deutsche bank, this has been a year of misery for them. massive layoffs, new ceo, scrutiny. this has got to be a good thing for them. been wanting to take more risk and maybe they take a step back after this. scarlet: you cover goldman sachs for bloomberg and followed earnings and companies. unless talk about tesla and elon musk in particular. his relationship with the firm. goldman sachs helped take tesla public years ago, and elon musk tweeted saying he is looking forward to working with goldman sachs. talk about how this relationship has developed over the years. sridhar: let's look at the tweet. this is elon's month of jumping the gun. it is the exec same thing he did with goldman sachs before goldman had formally signed on to the deal. he announced goldman was advising them. they still had stock coverage there and analysts were bearish on the stock. it took them a couple of days to inform lies that -- to formalize that. lisa: he has been

and let's talk about barclays, european banks have struggled. a bright spot in the last three months, tripling profit, posting the best quarter in more than three years upbeat results are not convincing investors stock down 3% in part due to continued mixed performance in international arm. the stock down 9% in 2018, and you'll see the european financial banking index is down 2% today, and over 11% so far this year with the ecb keeping rates next to zero back to you. >> thank you very much >>> sue herrera has the news update. >> indeed i do thank you very much, mike. here's what's happening at this hour at a work force development event in washington, senior white house adviser ivanka trump says she disagrees with president trump's characterization of the press. >> i have some sensitivity around why people have concerns and gripe especially when they sort of feel targeted, no, i don't feel the media is the enemy of the people. >>> a successful operation that killed seven armed operatives that crossed into israeli occupied territory in the golan

we will be hearing from the bank of england governor mark carney on the brexit risks, ray tight, and much more. vonnie: with a good quarter behind it, is barclaysow running free? jes staley will announce his bank's earnings beat coming up on bloomberg. ♪ wakefield isan and trading out at $18,02. , theidpoint -- $18.02 midpoint of the price range. it is the largest ipo by a u.s. company since towards the end of may, this is cushman and wakefield, the commercial real estate company. caroline: a little bit of a pop-up that pricing range, thank you. it was a good culture for barclays, growing faster than average from u.s. banks. the ceo spoke with uber. jes: one of the best quarters we have had in many years to on equity2.3% return is a great result. ofr 1.4 billion pounds after-tax earnings but it was across the board. barclays u.k. is nested quite well. our international car business did quite well. the investment banking side and the markets business. >> you know there is always a lot of attention on the fixed income side of things. toent to ask about -- i want ask about thick revenue growth. does that hurt or is that not what you are worried ab

deutsche bank traders are said to have made $35 million on the turmoil in turkey. one barclays trader is said to have taken in $19 million hit. turkey holds an investor call at 2:00 p.m. london time. we speak exclusively to the fin tech that is worth more than deutsche bank. and is set to replace commerzbank. matt: we are less than half an hour away from the start of european equity trading. we see green across the screen. it does not seem that europe is as concerned with the drop of profit in tencent as you may have thought with all the hoopla over the earnings yesterday. we do see three quarters of a percent gain on future -- ftse futures and cap futures, but the overall stock picture looks set to open positively. we take a look at treasuries, yields coming back as well. day spread of treasuries. investors loaded up on the tenure debt area now they are letting go of it and yields are rising back up to two point 88%. what do you see on the gmm? arounde real story is the dollar. the renminbi bouncing back strongly. one of the biggest news i can remember for the chinese currency

e—mail yesterday which said it was from ba rclays bank, e—mail yesterday which said it was from barclays bankt was it wasn't. the time presses a lot of people have, it can be quite easy to try and convince people that, you know, to give them their money. and the complaints on this have gone up. there were something like 8500 complaints about bank fraud to the financial ombudsman last year. that is up by about a fifth. and what have the banks said? well, the banks are saying they are trying to do as much as they can about this, and they say they actually stopped £1.11 billion worth of unauthorised fraud last year. so they are saying there isa last year. so they are saying there is a lot that doesn't even get to the customer because they are stopping it from happening. but of course, the financial ombudsman is saying more needs to be done about this, and we will be talking to them in about a0 minutes' time, just about what consumers can do and what they can do with their banks to make sure doesn't happen. banks are a lwa ys sure doesn't happen. banks are always giving e—mail saying don't give a

barclay second quarter training estimates grew faster than the second quarter pace achieved by american banks quarters we have had to generate a 12 point 3% return on tangible equities. a great result. 1.4 billion pounds of after-tax earnings. barclays u.k. consumer business did well, the international car business did quite well, corporate and assets bank did quite well. taylor: shares of tesla are higher in premarket trading. they burned through less cash in the market feared in the second quarter. tesla has ramped up production of the model 3 sedan, and elon apologized to the analysts he's going for asking what he called buckhead questions. >> i think there is no excuse for bad manners. i violated my own rule in that regard. the reason for it is i had workingo sleep and been 120-hour weeks. this one, is my fault for not being polite on the call. taylor: global news, 24 hours a day on-air and on tic toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. tom: let me do a data check. equities, bonds, currencies, commodities. futures,

been hearing, the bank of england has raised the interest rate for only the second time in a decade. the rate has risen by 0.25% to 0.75%, the highest level since march 2009. barclays their profits hit by £2 billion worth of costs. legal fees and settlements made a serious dent in figures for the first six months of the year, leaving the bank with pre—tax profits of £1.6 billion. boss jes staley called the figures "strong", saying the bank is starting to show "its true potential and value". the future of house of fraser has been thrown into doubt after its potential new owner walked away from a rescue deal. c. banner, which owns the toy store hamley‘s, had planned to take control of the struggling department store chain and inject £70m of cash. but the chinese firm has pulled out. 0.75% — historically that's not a interest rate that would make headlines but it's been almost ten years since the bank of england base rate moved above half a percent. theoretically the increased base rate will increase the interest costs of more than 3.5 million residential mortgages that have variable or tracker rates. but it should be good news for savers, who could see a lift in thei

african countries and our target is trying to decolonized it in a day you know barclays a lot of these banks made their money off exploiting us we don't need them anymore we actually can exchange value peer to peer and use this amazing technology but we know the blocks in technology and the peer to peer applications are exploding in africa much probably the most adoptive place in the world is it probably because there's just already a natural tendency to think in this way i think that's what sense of it is the problem with most of these developing countries those not the local people most of these african countries as well as latin america are still you know neo colonial states where they still look to the west for approval so if you're a banker in africa and you're trying to do business in europe you're still going to unfortunately be manipulated by the swift bank or the other systems that are out there so i think this is a great opportunity though to use technology to change it up ok so it's a black bloc change summit. tenth and eleventh why howard university historic our university histor

banks. specifically we had three of the big ones report last week. it looks like the worst is over as far as they're concerned. lloyds also beat as well they have less provision barclay's showing good numbers on investment banking. do you think the time has come >> that's a question because of all the uncertainty around events and the possibility of now being that standard. of course there's many people. two different messages actual debate and you have to think in terms of unsecured trade and you would see some pressur pressures. the only way but this is because they have less and seeing that once, it's the doj settlement. >> so in a sense you want to be an internationally focused bank. >> we like banco and also we like it before we'll compare it and both banks are going to be effected. >> let's talk about asset quality in the context of italian banks and low performing loans there. bpm numbers we were just talking about now and the provisioning for loans actually came higher than expectations. that's bucking the trend i thought the whole trend for italian banks was downward sloping. what's going on there. >> the rates are going down but you know, you need to have the

african countries and our target is trying to decolonized they did it today you know barclays and a lot of these banks made their money off exploiting us we don't need them anymore we actually can exchange value peer to peer and use this amazing technology but we know the blocks in technology and the peer to peer applications are exploding in africa much probably the most adopt of place in the world is it probably because there's just already a natural tendency to think in this way i think that after tends to be the problem with most of these developing countries those not the local people most of these african countries as well as latin america are still you know neo colonial states where they still look to the west for approval so if you're a banker in africa and you're trying to do business in europe you're still going to unfortunately be manipulated by the swiss bank or the other systems that are out there so i think this is a great opportunity though to use technology to change it up ok so it's a black block changed some it still may be the tenth and eleventh why howard university historic our un

bank of england set to raise rates in moments. investors expecting a cautious hike. defends the yield curve. and barclays is back. the u.k. bank said trading revenue grew 11% last quarter. in china ready to retaliate. persistent trade battles. global bond yields and a stronger dollar equals triple whammy for emerging markets. we have the central bank decision from the boe out. they increased rates by 25 basis points. they deliver that 25 basis point increase hike that we had been expecting. it was unanimous and they agreed that more rate hikes will be needed. very interesting statement considering the fact that they wind up having growth overall g10 markets and there's a brexit debate. they expected two dissents. this was more bullish than people had expected. they are now starting to forecast what's coming up. they see the key rate at 1.1% in three years. projecting what they think it's going to be in three years at 1.1%. they also say the slack in the economy is very limited. the labor market is tightening. rising 1.75% to and they say the long-term neutral , bloomberg economics is expecting 1.5%. double that on the high

banks. not barclays and deutsche bank have this exposure.ropean bank but a lower tier bank. i suspect this story will end up going away after a few day, the voice of reason from david there, settling all of us there. well-done, david. the market is still down 228 points, however. >>> i have what i think is a positive trade headline for you, david. china is not going to impose tariffs on oil they buy from america. i think that's positive, isn't it? >> it is a huge positive but it's even bigger positive for what i think it indicates. and the president of our country is holding the card now. we have the ability to narrow this trade deficit he so desperately wants narrowed with massive increase of exporting oil and natural gas to china. there is no lower hanging fruit than that. they need it. it isn't economic cosmetics. it would give a great political victory to the president. that's the way. you will only lower the trade deficit one of three ways. the way i'm suggesting or by more tariffs which is more taxes, which is the worst way to do it. o

with regard to barclays, they have made it significant that on investment banking.that is now proving successful. anna: good to hear from you up next, wearker, will sit with the banking scene and the lehman debacle. all of that relevant to this. we will be hearing from the cfo of royal bank of scotland. ♪ >> good morning from london. i am nejra cehic. anna: i am anna edwards. "bloomberg daybreak: europe," and today's top stories. nejra: the commerce secretaries tariff threats hit chinese assets. the u.s. separates longest weekly loss in quarter of a century. in heray meet macron drive to win over eu leaders. this is mark carney hints at further rate hikes in the face of brexit risks. nejra: we will bring our interview with the cfo at the royal bank of scotland. anna: good morning. this is "bloomberg daybreak: europe." futures look green, but we have rbs numbers to go through. let's go to those. nejra: these numbers are coming out from rbs right now. the end of june ratio coming in at 16.1%, it will come up in the interview we hear in a moment. it is retaining its ou

what's going to be interesting in the next few months is with barclays, obviously there's brexit and how that plays out. and for european banksgenerally. economic growth, whether that remains an engine for europe. vonnie: and -- caroline: and we will be digging in more. looks as though -- thank you for your time. lisa martin from bloomberg news. watching apple shares, $.20 away from the $1 trillion market cap. little exciting. going to be a big psychological number, if nothing else. 206.89. 25 is what we need to hit. we are between $.17 and $.24 away. china says it is ready to retaliate against the latest u.s. threat to raise tariffs. the trump administration has confirmed it is considering whether to raise the proposed tariffs on $200 billion of chinese goods from 10% to 25%. chinese commerce ministry says beijing will have to retaliate to defend national pride and the people's interests. the u.s. and mexico will try to resolve one of the biggest sticking points in the north american free trade agreement. at a consensus for cars sold under nafta. a mexican delegation has arrived for talks with robert mighthizer. -- detention

bank. quick certainly. >> and barclays were a traitor loss $19 million in one pot.out this was the magnitude of the losses. $10 million gains. gained orview this as impressive for not ring bigger, in either direction showing banks trading are taking as much risk as they once did. >> if you are a traitor who has been in that state precrisis this doesn't mean a lot. thisre some who have made in weeks and months multiple times over years but you haven't really seen outsized moves. when there is a $40 million gain in two weeks or they lose almost $20 million of days for that is a big deal. >> $35 million profit and a loss for barclays area how does this show up in the results? you cover goldman sachs. the equity revenue, does the show up at all? >> we have had a couple of weeks of this action. if this is something where used the this volatility through the end of the quarter he will have a pronounced effect. right now i am not sure it will make a big dent but we will see how long it lasts. he had mnuchin saying the u.s. might increase sanctions against turkey again. is

barclays' u.k. consumer business did quite well. the corporate and investment bankingell, particularly the markets business. socgen's investment bank showing signs of emerging from ,he doldrums better-than-expected second-quarter earnings, income from financing deals and trading topped estimates. >> there are risks and that is why we might not be that far from the and of the cycle in the u.s. and that is why we remain conservative in our risk-taking and it is reflected across our risk, which is low across the board. bnp paribas reported second-quarter profit, beating estimates. revenue falling 17%. are you disappointed with the performance and fixed-income side of the business? >> you have to take into account a negative effect and also the fact that compared to a year ago, the economic context is in particularly in europe. continuess, the bank its transformation plant wrapping up -- plan ramping up to 2020 and continuing sustainable finance. >> standard chartered, one of the biggest financiers of global trade has reported a 34% increase in pretax profits for the first

state of digital dependency good news for savers but bad for borrowers — the bank of england base rate has risen to 0.75% barclaysthe future of house of fraser has been thrown into doubt after its potential new owner walked away from a rescue deal. c. banner, which owns the toy store hamley‘s, had planned to take control of the struggling department store chain and inject £70 million of cash. but the chinese firm has pulled out. you‘re talking about reports that google is planning a censored search engine so it can get back into china? google shut down their search engine in china in 2010, complaining that free speech was being limited — but now online news site the intercept is saying google has being working on a project code—named dragonfly that will block terms like human rights and religion let‘s go straight to our reporter in the us, kim gittleson — kim what have google said in response to these claims? sound problem kim was also going to talk to us about ongoing trade war is in the us and china. the latest update on that was that donald trump was saying he was that donald trump was saying he was going to s

banks? we see it is doing what barclays is doing and what credit suisse is doing. the outlier. t pullingre completely out of the u.s. they want to keep a foothold there. thank you for joining us. , it has been a pleasure. keep it with us. nejra: this is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which

i lodged a complaint against both banks, santander and barclays, because i knew about money launderingd have gone through. they were dismissive, saying that i did it and in the case of barclays, either time be investigated, the money was gone and the accounts had been closed at the met followed it up, and i was advised to go to the ombudsman. i did and that was the best day because he started judging and was able to go to both banks and ask them for material i could never have got and it was his judgment them for material i could never have got and it was hisjudgment in january when he started questioning both banks, out of the blue i got a call saying that barclays as a gesture of goodwill would offer £68,000 ina gesture of goodwill would offer £68,000 in a full and final settle m e nt £68,000 in a full and final settlement of my complaint against them. that's a fantastic endorsement for the financial ombudsman but how culpable our way as the people this happens to rather than the banks themselves? why should they reimburse us? it depends on circumstances, customers have to ta ke circ

the likes of deutsche bank, retrenching from their investment banking reporting very weak trading numbers. on the other hand, you have barclaystrong numbers. the strategy for now is paying off. having said that, jes staley said he is running free, also points to the fact that the beginningoutlook is to come through. july wasn't has strong as it might have been. a mixed picture on the banking side. matt: were there any big surprises this earnings season for banks? elisa: actually, one area that delivered was asset management. you saw some managers bucking the trend, in particular the likes of a monday with strong inflows. it is one of those firms that has been through integration, a big merger. some of those haven't been as successful as others and investors are taking comfort there and that integration is proceeding strongly. gam, down again. the bleeding is not stopping. elisa: this is what investors want to find out. you had the company telling investors it had to freeze certain funds, but we don't know if that nervousness is spreading to other funds of the asset manager. they are a diversified business. i think what invest

barclays was on the wrong side of the trade and deutsche bank, god bless them, on the right side.needed a win. >> $35 million profit over a couple of weeks for deutsche bank. we were talking about this as it was unfolding, there was a trade. when a currency moves that much at a currency that is closely watched as the lira has been. somebody was doing something. bet.sche bank maybe right people thought turkey would do sensible things. alix: how do you position for those things, and how much risk you take on your balance sheet? risk, that on more can pay off or not. what does that mean if your capitalization is not what it should be? jason: absolutely. a reminder to watch this space, not just in turkey but across the broader emerging market. david: are very of jason kelly. wn jason going. -- jason kelly. notes halted after falling 22% in milan. havingtory reverberations in europe. this is bloomberg. ♪ david: this is what i'm watching, italy's atlantia. the company that has the license to run the motorway is under a lot of scrutiny. they blew out the cost of insuring their bonds and

barclays' u.k. consumer business did quite well. our international card business did quite well, and the corporate and the investment bank did well, particularly market business. guy: socgen's investment bank showing signs of emerging from the doldrums, posting better-than-expected second-quarter earnings with income from financing deals and trading topped estimates. >> there are risks and that is why we might not be that far from the end of the cycle in the u.s. and that is why we remain conservative in our risk-taking , our project origination, and it is actually reflected in our customer risk, which is low across the board. >> french bank bnp paribas just posted second-quarter profit, beating estimates. but revenue falling 17%. are you disappointed with the performance in the fixed income side of the business? >> if you look at the result, of course, you have to take into effect andegative 4x also compared to a year ago, the economic context is less favorable in particularly in europe. but nevertheless, the bank keeps on continuing its transformation plan, ramping up to 2020 and continuing its sustainable finance as well. >> standard charte

barclays concerning earnings and the chairman. they say they are in gauging on the search process for the chairman. mention the future of the investment bankingess, which might be interesting because the have been lots of talk and the markets about what exactly did cherbourg want? does it want a change in strategy?we spoke to jes staley and he said he was not entirely sure as yet what it was they were pushing for, so now, we know more about that. concerning earnings. let's get the bloomberg first word news update with juliette saly in singapore. juliette: thank you. the u.s. said it will begin imposing 25% duties on another -- from august 23, u.s. customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list. it will be the second time washington slaps duties on chinese goods in the past month, despite complaints by american companies that such moves will raise business costs and consumer prices. meanwhile, china's exports have grown faster than expected while imports surge as domestic and international demand continue to rise despite the uncertainty of trade relations with the u.s. july inrose 12.2% i

interest rates, and the reserve bank of india puttingto be going up, interest rates higher and tightening monetary policy. rioave earnings out of the tinto, bmw and barclays the next couple of days, and of course, ending the week with the jobs report in the u.s.. this is ascletis pharma, we will now hear the gong as it makes its debut here in hong kong. [applause] rishaad: and, we are up and running! let us get straight to where the gong -- why the gong is being banged. ipoing us is bloomberg's asia reporter. let us first bring in sophie. what is atmosphere like? sophie: we certainly have some excitement here. we had seen a cooling off of ipo markets, and the debut of a pharmaceutical company here today is bringing a lot of excitement. we did see the share price jump, and on the trading floor, you are hearing excitement. .ishaad: indeed this is a historic moment, the rules being changed, to other companies which normally -- to debut here in hong kong. , crystal.ng at this what do you make of this? kristol: it like you said, it is very important for the hong kong stock exchange, because it is the first company to be successfully listed in hong kong. before

banks, for some time to come. and how worried do you think the big existing lenders will be, the likes of ba rclays, existing lenders will be, the likes of barclaysil. house—builders down after some data showing that mortgage applications were not quite as buoyant as had been expected last month. despite, in theory, a lot of people trying to get on better deals before the rate goes up even further. almost 40 years on from the last papal visit tens of thousands of people are expected to travel to dublin to see pope francis this weekend. but in the wake of abuse scandals in the catholic church what kind of welcome will he receive? there has been a massive decline in catholic practice and also this deluge of most evil scandals with priests raping boys while other priests raping boys while other priests look on. cover—ups by the hierarchy and it is as if ireland is having its moment now. suddenly, all these voices are coming out. this has been going on for years but suddenly it is coming out, we are hearing about it and so pope francis, who is in an unenviable position, the pope now has got to sort this out so it is an unprecedented challenge for any

bank of england tomorrow. it will be timely to have a conversation with the chief executive officer of barclays.us. this is bloomberg. ♪ ♪ tom: francine lacqua in london and tom keene in new york. it is dark and gloomy in new york. and london it is like a painting. look at the difference. on the left is the new york mets with their worst defeat ever, 25-4. on the right is perfection. francine: i know, it's pretty beautiful. i know you are listening to us from london on the radio. it is sunny and bright. we are just not used to this heatwave. tom: my raincoat is nice and dry at home in the closet. let's turn to apple. ivan feinseth with tigress financial partners as we look at apple. and are selling iphone x's they're moving them out at $724 per unit. why does everyone seem to be surprised by that? ivan: people have been predicting they would have a hard time increasing sale prices because they believed people would not pay up for iphones or smartphones. i believe that people's smartphones are such an important part of their personal and professional life's that they will pay up for both the phon

we have seen the banks have taken a hit, £20 billion, lloyds, then ba rclays hit, £20 billion, lloyds, then barclayso that probably but you said that there is probably not one of us who doesn't have it. so there are lots of places where you can go and try to get it back. lots of places where you can try to claim it back for free. lots of standard letters that have been written where you can put in your details and send them to the bank. there will be people who don't have it. there are a lot of people who are unaware that they had it at all if they have the store card or the mortgage from the past. you have given me ajob mortgage from the past. you have given me a job to do.” mortgage from the past. you have given me ajob to do. i shall mortgage from the past. you have given me a job to do. i shall have a look at that. it will take you ten minutes. thank you very much. see you later. i was going to give a ridiculous time, saying it is past 7:09am, but it isjust ridiculous time, saying it is past 7:09am, but it is just approaching 7am. oak, ash and birch are just some of the trees native to britain.

banks reporting results, how does hsbc compare? they are good. last week we had lloyds, rbs and ba rclays are last week we had lloyds, rbs and barclays are reportingin the state regarding a mortgage—backed securities issue dating back to 2010, a cost of $800 million nearly. more signs of putting those challengers behind and looking forward. the increasing interest rate environment will help banks expand their margins as well. all of the banks, more or less most of them, have had to take someone of hits to settle legal disputes. it seems for the most part investors and analysts are looking beyond that and analysts are looking beyond that and seeing the underlying growth thatis and seeing the underlying growth that is picking up after some trouble spots. yes, most of those challengers now, there are deadlines around payment protection insurance claims, settlements have been reached with the regulators in the us in particular in many cases. the banks can start to put a lot of those provisions behind them and start to look forward and start to deliver increased profits and paying dividends and those sorts of things. thanks very much. we talk quite oft