certainly, the impact on it is 25 basis points for bnp. small financial impact which is where they need to increase. that is working for bnp. >> i wonder if this is the first chapter of more meaningful m &a. thank you for the report. >>> all eyes on the nfp number. coming up after the break, we will look at the latest payroll report. we'll discuss what to expect after this break. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com. subway is offering 20% off any sub, any size whooo! 20% off subs is fun to say 20% off subs are fun to eat you'll love 20% off subs the point is, any sub any size. 20% off at subway ryan t. writes, "moving is stressful. the point is, any sub any size. can you help me take one thing off of my to do list?

. >> and bnp paribas is in talks to buy units in a deal.view with the ceo in moments. let's get you caught up to speed on some of these market moves, because as a heavy day for trading across equities. the pickup from asia negative. nikkei down almost 5% overnight. the s&p ending the session down. nasdaq down more than 2.3% as we keep an eye on the data. we had into the print today, focus on the labor market signals, but into the session, all of these futures with the exception of the ftse are leaning red. nasdaq 100 leading to another negative open after after hours earnings came down disappointing to the downside. other boards we are watching. fixed income, big rally after those ism numbers disappointed to the downside. the 10-year yield has traded to 3.96%, another basis point lower. investors start pricing more out of the fed. the bank of england came forward with the rate cut yesterday. as you can see, we continue to see downward pressure on the pound, down 1% for the week. oil, keeping a close eye on that, down for the week. access is

meghan robson is with me in studio from bnp paribas.is the appetite when it seems like there is risk out there, we are not even quite sure what the risks are we look at the economic data. meghan: thank you for having me. we saw the biggest selloff in credit in the last two weeks as we saw some volatility. a lot has recovered but spreads are still sitting wider. in our view there is still some spread upside to capture over the next couple weeks as we head into august. there are some supportive factors. we have $20 billion to get through next week but it is a lot less than earlier this month when it was $40 billion in investment grade. investor positioning was very extended in the u.s. and that happened to come down with the selloff in credit. those factors and stability and growth will be positive for credit. vonnie: on perceived risk in the bond market, we are at something like 52 basis points. it is basically no risk whatsoever. steven: i think the market is pricing in both an economic soft landing to a scenario with accommodations com

and childhood, namely the bnp and the national front.mr khan said clearly i'm not safe, which is why i've got police protection . why i've got police protection. he added it's difficult to explain the ripples when you've been targeted because of your religion or colour or your skin colour, and you can't change either of those things look like right? any right minded person? i completely condemn violence. the threats, the racism and thuggery of any kind from any quarters. and i speak as a father that the fact that sadiq khan's children have been left scared as a result of the rotten scenes of recent weeks, is indeed heartbreaking. but the truth is, the mayor's own admission that he personally feels unsafe in his own city shouldn't come as a surprise to him. he's been in charge since 2016, overseeing eight long years where the capital i once loved has turned into a lawless hellhole . how does he think hellhole. how does he think britain's tiny jewish minority has felt over the past ten months? dealing with rabid palestine protesters, many

i stood up for the right for the oxford union to invite nick griffin of the bnp to the oxford union , oxford union, because i think the best way that you challenge and expose extremism is through free and open debate . i also learned open debate. i also learned overseeing the prevent strategy , overseeing the prevent strategy, that in defining a line of what's acceptable and unacceptable violence and advocacy of violence is the only line you can draw because anything else unravels and is unsustainable. >> yeah. i mean, look, there are things that are being i mean, i do agree to a large extent that what is said on facebook or wherever it is should be the same as us talking and incitement is above and beyond, but do you just get the feeling kwasi that free speech? i mean, we've had you know, we've had the boss of telegram arrested by the boss of telegram arrested by the french authorities. are you worried about this? >> because i am about it, because i think the problem that we have is that you've got a government. i'm not saying it's a labour government or any government. it's any gove

was released at a time when people are on the street celebrating their victory, and her party, the bnprging people to maintain calm and restore order in the country. so maybe people believe that khaleda zia, being the leader of one of the largest political parties in bangladesh, in absence of sheikh hasina, so i think she can take some role, orshe hasina, so i think she can take some role, or she can urge people to stay calm, and not be indulging in violence. akbar hussein live in dhaka, thank you. the indian foreign minister says that they are deeply concerned by the bangladesh crisis. the latest on that will be on the live page on the bbc news website and app. around the world and across the uk, this is bbc news. level of these are pictures of the british prime minister sir keir starmer. he is greeting the sultan of oman in downing street. there you can see them at the very famous door of number ten. i am told that the sultan arrived in a silver rolls—royce. we do not see those pictures, but there was a red carpet outside number ten. they are going to be having a bilateral meeting th

i_ bnp presence, they 5pray tainted my house, i know what it is like to hou5e, i know what it is likeake people feel safer but that's part of the puzzle. we need briton feeling happier— the puzzle. we need briton feeling happieragain, more secure. we must invest— happieragain, more secure. we must invest in— happieragain, more secure. we must invest in britain again. i think the economics — invest in britain again. i think the economics of the situation and the government that —— governments that have seen— government that —— governments that have seen this decline mu5t government that —— governments that have seen this decline must answer. i have seen this decline must answer. i have _ have seen this decline must answer. i have a _ have seen this decline must answer. i have a lot — have seen this decline must answer. i have a lot of sympathy for what luke has said. i'm uncomfortable seeing this rioting but the flip side is that when somebody raises these concerns, that are held by many people, are they going to be shouted down and say, you are just like the people who were rioting a

tom: the bnp paribas global head on em credit strategy. and political risk could be rising. there is plenty more coming up. this is bloomberg. ♪ tom: welcome back. brace yourselves for more volatility. here is a gauge. the inversion you are seeing, on the front and in terms of pricing of options around volatility you are seeing more pronounced moves. the inversion is there. interestingly, the last four times this has happened, the s&p is nearing a bottom. the other space is getting crushed again today and you can see that in terms of bitcoin and ether. 74,000 was a record high and we are now around 53,000 for bitcoin. and the pressure around the cryptocurrency space remains. you have seen an outflow in terms of bitcoin etf's, the most in about three months. the biggest drop since the implosion of ftx. is this a buying opportunity? the other negative factor for these markets is what berkshire hathaway is doing. warren buffett cutting its stake in apple 50% after cutting its stake in bank of america last week. it has a cash pile. the questio

for more on this, joining me now is trevor allen, head of sustainability research at bnp paribas.g points? where are we at? today — and charging points? where are we at? today the _ and charging points? where are we at? today the uk _ and charging points? where are we at? today the uk is - and charging points? where are we at? today the uk is in - and charging points? where are we at? today the uk is in a - we at? today the uk is in a good position. the uk has around 32 million ought appeals on the road. only about 1.1 million are electric vehicles and about 50% has been sold in the last two years when we think about what the power demands after 1.1 million electric vehicles, looking at about 4300 gigawatt hours or about 4300 gigawatt hours or about i% of what the current generation is today for the uk, so a very manageable problem going forward for the uk. when it comes to _ going forward for the uk. when it comes to range _ going forward for the uk. when it comes to range anxiety, - going forward for the uk. when it comes to range anxiety, is i it comes to range anxiety, is that

between the regional jets, 74 seats, and the other guys 170-180, two under 40, so it is a sweet spot to bnp cities and 30 states so we are trying to come to a and airport near you. >> neil: very good earnings report but they sort of telegraphed a more cautious consumer. indicated as much. is the fire slowing down? peeling back a little bit? >> i think so. year-over-year we are up, going to be up 40% in actual capacity and customers, guests, we call them, but our revenue is actually up year-over-year and that goes with being in different markets for most people are down. it's a little bit of a challenging time, capacity pulling back, capacity coming down but also the travelers, it is softening airbnb, others, as well. we are just happy to be in the position we are at. >> neil: i wish you well, david. if there is such a thing as a hall of fame for your industry, you would be in it. it is remarkable what has been accomplished and the changes he has seen and shepherded. i want to end was showing you the dial appeared we were down about 159 points, and after trading some technology stock selling

it was spread far and wide and that was with the bnp and that was reported. hold on. that was reported to be a muslim. so for those people on the ground , there were receiving the ground, there were receiving reports that this was what, what had happened, that this muslim had happened, that this muslim had had this knife and so on and so forth. it wasn't true. it was that was not true. and i think everybody needs to understand that was not true. of course, that was not true. of course, that wasn't true, but it was not a spontaneous as that. >> it was not a spontaneous that i've spoken to people who are who were in southport at the time. there were people coming in from outside southport, racist, far right activists from out of town who came in prior to the vigil and then when there was very little policing called in for more and then set rampage and attacked the mosque, something this is not this was not a this was not a spontaneous mistake. it was also egged on by figures in our politics and our media. often those are the same people, spreading these sterile question

she she brought it up in 2006 and she was accused of , in 2006 and she was accused of, helping the bnpn seats. so she's obviously been raising this subject for a while. it's just no one's particularly listening on it, and people complain about the right wing press covering it. but the trouble is, the left wing press aren't as she's right. they're not talking about it. and so they're leaving all that ground to what they consider to be their enemies. so that seems a bit of a bad planning, right? so yeah, they should be talking about it more. we've seen a lot of strange things going on at the moment . we've already talked the moment. we've already talked about, to be clear , absolutely about, to be clear, absolutely clear. once again, all the violence and stuff going on is, is awful. and there's no excuse ever to be getting aggressive in the country. it's bad. can we agree on that. >> yeah we all agree. not good. >> yeah we all agree. not good. >> yeah. it's bad. and on the other hand we're hearing just just lots of cliche talk about how the benefits of immigration, which there's unquesti

zero, bnp paribas, and namor all called the bureau of labor statistics and obtained the data directlyer was not released as scheduled at 10:00 a.m. eastern time. a former colleague now at bnp paribas, i love this quote, we call it the public line a couple of times and they give us the number. dani: some of the reporting was that the bls. that maybe they had published on the website so were confused that it didn't. they thought, why not give it to someone on the phone? government clumsiness is especially a problem when it comes to market-moving data, because you have this appearance of giving people an unfair advantage. you have this appearance of giving people favoritism. it is the image that is a problem. this is why, for example, at jackson hole i learned recently they do not invite anybody from banks. they don't invite anyone from firms because they don't want to make it look like they're giving people unfair access. it is not necessarily that they are, but it is the appearance of that that erodes ever so slowly the trust in some of these organizations. jonathan: the effort to avoi

and the bnp declined.of appetite for his brand of, of politics and his views. so i'm wary of anyone, maybe within some limitations, being no platform because you've seen students try and deplatform the likes of jacob rees—mogg or protesting at even the thought of nigel farage turning up at their university when he's been invited by one group of people, one group of students, to give a talk. i mean, why do students and indeed staff need to be model coddled? so much that they can't even be exposed to other views? i mean, you can see the views on the internet. >> yeah. i mean, it's a very fine balance, perhaps, between free speech and hate speech. but one of the main points of the university perhaps is critical thinking being exposed to different points of view and being able to make up your own mind and have your free mind to speak what you think, i don't know, i just think there are some warning signs coming from the labour government at the moment. >> when it does come to freedom of speech. i mean, is brid

days and as nigel has said, look because the bnp are not a real force and not a force at all, reallyf people don't necessarily have somewhere to go. so they represent they represented a tiny, tiny fraction of the parties. obviously we had some candidates who don't represent our values. again, we make no excuse about that. we absolutely understand that. we absolutely understand that that had to be resolved. but look, this party again , what but look, this party again, what what reform are about is standing up for british values, british people of all backgrounds. >> and just finally, the goal is to beat the tories in 2028, 28, 29. >> our goal is to be the party of government in 2029, which means beating labour, and that's possible from this low start. >> five mps, 75,000 members. you can do that. >> i built quite a successful and sophisticated technology company. i'm quite good with data. i have spent weeks and weeks and weeks poring over the data. we have a clear path to victory. don't mean wrong. it's long odds, right? saving the country generally is quite a difficult endeavour. it'

the bnp was strong there. ukip had councillors elected there.ence here, do not respond with massive presence early enough on. i think boris johnson produced crazy ideas like water cannon . well that just makes cannon. well that just makes things far worse when you are when you see 2030 police a thin blue line . oh boy, that's blue line. oh boy, that's a target. you see 2 or 300 who are going to circle around a rescue and put you in front of a court fast. and as in 1959, this has got such a long history. notting hill race riots, the judges said the perpetrators to prison for four years and i hope keir starmer is right when he says they'll live to regret it . they'll live to regret it. frankly, i would open a prison in rwanda and send them all there. wow. >> it's interesting because they'll have to open a prison somewhere because he hasn't got the cells here, has it? well, we've got 4000 women in prison for non—violent crimes, and we've got judges who send people into prison for, you know, far worse than far more than any other equivalent country

. >> bnp saying we assume the acquisition multiple could be roughly, 5% discount to the average of theng multiple of mondelez -- by the way, that was 18 times. >> i hated that deal. so that's why if you get anywhere near that you're talking anywhere in the range of 90 to 105. again, that is those who own the stock and would love to see the deal. average i'm told is about 16 times in territories of these deals. but, again, that gets you to a higher stock price than where we are right now and any number of notes this morning pointing out that mars could do the deal, antitrust would not be an issue and that they have the financial wherewithal and interest in food, as well. remember, they've been big. one of the largest private companies in the country. so we'll keep an eye on this. if the deal does come to fruition would be one of the largest we've seen not just in this particular industry but one of the largest of the year. >> what it does say people are not concerned about gop-1. saying it does not influence us because of the kellanova snacks -- let's short kellanova, they don't do that

and i was born up on the isle of dogs, where we had the bnp., i had skinheads. you know, there is there are certain people in this country and we don't want that. however, there are just normal people. i've just been in the lake district with a family that i've known for years, and, you know, all of them are on the table like, well, half of them were like we wrote in reform, but you know, you've got to listen to people. we've got to listen. we've i agree with them or not. >> susie, do you think your leader is going to listen to people? because it seems to me that he's just going la la la la because the elites and the labour party don't care about immigration. it's not a problem for them. they don't say why we shouldn't have open borders. tom has just agreed to take another. however, many tens of thousands of people from spain because he thinks we're not taking enough migrants in so he's not listening. he's just, you know, no, i think i mean, i think we've look, we've made it very, very clear , you know, that this very clear, you know, that this

germany in 1930s places like london in the 1950s and even the 1980s with the national front of the bnp poor economic circumstances. so therefore, if he continues to put forward, you know, a platform of potential change investing in public services and putting more money in people's pockets, you would hope a lot of that ill feeling does go away more naturally. and he obviously avoids the very awkward conversations that he might not want to have over immigration. >> matthew, i think a lot of people were with you on that conversation there until you mentioned 1930s germany and the far right, and isn't that the problem with people from the political left at the moment? it's like we were just about to have a fruitful conversation there about the frustrations the, the, the immense anger. like it or not, that has been expressed. you said you sympathise with that anger dunng sympathise with that anger during the black lives matter protest, but there's been no political sympathy for the anger expressed during the recent riots. and i totally agree with you. no one is saying that you should set f

one saturday night, a black taxi driver told me he was voting for the bnp.u mad, you know, you can never take these things for granted. how people vote and why they vote is something that none of us. >> indeed, i think the left is waking up to that. >> yeah, you shouldn't take anybody for granted. absolutely. >> all right. thank you very much. to the two of my panellists. there that's matthew laza and suzanne evans will be back shortly. now, the royal biographer , angela levin will be biographer, angela levin will be joining me in the studio to talk all things royal, including will netflix drop harry and meghan from their streaming service? welcome back. thank you very much for your company. i'm just reading one of your messages there, and susan has not held back. susan says darren, if rachel thebes reeves wanted to save money, then maybe she should stop miliband sending that £11 billion to africa for this nonsense. climate change. i hope she's put money aside for all the pensioners who may die of hypothermia this winter. not holding back at all. keep your v