christine lagarde saying greece has worked to do.ghts on the work still to do around greece. : the last couple of weeks, the language coming from the imf seems to be a walk back from the original surplus target. i think this is not bad news. greece remains a patient on the table, losing blood. the economy has collapsed. will go towards paying -- which will put liquidity into the economy. anna: how do you explain the way these parties, they came together seemingly quite painlessly in brussels. it is as if the conversations were not as tense as they had been. the potential for flareups reduced. frank: this is the never-ending story, the third program. greece has been in recession since 2008. the banking sector looking healthy but that is not saying much. simon: absolutely. crisis taking up 20% of my entire career. it is not that big a part of the economy. simon: it is not. the capital controls, for those that believe there was the possibility of a next it, the fact that capital controls were brought in, it was a fascinating one. it sho

christine lagarde spoke in london. >> we are not doing it out of politics.is not the job of the imf. we are doing it because it's a significant downside risk on a number one. and second, it's not just a domestic issue. i know it's a big domestic issue for many of you. but it is an international issue. taylor: the british referendum on the eu's june 23. in germany, angela merkel's government is prepared to invite iran's president to visit. in move that would signal germany wants better ties with iran. it also risks making israel angry. they are still members of her government who oppose the visit. all this according to people familiar with the matter. out atn, fire has broken a sprawling tire dump, sending up a cloud of thick black smoke visible for 20 miles. authorities suspect the fire was intentionally set. the dump is located in a town not far from madrid, that holds about 100,000 metric tons of use tires. global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. i'm taylor riggs. betty and caroline. caroline

i'm not surprised that mark carney or christine lagarde would reference it.e: the problem, sometimes, is that when you look at figures and charts, you can let them say what you want. this is something that the ers have been arguing. what is the strongest piece of advice for an economist looking at the brexit? trade, value loss, st irling? we cannot be very precise about how beneficial the single market has been, but we can be confident we have benefited from it a lot. the economic case remaining. francine: will it be difficult to do trade deals? it is unclear. you have arguments on both sides over whether how much this would hit gdp, right? negotiate trade deals you are in limbo for number of years. prof. yates: the uncertainty will way on the economy as these things way out. -- weight o out. it is not my expertise. , which has notnt been made clear. the uncertainty will weight anonymously -- will weigh enormous lay on the economy. fromhas britain benefited brussels? ando 15 years of stumbling now regulation -- and mal regualtion by brussels? prof. yates: my

for christine lagarde, the world is no longer in the 2008 moment, but global growth is urgent. kate: moving on to the markets, we are seeing european trade fairly muted after turning downward for most of the session . the major indices have crossed above the flatline, midway through friday's session. investors focused on u.s. federal reserve chief chair yellen. she could give an indication later today about when interest rates might be raised. after hitting their highest prices in 2016 on thursday, oil prices are trading firmly under the $50 per barrel threshold. international brett sopping down to just under $49 per barrel. -- international brent dropping down to just under $49 per barrel. automakers have been ordered in japan to recall 7 million cars with takata airbags. been linked's have to 13 deaths and 100 injuries. it is facing tens of billions of dollars in damages for the cost of making replacement parts for the faulty airbags. let's take a look at some of the day's other business lines -- business headlines per general motors has been forced to recall 2 million cars i

christine lagarde says if britain were to leave the eu, it would lead to a sudden drop in investmentn key sectors of the economy. she adds it would make britain's high current account deficit even worse. negotiations on new arrangements would be european union and other trading partners could, in our view, take years. leading to a protracted time of uncertainty, and the longer this uncertainty goes on, the more heavily in the way on investment and growth. a vote to depart the eu would be costly in the long run. even after this uncertainty has been resolved. in the short term, there is also a risk of adverse market reaction to a leave vote. losing its status as the world's most viable company. stock is fallen from 13% in the last two weeks after reported its first ever fall in iphone sales. reduce concerns over the outlook for the iphone seven cent apple shares tumbling 2% at the close on thursday. apple's second that quit googles parent company, alphabet, the world's most valuable company title. let's get a check on the markets in europe at this hour. all the main indices are in the

it's one of the things christine lagarde pointed out in april as one of the big concerns about the globalmy. you are seeing some weird stuff, weird flows going on with commodities, and i'm very concerned about industrial data in china, very concerned about ndustrial data in the u.s. industrial production has been negative year over year for eight consecutive months. the number of times it has been negative year-over-year for just five consecutive months, and we were not in or after a recession since 1919 is zero. there have been no times since the fed has been collecting data where we have an manufacturing industrial data, industrial production this bad and we were not in or recovering from a recession, so i am concerned what that means for copper, scrap, metal, and aluminum in general. david: thank you very much. the president of prestige economics, the number one forecaster for crude and copper. the golfer, the gambler, and the connected.rman we will have that coming up next. ♪ david: this is "bloomberg markets." it is time for a look at the biggest business stories in the news right no

we heard earlier from christine lagarde, i want to hear about what she had to say about the risks therexit causes. >> a technical recession is one of the possibilities of a downside risk scenario. in the case of a leave vote. fedline: how much is the looking at what's happening in the u.k. and having to worry about a potential recession and the global aspects, the central bank to the world play that's going on? jack: they are using it as an excuse to actually talk about slowing things down. i think it mainly relates to our own political environment. the fed is under pressure from all parties in terms of everyone is going to look at the fed and figure out what they did wrong and why things didn't work out quite as fast as they should otherwise. i think the fed, in spite of what people say, has to be politically sensitive. i think they are just afraid of doing something that could cause a problem in the u.s. too soon. so they're stepping back. in my view, they're they are using what's going on globally as an excuse to do bad. they're not being to independence. and in the data in the u.s

it china devalued, it would be against the euro and yen, so you look at the body language of christine lagardet the spring meeting just couple days ago, they're threatening and saying, do not you there do that and the yen has to get stronger. it is their turn for the currency. betty: i went to get back -- there, there is the case but as you mentioned earlier, we are way off of our highs and gold. james: down about 20%. betty: if you were to own gold, he would have lost a lot of honey. james: it is important for investors. is the best-performing asset of the 21st century. it outperforms every stock and bond index. 2015, if you011 to want to take that, it fell 45%. that it was below for the dollar and this goes back to the currency wars. the dollar did not have to get toonger, but if you went give japan and europe relief, which they did in 2012 and in june 2014, if you want to do that, you have to have a stronger dollar. the dollar has to get stronger and that took down the dollar price of gold. now we are getting a weaker dollar, stronger euro and yen, so now a stronger dollar is on gold. betty

the head of the mif christine lagarde, they're in the euro.hen we were contemplating the euro a dozen years ago. it was the same call. the department of ministry was in favor. the financial times completely in favor. most economists completely in favor. the prime minister, in favor. it was the same thing, the euro doesn't work. but so cost sophisticated, people couldn't see for a currency, you need a government. and look what's happening now. real trouble. so, this group think amongst and the great and the good is very dangerous. democracy works. what mark carney thinks, he thought that when unemployment in britain got down to 7%, interest rates go up. it's 5% and they still haven't gone up. he won't get a job as a clairvoyant. >> what better place to discuss the brexit today than at the bar there. that was louisa talking getting another view on brexit. but we are serving on one more pint today. you can head to our website to find out if craft beer has lost its flavor to globalization. that's on our website on cnbc.com. >>> taking a look at gl

mark carney, christine lagarde, and george osborne, and boris johnson, of course, for the leave side.ought brexit, was back on the horizon -- we have contingency measures. the imf demanding contingency measures. this is just a never-ending story, isn't it? anna: the never-ending greek saga. greeks are fighting to unlock the next tranche of aid money. ministers will be gathering in brussels today, putting this back on the radar. at issue is contingency measures the imf demanded greeks implement worth 3.5 billion euros, about 3% of the greek gdp, a politically thorny issue for a prime minister who came into power by promising he would oppose extra austerity. he only has a three-c parliamentary -- three-seat ary majority.re manus: anna, denmark warned -- what is that about? many asnmark is seen by a test case for the negative interest rate phenomenon that has swept much of the developed world. they had it for four years, and at the imf is warning about asset bubbles in the housing market. another reminder of the, of how much of a frontier of the latest thinking by central banks on policy

and today, christine lagarde said it is not a good idea overal overall, and you see that the sterlingive territory, and the big thing, and this is a message from the uk em bbassy in d.c., if you ara briton in the united states or elsewhere, you can still vote, and register by monday to vote in the mail vote for the brexit. it is a quick process online, and you can see the delated dead -- delated deadline for those who can vote for proxy. we think 800,000 britains in the united states, and many of those people will be eligible to vote, and they could actually swing this referendum, because the opinion polls are so huge. >> and yourself included, simon. >> i will be registered to vote, and you have to have been on the electoral register in the last 15 years. >> thank you, simon. it is a tough year for the companies to go public, but the next guest says it will turn around by next year by the earliest. and now, joining us is the global managing editor mark from deutsche bank. normally, it takes three to make a trend, but can we safely say that the drought is over? >> by a reaction of the

. >>> imf chief christine lagarde commenting on the possibility of a brexit today, saying it could haveegative and substantial effect. we've got an all-star panel on the other side with their analysis on brexit and some of the other risks. images, videos, social updates. we call it dark data. 80% is invisible to most businesses. the ibm cloud has tools that can help see dark data and put it to work. hello, my name is watson. working with watson in the ibm cloud, we can help an energy company predict pipeline corrosion. and help a start-up to use social data to predict market trends. now businesses can get more out of their data. that's what the ibm cloud is built for. there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. man 1:man 2: i am. woman: ex-military? man 2: four

christine lagarde, only one of the most powerful women in the world. >> scanning to find out to whomhe belongs, which media organization. >> i believe that she is a gust of "the wall street journal," which makes sense. good guest for them. >> speaking of "the wall street journal," they also invited christie turlington burns, susan rice. burns family outing. i saw donald trump junior as well. both of his sons are there. no sign of his daughter-in-law. >> according to someone here on there's one protester out front. i'm trying to get the gist of why they are protesting. the black guy with the saxophone we saw earlier that nobody recognized was larry wilmore, you know, the host. >> that was not larry wilmore sorry, dr. sinister. the think he will be at reception for the president. have you attended that? >> i have. one of the things we tend to do , we have beention lucky in the white house has been gracious enough to do that. had a chance to see the man himself, which was quite an honor. >> they have been with them for years and years, haven't they? helped them fire people. >> now, we a

a figure that christine lagarde of the imf described delicately last fall as very low for a modern economy like egypt's. so in essence, you have a layer of the appearance of a modern economy like egypt's, and below that, or beside it or around it is a different economy. and as i say, egypt is a fairly robust state. if it has virtually no reliable data on the economic activity of its population, we can hardly expect its counterparts elsewhere in the region to know more than the egyptians know about their own populations. the informal world in the middle east is often called the dark sector or the black market or the gray economy, but it's actually quite variegated and colorful. their associations of extended families, co-religious, regional and ethnic networks, friends and associates move money around and other goods and services in a constant churn of activity. ideas move, money moves, people move, form, reform, constantly. informal savings associations like egypt's credit unions permit small investors to access credit through networks of friends and family. and sometimes when people talk

a few months, of course everything went into christine lagarde said we are facing a financial tsunami. if you do a nexis search of news stories at the time and references to crisis, subprime mortgages, credit default swaps, it's very clear that yes, we saw it coming, despite what so many people said in hindsight. the black swan had just come out at the time and everyone was talking about black swan, financial crisis, this is a black swan. nobody saw it coming. even though people did. i felt that they misused the black swan concept a little bit. first of all its improbable and unpredictable. so that many you can actually see it coming and imagine it happening, it's definitely not a black swan anymore. but then on the flip side using almost perfectly opposite logic, you have people after something happened was a that was a black swan. perfectly unpredictable, unforeseeable. 2008 really was a crash of gray rhinos. i think that certainly even people who saw lots of elements of that happening probably didn't quite have the sense of exactly how extensive the damage is going to be. but a lot

christine lagarde addressed the risk of the so-called brexit. >> we are not doing it out of politics. not the job of the imf. we are doing it because it is a significant downside risk. second, it is not just a domestic issue. i know it is a domestic issue for many of you, but it is an international issue. couldshe said the impact range from pretty bad to very, very bad. her comments echoed those by mark carney on thursday. volkswagen's market share in europe fell for the month in a row. chrysler haveiat increased their shares of european sales. alfa romeo is about to go head-to-head with bmw. after three months of delays, the luxury sedan is on sale in europe. the new owner of japan's sharp electronics company ones that job cuts are on the way. the ceo of foxconn sent an e-mail to employees, calling subpar. cellblock -- they have lostthe new owner of n dollars in the last five years. scarlet: time now for our bloomberg quicktake, where we provide context and background on issues of interest. american students oh in the average of $29,000 after leaving school. the debt burden is rippli

francine: i understand christine lagarde has been talking about the new mediocre but it feels like ithifted from the new mediocre to a darn difficult environment. that is morethink a question of certain industries talking their books and people making excuses rather than adapting. last time you had me on, we talked about this. it's a sustainable growth rate now. these countries, including much of western europe, it is not debt fueled growth, it is not fiscal field, it is sustainable, low growth. tom: what we are is the second derivative action. the idea of trichet's brutal moves. we had euro -dollar yesterday, the shock and off austro you could this morning, michael mckee mentioning emerging-market currencies are weak. is sense of our viewers these exogenous events going on. should policymakers be aware of those are should they have blinders on looking at their narrow interest? dr. posen: i think they should be aware of those at that is different from saying they should react quickly to those. there are two problems with the fed, for example. reacting to the emerging market currency w

christine lagarde is the latest leader to express concern. ♪ jon: happy friday to you all.is "bloomberg go." over in europe, it is the ftse heading to a fourth straight day of losses. the dollar is on the front foot. yields just keep grinding lower. it has been the pain trade of the last year. yields must go higher, they cry, but they keep going down. let's get over to matt miller for breaking news. matt: i'm looking at jcpenney right now. be in line with estimates. they are missing estimates by about $100 million. but up there. we have seen this trend with retailers. missing on estimates and sales and the growth is not there. the company came out with a first-quarter adjusted loss per share of $.32. we were looking for a loss per share of $.37. a little bit narrower loss than we have been looking for. the myths on sales is probably going to get investor attention today is the feeling on retail is negative. amanda:we continuing the trend e have seen from other retailers. we are two hours away from the opening bell. apple is using some of its cash investing $1 billion in dd