with me, francine lacqua. philadelphia was really something last night. bout the stark differences between philadelphia and what we saw in cleveland. francine: this is one of our top stories. i like the way you linked our top three stories as game changers. i will look at market move, volatility, and the game changer with central-bank policy. tom: we will touch on that in a bit. right now to our "first word news" with taylor. taylor: it is now official. the democrats take history at their convention in philadelphia. hillary clinton has become the first woman nominated for president by a major party. her former that her former rival spoke -- her former rival spoke during the rollcall. mr. sanders: madam chair, i move that the -- all votes cast by in thees be reflected official record, and i move that hillary clinton be selected as a nominee of the democratic party for president of the united states. taylor: a few hours later, bill clinton told the convention that his wife has never been satisfied with the status quo on anything. she always wanted to move th

. -- francine lacqua in london, tom keene in new york. tom: what a movable feast this morning. ck by tic as we went into this opening, francine and i were going back-and-forth over the dynamics, and i have to say this, we do note -- we do not know why deutsche bank is south but it is south. francine: i think there are concerns that the brexit shows investors are very nervous and it goes into the weak spots so i think we will see many more spots like this. there may be something more underlying. let's get straight to the bloomberg first word news. nejra: the field is down to three and the race to become the next british prime minister. theresa may took the lead in the battle to succeed david cameron, winning 165 votes in the first round. she was followed by andrea leadsom and michael gove. stephen crabb has dropped out and liam fox desk liam fox was eliminated. the next vote is tomorrow. report is likely to revive recriminations over the iraq war. it will probably pile criticism on politicians, officials, and the military. led to thet political downfall of prime minister tony bla

with me, francine lacqua. do not believe the first lady spoke last night of mr. trump. e looked very presidential. there has been a lot of talk in europe about the difference between the democratic convention and the republican is amazing. they had heavyweight speeches on day one. tom: as i was going to the white house to see jason furman and his team late one night, it was not :00 and cold. we are outside -- it was 9:00 and cold. we are outside, and security, we could hear the girls in the bedroom listening to the music very, very loud. it was dazzling. but the first lady had to put up with her daughters in the white house for eight years, and they are now older. we need to go to first word news. here is taylor riggs. politics,arted with reporters are saying -- they ignored sanders please not to protest. that -- in ay primetime speech, sanders said he was backing clinton but acknowledged there are still some hard feelings. mr. sanders: i understand that many people here in this convention hall and around the country are disappointed about the final results of the nomina

francine lacqua is in london. cleveland to philadelphia. eve i have seen a seismic shift like this before. francine: we have seen a seismic shift in bonds. overall we look at politics, markets and central banks as we await the boj and the fed. taylor riggs.king >> clinton and tim kaine appeared on 60 minutes. >> i'm not going to engage in fest hed of insult seems to thrive on. whatever he says about me he is perfectly free to use his own airtime in his own space to do. i'm going to talk about how he has heard people. >> dnc chair debbie wasserman schultz will resign at the end of the week over leaked e-mails. the messages show committee staffers tried to undermine bernie sanders. there was an overnight shooting at a nightclub in fort myers, florida. as many as 17 people have been shot. three people were taken into custody. visits northern ireland to discuss plans for leaving the european union. she will talk about the status of the border between northern ireland and the republic of ireland. about 30,000 people crossed the frontier every day

always focused on the pageantry in london, francine lacqua. what happens in this 2, 3, 4 hours? e hour from now, we will hear david cameron as he addresses lawmakers for the very last time. this is when he officially puts out his resignation to the queen. i think a very emotional day because it is the start of a new beginning. the markets are little bit calmer. we do not have the turmoil that we had last week, but this is a person that will negotiate to extract the u.k. from the eu. we: and the shock of what thought when mr. cameron announced that he would step aside the morning after the referendum. let's go to first word news with narrative which -- nejra cehic. nejra: he will go to buckingham palace to submit his resignation, then the queen will ask theresa may to form a new government, supervising the u.k.'s departure from the european union. meanwhile, the head of the opposition labor party got a big boost. jeremy corbyn can automatically be able to stand for election in the leadership. he will not have to gain the support. he recently lost a no-confidence valid. in japan, p

thiamthat was tidjane speaking to francine lacqua who joins us now from zurich. cine, a surprise profit. does that mean his strategy is working? delicately. put it he says this is the first step but it is a clear first step in a right direction. the analysts called just wrapped up and he was cautious saying these were good results, better than the markets were expecting, however they are in a very unsupportive market environment. if you think about it, he has been in charge 13 months, three months into the job, that was last november. he announced a genetic overhaul. time, shareholders were complex in terms of execution. six month ago, yet to come down with some write-downs. concerns about how he would go forward and put the plant in place. this was the first time he can say you see it is working. it is a step in the right direction. probably good news that he had been waiting for a long time and that he needed. mark: he was adamant in the interview that he will not need to sell fresh shares to boost capital. francine: this is a wider concern for european banks an

tom keene in new york, francine lacqua in london. politics, democrats know how to put on a tv show. francine: yes, they certainly do. you have some great speeches. what i would say is that the end of this convention, tom, we have a lot more economists trying to figure out whether we will see dollar strength or weakness on the back of each candidate. tom: we have got two wonderful guests of the hour. here is taylor ridge. sheeor: hillary clinton says is ready to lead and donald trump cannot be trusted in the oval office. party'sccepted the nomination to be the presidential candidate. clinton said a man you can beat be trustedt cannot with nuclear weapons. she also took aim at the big banks. ms. clinton: it is wrong to take tax breaks with one hand and give out pink slips with the other. and i believe wall street can rent ever be allowed to main street again. mater: clinton and running tim kaine will get on a bus today. they will visit the battleground states of pennsylvania and ohio. in japan, the bank has expanded a stimulus program

francine lacqua at london, tom keene in new york.e have to look at banks and of course the political system in the u.k. tom: i agree, united kingdom politics is front and center. we will have a little bit in the 6:00 new york our as mr. sanders i believe is going to endorse secretary clinton today. feel and youbetter really wonder if brexit is moving on to a new stage. let's now get to the bloomberg first word news. nejra: theresa may now has just two days to build a team to rescue the u.k. from its worst political crisis in a generation . she is going to replace david cameron by tomorrow night and will need to decide fast who will be in charge of negotiation's to leave the eu and will lead to elect someone to steer the economy. in japan, the prime minister's government is keeping people guessing on a stimulus passage -- package. he says he will spend money on transportation and told ben bernanke today that he wants to accelerate japan's exit from deflation. manila, hundreds of demonstrators gathered outside china's embassy to protes

. ♪ a tom: francine lacqua and keene are off today. independence day in the u.s.nd or equity trading in the united states. ministerench economy has told bloomberg paris is a contender for the european .usiness post brexit other cities have been gearing up for a battle for transactions done in london. for a lot of financial institutions, the brexit will be a big question. it will depend on the axis, the organization of the brexit. our role is not to play on this uncertainty. what weesponsible and have to do is respect the vote and organize the brexit. at the same time, it is true, it could be -- for our financial place. we have a lot of financial institutions and we can welcome who wouldnstitutions like to join the eu. u.k. constructed contraction -- u.k. construction contracted. the purchasing managers index slid to 46 from 51.2 a month earlier. it adds evidence the referendum was hindering the economy before the shock vote to leave. analyzes a hit to gdp in the wake of the u.k. brags it vote. they also predict britain will barely escape a recession as it sees a 1

francine lacqua in london. negative interest rates is the theme of the weekend and this morning. hink you are right. europe ministers meet in to talk brexit and negative yields and italian banks. things are dynamic to say the least. cehic.nejra >> prime minister shinzo abe has won a victory in parliamentary elections. the conservative coalition has a super majority. wonliberal democratic party 56 of the seats in contention. he said he would take a broad bold measure to expand japan's economy. hits to walle street today to try to shore up investor confidence in the wake of the u.k. vote to leave the european union. he will go on similar missions to china and singapore. angela merkel says it is now inevitable that the u.k. will leave the european union. she said britain will formally apply to leave once a new prime minister is in place. she dodged a question over whether she will run for a fourth term next year. there was another protest against extrajudicial police murders of black people in baton rouge, louisiana. last week a black man was murdered by white police officers in bato

i'm francine lacqua. we are getting breaking news. pmi's, this is essentially data that came out before brexit. we had the vote last friday. juneacturing pmi for rising. germany manufacturing came out five minutes ago. that's rising at 54.5. the picture for euro-dollar at 1.1108. let's get you what the european stocks are doing overall. asian stocks were gaining a touch. i guess we lost a little bit of momentum in europe. worldou look at the msci index through the week, not adjusting it for currencies, at the same levels we saw last friday. 0.1%.x index gaining let's get to the first word news. nejra: data out of japan shows another lackluster month for the world's third largest economy. retail sales and household spending stagnated, and inflation fell 0.4% from a year before. manufacturers confidence health study, although the survey was almost wrapped up by the time the brexit turmoil emerged. the latest figures show china's manufacturing sector treaded water in june. pmi fell to 50. the services sector, he continue to improve with

francine lacqua at london, i am tom keene in new york. in the u.s. 10 year and we just saw a curve flattening below 80 basis points . absolutely remarkable. right now to our bloomberg business flash. thea: for the first time olympics has an official insect repellent partner. the rio de janeiro games has ensurea brand to tourists and competitors that they will be safe from the zika virus. investment has suspended trading in its $3.9 billion u.k. real estate fund. they invest in a mix of prime real estate assets. london values could fall up to 20% within three years of the u.k. leaving the eu. in the wake of the brexit vote, british confidence has dropped and pessimism about the economy has soared according to a new survey. british firms expect exports to andnk in the next year almost half are pessimistic about the economic outlook. francine: this is what we're watching for the rest of the week. later today in washington while we get the latest reading from the factory orders in the u.s. and president obama campaigns with hillary clinton fo

i am francine lacqua with tom keene in new york. there is a little bit more bullish than an hour ago on stocks. there is a lot of money going to havens. tom: the flow of news into this morning's call more. -- is calmer. the fragility, within the united kingdom and united states political scenes, something else to talk about today. francine: there is a second vote and we understand it will be a two-way race between andrea leadsom and theresa may. let's get to the bloomberg first word news with nejra cehic. nejra: francine, exactly as you say, the race to succeed david cameron is narrowed to two candidates today. theresa may and andrea leadsom are the favorites. conservative party lawmakers vote in the second round today. the two contenders will face the parties wider membership. the new leader will be selected by september 9. germany's chancellor angela merkel says there can be no sustainable security in europe but without russia. germany and its partners the -- agree -- an offer to have a dialogue. merkel told lawmakers she plans to

i am francine lacqua.e have a great and busy lineup of earnings and we speak to the cfos of brochure and captain me. we speak to the ceo of eula. let's speak to -- let's get to bloomberg first word news with caroline hyde. caroline: hillary clinton has been nominated as the first woman to run for president of a major political party. it happened after bernie sanders to the microphone to ask that is former rival be unanimously named the nominee. >> madam chair, i moved that the convention suspend the procedural rules. i moved that all votes cast by delegates be reflected in the official record, and i move that hillary clinton be selecting as the nominee of the democratic party for president of the united states. shares jumped in extended trading. that is after the company's lower-cost iphone see gained more traction with users. the tech giant forecast sales which fell for a third consecutive quarter. it was better than most analysts estimated. the two bank says it's second quarter profits were always wiped

i am francine lacqua.t is not :00 in the morning london time -- it is 9:00 in the morning london time. this is as oil is rallying a little bit. data that is meant to forecast that u.s. crude stockpiles fell. gold advancing as the foldout desk as the fallout from -- we will have plenty more on the markets. let's get first to the bloomberg first word news with nejra cehic. nejra: the federal reserve is using confidence that it needs to tighten anytime soon. the meeting last month held before the britons referendum shows officials facing rising uncertainty. policymakers want proof that job creation has resumed at a healthy pace, the underlying momentum is intact and inflation -- bill gross says sovereign bond yields at record lows are not worth the risk. he built the world's biggest bond fund spoke to bloomberg television. >> high durations which we have now at low interest rates. even a small change in terms of yield can produce a significant loss. your sovereign bonds are not up my alley. for more u.k. prop

i am francine lacqua. a conservative party leader theresa may repairs for government.o name her brexit -- we speak to black rocks -- rupert harrison pit we have some breaking news. let's get straight to markets and see what oil is doing as the ia putting up reports saying there is records of oil supplies while the u.s. output slumps. we had some rejection raise for how much demand for oil will factor in for the second half of the year. this is brent, 47.74. this is just the latest from the oil markets. overall, i wanted to talk to you about stocks and pound. the pound set for the longest rally in two months as theresa may takes office. we are seeing something strange. the european stoxx 600 seen a little bit of volatility. the stock has lost the momentum that it had in asia. let's get to the bloomberg first word news with nejra cehic. their mark carney begin two-week pilot -- there today policy meet later. and are expected to cut that is the first time since 2009 according to a majority of economists. 30 of the 54 people pulled predict a 25 basis point cut to 0.25%. ja

pam francine lacqua. tom -- i am francine lacqua. tom keene in new york. markets with the dollar tailing. tom: we got the markets today and the jobs report. i tell you, this nation shaken. memories oflearest 1963 and 1964. i don't mean to compare anything we have seen in the last 48 hours to that, but i tell you, this is a changed america this morning. the president is in europe. world.e: it is a changed it affects us all. let's get the first word news with nejra cehic. nejra. nejra: a peaceful demonstration in dallas, texas, turned into an ambush pierce clippers opened fire killing five officers and wounding others. arrested.le have been there are media reports that a fourth suspect who had exchange gunfire had killed himself. british prime minister david cameron heads to his first major summit since the country voted to leave the european union. in warsaw, he would make argument that britain is still relevant to its allies. he will pledge more than 3500 troops. some will be deployed in eastern europe. may says it issa time for her to make the case to the

i'm francine lacqua. let's get the bloomberg first word news with caroline hyde. e: francine, thank you. hillary clinton says america is at a moment of reckoning and belittles donald trump's claim that he alone can solve the nation's problems, accepting the democratic nomination for president. clinton says the u.s. can advance only when each segment of society and members from every group work together. ms. clinton: i will be a president for democrats, republicans, independents, the struggling, the striving, the successful, all those who vote for me, and all those who don't, for all americans together. caroline: googles parent company has beaten a sales and earnings estimate thanks to the ad business bringing more money from a swelling mobile user base and cost control. the firm is investing in new areas from cars to health care as it looks for the next big thing to replace its aging but i recoverable -- but highly profitable business. amazon beat analyst estimates. shares rose in extended trading as the firm forecast third-quarter sales that may also beat estimate

anna: that was the credit suisse speaking to francine lacqua. she joins us from zurich.e happy with higher interest rates then, and sounds. thiam surprising profits with the bank? anna, i think, when you speak to the ceo, he did not want to play victory. he said markets are going to be tough, tougher from now on. but if you look at the sheer price-performance, one of the clear lines. so much i guess questions about his strategy and the execution of that strategy, i got a sense my speaking to him that this is a first step. that the bad things may not be over. a lot more market volatility. he thinks this means his strategy will work. and that they can focus on growth, manus: instead of just restructuring. it is interesting. when you go to top live go, is see the amount of capital he has his bank. the same is goldman sachs. do you think this takes pressure off him from the institutional shareholders? francine: a little bit. at least that is the sense i got from him when i asked. remember manus, he has been on the job just over a year. 2- months into the job3 it decided to r

i am francine lacqua.nternational monetary fund is urging china to deal with its corporate debt problem. spillover risks are acute but the issue is manageable. the imf will update the economic outlook next week. a former bank of japan director reducee boj will need to -- it is approaching the limit of the bond market. they say based on commonsense they should reduce the pace of bond baying -- bond buying. ubs' investment bank workforce is the right size after thousands of job cuts, even as challenges emerge from the u.k. vote to leave the european union. the president spoke exclusively to erik schatzker. >> at this point in time, i think that we are exactly where we should be to face the environment that we have, to face the regulations that we have, the forces that we have. at this point in time our challenge is to execute correctly what we have in front of us and i think the firm is very much focused on doing so. nejra: global news 24 hours a day, powered by our 2600 journalists and analysts in more than

i'm francine lacqua. let's get straight to the first word news.ore on the situation in dallas. policefive dallas officers have been killed and six wounded by snipers during a demonstration protesting shootings by officers in minnesota and louisiana. suspectslieve four chordata the attack with rifles and positioned themselves in triangulated locations near the end of the route the protesters planned to take. three people are in custody and in the early hours of this morning police were negotiating with the fourth who is in a garage in downtown dallas. the u.k. is set to have its second woman prime minister with a race down to two runners -- conservative party members will choose home secretary theresa may or energy mnister andrea leadsom as the next leader. last in the came second round of voting and was eliminated from the race. fbi director james comey has forcibly defended its recommendation against criminal charges for hillary clinton. uring fivets came d hours of tough questionings as republicans vowed to investigate whether she lied to congre

coming up, the outgoing burberry ceo will be speaking exclusively to francine lacqua. that brags it is not a decision that he wanted and that a weekend pound could help in certain ways. returning to steering the creative direction, stepping down a c eo. shery: the s&p 500 getting past such as the closing intraday high of 2135, trading 2142. the highest since may of 2015. the nasdaq headed for the highest close this year. to abigail doolittle, live from the nasdaq. what an incredible rally, abigail. abigail: we had the nasdaq reclaim 5000, that psychologically and orton level. i was talking to the producer in my year before going on, the nasdaq is 1/10 of 1% away from being even on the year. byay's rally is being driven tech names. facebook, amazon, and alpha that. ahead of tomorrow's prime day, last year was a huge success for the company. the company sold more units on that exclusive member of event than they did on the biggest black friday. some investors might be juiced ahead of that, but there is one part of the trade that they didn't mention before, netflix, down

i am francine lacqua.

anna: that was burberry's cheap rate of officer christopher bailey speaking with bloomberg's francine lacqua london and it is day two of the farnborough airshow. brexit is still dominating discussions. guy johnson is on the ground for us. airways ceo.the here is what he had to say of the impact on the brexit to his business. >> other than the foreign exchange of evils due t -- other than the foreign exchange upheavals due to this brexit, we have not seen an effect on our company. anna: other people talking then about opportunities. we heard crystal bailey saying, we need to move on. theresa may is asking everybody to make the best of it. are people talking in those terms at the farnborough airshow , guy? guy: some people are pleased we now have political stability in the u.k. with of the appointment of theresa may. it was the instability that was unnerving people. we had the prime minister outgoing, david cameron , here yesterday, making that point. it was interesting to hear what ceo had to say about the brexit. transatlantic traffic might be one of the casualties of the story. we might see

francine lacqua is live in zurich. -- ryanith the ceo chilcote is live in london on the show numbers. let's get first word news with haslinda amin. haslinda: barack obama says americans must reject the message of here and division being delivered by donald trump areelect hillary clinton speaking in philadelphia, the president said clinton has vision and the discipline to move the u.s. forward. crisis,in the midst of she listens to people and she keeps her cool and she treats everybody with respect. no matter how daunting the odds, how much people try to knock her down, she never ever quits. haslinda: fed officials have upgraded their estimate of the u.s. economy and taking a step toward raising interest rates later this year. at the mostly -- f moc members -- labor utilization has shown some increase but acknowledged that inflation remains too low and fell short of signaling that a rate hike could come in soon as september. --the merkel is breaking up angela merkel is breaking off for vacation to defend yourself against criticism. the chancellor planned to remain out of public view du

i am sitting in for francine lacqua. to see thehing details of bank of america.s flash. taylor: the seven-year housing boom in london may be about to end. housing values could fall by 30% because of the british decision to live the eu. some companies will almost certainly have to relocate for services from the u.k. to retain access to the eu single market. airports in india have to keep up with traffic growth. boeing estimates india needs 1800 new planes in the next 20 years. last week go airlines ordered 72 planes from airbus. the big problem, coming up with landing and parking spots for those planes. there is a huge deal in the semiconductor industry. a japan company has agreed to buy bank british chipmaker arms. softbank has become one of prolific companies. that is your bloomberg business flash. guy: let's talk more about that story. there was a press conference with the ceo of softbank, apparently not a brexit deal. this has all happened rather quickly. let's get the details now. this is being put together rather quickly. , two weeks for the financing, two w

i am francine lacqua good we have a great -- lacqua. we have a great show lined up for you.he west leader economist joins us on set. that is to name a few of the guests. first of all, let's check your markets, because there is plenty going on good risk aversion swing the markets. signs that the u.k. markets are taking a turn. your stoxx 600 down. the pound dropping. 20en demand -- we saw that year japanese government bonds, you can see it there on the screen. 0% for theng below first time ever. we also saw 10 year government yields on guilds the first time at a record low. let's get to bloomberg first word news with their change. nejra: three of the uk's largest real estate funds have frozen 9.1 billion pounds of assets. investments in standard life desha standard life investments have halted withdrawals because it did not -- they do not have enough cash to pay investors. theresa may has taken a clearly in the race to succeed david cameron. she won the backing of 165 mps. former defense secretary, liam fox, was eliminated after attracting 16 votes. stephen crabb chose to dro

live from bloomberg's european headquarters or dime francine lacqua.et's get to the markets in a second because we have some breaking ifo data out of germany. this is some german axis. -- german businesses, 108.3. .t is better than expected the current conditions are also better than expected. what they do is go around and talk to german businesses. they ask how confident are you about the future guy: -- the future? brexit, also just after so interesting as we start to pile on data that gives us a glimpse of what the european economy will look like. germany business confidence, the ifo figure better than expected. we will speak to the ifo time ont at 10:15 u.k. bloomberg surveillance. --ing up on the pulse is will be talking about the drinks maker buying grand marnier. the plans for that. we'll be looking at consumption around the world. as promised, this is what we are seeing on the market. european stock hovering around a one-month high after they recovered some of the losses since the cave voted to leave the u.k. union -- the european union. there i

formark baron iton in francine lacqua. stocks did open a bit lower. it's down a 1/5 of one percent. 4% since friday, the 24th. sterling gaining for the first day in three. down almost 11% since friday the 24th, the day after the referendum. the u.k. 10-year is up by a couple of basis points. today, rising above $21 for the first time in a couple years. investors seeking precious metals as haven asset. let's get the bloomberg first word news. good morning. nejra: stanton and pours estimates a -- standard & inr's estimates a 0.8% hit vote.ke the u.k. brexit it will see a 1% drag on gdp next year. the bank of england will have to .e. program.q us try his election has resulted in neither party having enough seats to form a government, threatening to undermine the nation's credit rating. moody's has said there are limited implications for australia's top grade. a wider deficit could put downward pressure. election results have yet to be completely finalize. an increasing number of economists predict chinese banks will see the government bailout within two

in london, i am francine lacqua. let's get to caroline hyde.e: bernie sanders has told the democratic convention that hillary clinton must he come the next u.s. president. it came after his plea for protesters to avoid the floor. >> what i admire most about hillary is that she never buckles under pressure. she never takes the easy way out. and hillary clinton has never quit on anything in her life. observer willve conclude that based on her ideas and her leadership, hillary clinton must become the next president of the united states. armed with aan knife who killed at least 19 people in their sleep and injured others at a facility for disabled people in tokyo according to the new agency. nhk says the 26-year-old man is under arrest but a motive has not been established. police told the nhk that the man used to work at the facility. britain needs a new financial inchdog to punish wrongdoing order to gain confidence according to the u.k. treasury committee. separately toate prevent a repeat of the "inadequate response" to the collapse in 2008. gl

francine lacqua asked him what the mood was like in the you -- in the eu. >> i think the first mood wasve it would happen. his like washington dc and trump being elected. it is kind of what happened. at the end of the day, the eu goes through three phases. the first phase is crisis. that is what happened when brexit came along. the second is chaos, what we saw with the market and current the, a little bit with the union of the united kingdom and the isties, and the third phase suboptimal solution. i think what we are looking at is some kind of a suboptimal solution. what are you hearing? what will the final model actually look like with relations? >> it is difficult to say. you have to take these things step-by-step. it is the first time a big country is about to exit the european union. it is very much a 1952 moment communityoal or steel was established or when the cold war ended. this is huge. there is no denying it. now we are seeing trying to figure out the process. theresa may has nominated three key people, brexiters to deal with the negotiations. you caught this, so you deal with

. -- francine lacqua asked whether the bank needed to raise more capital. >> very consistent in's and we do not need to raise capital. we have been very clear. we raised $6 billion. 11.8% ratio. we can pull many levers to drive that forward. that's we have been very consistent in saying we do not need to raise capital. adequate a perfectly capital-- in the first half of 2017. >> markets permitting. ipo's always depend on markets. it is a strategic move. we think it is a phenomenal asset hear. what we want to do with this ipo is get the markets to fully recognize the value of our assets, and very good bank in the wealthiest economy in the world. it will drive value for our shareholders. we want to keep control of what is one of our best assets. francine: if janet yellen raises rates sooner than expected, is that good for banks? >> overall, yes. jon: fantastic interview. where are they in restructuring? are we starting to see a ray of light from that restructuring? his tone was right on message. he was pleased. you can see from the interview come in his demeanor. charge, thisut in has b

francine lacqua will be speaking to the ceo of lego. this is bloomberg. sk aversion smashes records. the pound and 20 year yields no negative. -- go negative. three of the uk's largest property funds hold production as brexit hits home. desk is the brexit follow fall out starting -- fall out -- startingt go ♪ back go -- starting? francine: welcome to the pulse.

"the pulse" is coming up next with francine lacqua.for all the breaking news throughout the day. ♪ . >> the market to bounces. markets rally. outlook.lobal optimism in japan. george osborne heads to wall street in an effort to boost conference. can osborne and carney sue that the markets? of geak to the ceo aviation not at the air show. ♪

i'm francine lacqua. now, let's get straight to the bloomberg business flash.ize producer protest corporation has cut its quarterly bid. it reported second-quarter profits that missed estimates. hit byhas been agricultural commodity prices. lloyds is trying to stave off earnings slumped by cutting 3000 jobs. credit suisse returned to profits unexpectedly in the second quarter. over -- bossck took over a year ago. that is your bloomberg business flash. francine? francine: taylor, thank you so much. when you look at credit squeeze , this is aarnings first step, the ceos at the right town. however, it will -- the ceo set the right tone. however, it is still a new market. let's go straight to mr. alexander stubbs, the former prime minister of finland. thank you for joining us. i really enjoy our interviews. you are probably one of the most colorful politicians because you just say it as it is. what was the move like in brussels -- mood like in brussels when they found out brexit was going to leave? mr. stubb: i think it is much easier to say what you think when you

francine lacqua" the pulse" is next. ♪ shotine: four snipers have 11 police officers at a protest in was being held over a fatal police shooting of two black men. can today's jobs number lift the post-brexit gloom? the conservative party's theresa andrea madson battle it out to succeed him. welcome to "the pulse." '

francine lacqua speaking to the ceo of persian group. all of this is coming up in the next hour.to talk about in terms of the macro picture as well. we have the fed, giving us their interest rate decision at 7:00 a.m. u.k. time. "the pulse" is up next. this is bloomberg. francine: abe we fires his first -- and jobs on the fourth day. how will that affect friday's boj decision? more cuts from crimes young -- second quarter profits and hillary makes history. clinton becomes the first woman to run as a presidential candidate of a major u.s. political party. we are live in philadelphia. ♪ francine: welcome to "the pulse."

from london, guy johnson in for francine lacqua. in new york, tom keene.gton they are looking to cleveland. us fort talev will join day to festivities. right now we have a festivity of a bloomberg business flash. second quarter earnings fell 2% at novartis. they are having to deal with falling sales of their cancer medication which faces competition in the u.s.. they were hoping to offset that with a new heart rob and treatment -- a new heart drug .nd treatment of psoriasis honda is takata's largest customer. they are trying to restructure after faulty airbags led to the auto industries biggest recall forever. netflix has stumbled in the way to create the first global tv network, cutting subscriber growth to 3%. investors are focused on user especially overseas where subscriber growth badly missed estimates. that is your bloomberg business flash. tom: i canceled netflix. do you use it more and more? taylor: i do not use it. tom: i have been predicting this just from what i see at home. challenging netflix, to say the least. it onst witnessed bloomberg "sur

bullardthat was james speaking to francine lacqua.hi workers and suppliers are bracing for layoffs shery: it is 7:30 a.m. monday in hong kong, and we are happen open -- have an hour away from the open of treating in japan. a little bit of the blues as a begin trading in hong kong. australia will have to wait and see until tuday who won the election. galloping has been caused and mainstream parties are recording the lowest since 1943. the labor position is leading. they will hinge on six undecided electorates and deal with independence. michael turnbull is still confident of victory. chinese banks will receive a government bailout within two years. stance are at commonwealth bank of australia are among nine of 15 respondents in the bloomberg survey who say they expect to move. the cost of recapitalization will be half $1 billion. chinese art grappling with a growing mountain of debt. latest u.s. car sales, a mixed bag. market concerns that the is slowing and putting purchases on hold. nissan and ford, big productions. toyota, fiat chry

. >> credits wiese ceo speaking to francine lacqua. ♪ ?oomberg world headquarters, i am amanda lang. scarlet: i am scarlet fu. but the human first word news. mark crumpton has more. mark: hillary clinton is bleeding donald trump and the lost -- in the must win battleground state of pennsylvania. to 41% in a new poll by suffolk university. the libertarian candidate gary johnson and green parrot -- green party candidate jill steiner close. clinton leads with 46 perfect 10. 5% for johnson, 3% for stein. reversing on a major policy think -- blank, no donald trump is in favor of a $10 per hour federal minimum wage. last year he said wages were too high. the european commission approved $1.55 billion in support for refugees in turkey who fled the war in syria. the funds will be used for education, health, and socioeconomic support. an additional $78 million has been approved for united nations agencies to assist refugees. the international olympic committee wants to make sure there is no cheating the next month'smer -- next summer olympics, so i

i'm francine lacqua in london. tom keene is in new york. we do have some euro unemployment figure falling, actually the eurozone area is not doing too badly. i know this is all pre-brexit vote, but then we also need to look at yields. that's probably the story of the day. tom: absolutely extraordinary morning. what i find so telling, francine, is i can tell you, i've never seen a bloomberg screen like this. 2007, 2008, even september 11 of 2001, it's an absolutely extraordinary environment. how fortunate we are to have jim bullard for the hour. francine: right. we're seeing record lows, so not a bloomberg screen, not any screen. tom, we'll get back. those yields and bonds shortly, but first, let's get straight to the bloomberg first word news. >> francine, in the u.k., the justice secretary will make his case today on why he should be the next prime minister. g next he torpedoed the leadership ambitions of his fellow brexit campaigner, boris johnson. now gove has his sights set on the home secretary, the early favorite to lead the conservat