the cumulative effect and add to that george osborne's words an hour ago.hings have calmed down here in asia. take a look at the numbers. the one that stands out, obviously, is japan. the nikkei finishing up by 2.4%. the nikkei took an absolute belting on friday down 8%. a lot of this was, in fact, due to the fact that the yen was soaring ahead because a lot of players, a lot of investors were putting money into the yen which is considered a safe haven in terms of turmoil. the yen going up is bad news for companies in japan, particularly the exporters because their goods are more expensive. the stock market took a big hit on friday. now we have the japanese prime minister talking to the bank of japan and the public statements are we're watching the yen closely. we are prepared to intervene to keep the strength of the yen becoming too unbearable, and that settled the markets down as you see the nikkei up about 2.4% as well. just on george osborne, the hong kong markets still open when he made his little speech. and it has turned around. it's about flat now,

why has george osborne not gone?dn't new. >> no, i wouldn't have expected him to go. i mean he will go in time because there needs to be, you know, in the view of the leave campaign, there needs to be a brexiteer in the prime ministership, and they are unlikely to keep george osborne at the treasury. but i think to lose the prime minister and to lose the chancellor would be very devastating at the moment. >> i mean he's dead man walking in treasury. >> thank you very much indeed. richard, much more analysis of that and more developments as well we're expecting here in the labor party in particular. thank you for joining us this hour. max foster outside the houses of parliament in london. much more on the uk's decision to leave the eu right after this. if you take multiple medications a dry mouth can be a common side effect. that's why there's biotene. it comes in oral rinse, spray or gel, so there's moisturizing relief for everyone. biotene. for people who suffer from a dry mouth. shoshow me more like this.e. show me

if you search for george osborne this morning, the fifth suggestion is george osborne is missing which is suggesting people are wondering where george has gone. >> i have seen pictures of him onthe side of milk cartons twitter. david, it gives you a sense. if european wants u.k. to get a move on, the u.k. politically right now is fragmented on both sides of the debate in a huge way. >> exactly. the question is, what is going on in the european side. let's go to brian chilcote in brussels. who is going to lead the european union in negotiating with the u.k.? ryan: i think that is going to be germany. we see germany making those moves. tomorrow the german chancellor is going to host the french president, the italian prime minister and another who represents the eu countries. the member states here in muscles at the european union. she is doing that just one day before they all gather have brussels so she can get them all on the same page. i am not sure the germans want to be the leader of the european union but i think they feel as the largest economy in the group and the one that wants

also, the treasurer, george osborne spoke a couple hours ago. we will have the latest on the turmoil of the british accent. the british pound continuing to get hammered by this turmoil and concerns there. we will show you how its olfactory mentor markets at home. u.s. stock market started off as virtually zero at 4:00 a.m. just below 70. 52 for dow futures. the european banks getting hard this morning and that is a topic we will follow. you are watching "fbn:am," your first look at morning market and breaking news. >> people feel their government is responsive to them is in the best interest of the united states from the best interest of the u.k. and countries all over the world. my grandfather served in world war two. spending time with him were the best memories of my life. i became a physician at va because of my grandfather. so i can help others like him. i can't imagine working with better doctors, or a more dedicated staff. i'm fulfilling my life's mission with the help of my team, and thanks to these veterans. i'm proud to be a doctor at

this as george osborne talks about a big blackhole in u.k. finances.iscuss that next with john redwood. ♪ get ready for the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. you are watching "on the move." we are 30 minutes into the session. yesterday, we saw the ftse 100 dip below the 6000 level. we have yet to recapture it, but we are being taken back up, within grasping distance of t. the cac is outperforming flatly by 1.2%. which stocks are moving the market? let's find out. caroline: the leader of the pack, zodiac aerospace. we are leading the charge up .9% of the moment. why? the numbers are looking pretty good afor once. revenue is up 4%. organic growth is also beating estimates. there are still a few concerns being voiced by ubs. 350 silvers seem to be little

george osborne has broken his silence. he says it can only be triggered when u.k.as a clear view of what it wants. the pound continues to plummet. are the markets overreacting to the brexit aftermath? spain plays it safe. was it the brexit turmoil that's won the election for mariano? ago, just under half an hour until the european equity markets get going after what was such a tumultuous friday. what are we going to see this morning? maybe a little bit more of a call reaction. , we are at my footsie looking at a market that is cool down just 1%. we are off our loads and firming. it has gone down by 8/10 of 1%. osprey and germany, near half of 1%. easyjet warning on its earnings, cool down 5%. off by two pound percentage points today. it is the lowest sense september, 1980 five after friday's 8% slump. the yen is a haven. the dollar has fallen against the yen 0.2%. interestingly, citigroup says we could see the dollar falls versus the yen. bien gathers its strength to hit gathers itsn strength to hit 95. we are seeing on market steady. the german bond yields diving

johnson and george osborne. let's be honest. let's hope the ruling party, the conservative are not at war with each other and issues over europe can die down quickly. they promise this vote in order to be aggress in the rulive in party. >> if we compare where markets are with politics in the u.k., politics are still intense. we've had most of the labor opposition front bench resign and then as you pointed out, jeremy corbyn said i'm not going anywhere. here's a new labor front bench. and clearly there's a lot of intense infighting going on in the conservative party as people jostle for position to become the next prime minister. in contrast, when we look at the markets this morning, there's actually some stability now around the currency and stability around u.k. stocks and in fact we saw the japanese market higher through the trading session and the italians said they'll pump 40 billion euros into their banking temperature is. >> it's better than 5 billion they did last week. i'll give you an example. ftse trav

and brexit battle, boris johnson argues they can quit, as george osborne prepares to warn leaving the block could spark fiscal crisis. ♪ welcome everybody. i am anna edwards. manus: and i am manus cranny in dubai. breaking news. anna: from the clothing retail sector, let's get straight to those numbers. better than estimates the best way to summarize in terms of q1, 705 million euros, better than the estimate of net profit, first-quarter sales just a touch ahead of the estimate for the first quarter. they are saying that sales in 1 to juneose 15% may 13. and looking at the number, that is coming above estimate as well. many, thene of the global presence is perhaps insulating the company from tougher sales backdrops that they might been seeing in various individual countries. but i would not stop some negative fx implication, we performance of -- weak performance that they cannot but better numbers, than estimated. let us turn to the brexit question, manus. the eu referendum on the 23rd is just eight days away, marking them off as my calendar goes. we have a series of charts illustrate

george osborne said, contingency plans in place and terms of market volatility. although he said he stands by his warning for the consequences for the u.k. economy as a result of this brexit, he does say whether there needs to be an emergency budget would be a question for the next prime minister. suggesting that there was to be one it would not be for another few months or so. he said he was glad he had been fixing the roof while the sun was shining to uses often-quoted message for the economy. the prime minister's are scheduled to arrive for their meeting. francine: the unprecedented mass resignations from the opposition labor party but unclear whether they can force jeremy corbyn, the leader of the party, to step down. >> it is fascinating. away from downing street, the leader of the opposition very much under pressure to go today. we have seen resignation after resignation since yesterday and into this morning. he cannow wondering if survive. i spoke to the shadow chancellor and he was saying that jeremy would stand at against there was -- again if there were

george osborne's acceptance of the brexit threat.resident mario draghi speaks of the forum this morning. welcome to "countdown." anna: i am anna edwards in london. a warm welcome to the program. let's get straight to the european equity futures. what do they tell us? it looks as if we will have a slight weakness to the thursday morning session. byo stocks will be weaker 0.2%. the ftse could be lower by rent 0.3%. wti -- let's check out the risk radar. we have the new zealand dollar hitting one year highs. the central bank expecting inflation to accelerate. the's almost burnishing idea of any further rate cuts to come from them. the dollar is down for the third day in a row. the new zealand yields trumping the u.s.. won in the middle of the screen there. you've also got the bank of korea cutting rates. only goldman sachs predicted that. the currency bounce. we've had the longest run of gains in six weeks. wildfires.lso new that is adding to the brent story. how are the bombs looking -- bonds looking? anna: the tenure in the u.s., germ

but tbrexit but the chancellor george osborne finally broke the silence and timed his remarks to just before the opening of the markets. still, stocks are down in europe and around asia. but here was chancellor osborne's positive spin on the situation. >>> it will not be plain sailing, but let's me be clear you should not underestimate our results. we were prepared for the unexpected and we are equipped for whatever happens. >> so volatility has slightly eased off. nothing like friday, but still the markets will not be happy by the fact that george osborne today confirmed what david cameron said on friday, that there won't be new leadership here until at least october and that means there won't be formal negotiations for this divorce process from europe and therefore more instability for some time. abby and heather, back to you. >> amy kellogg live for us this london. thank you so much. >>> well, brexit throwing the stock market into a downward spiral on friday. so what can we expect when markets open in the united states in just a few hours from now? >> joining us now, the watch dog

george osborne made this point in his statement this morning. very good long-term prospects. lots of businesses want to keep on doing business here and i actually think once the plan is in place, once it's unveiled starting off later today, even more firms will pile in to invest. >> a lot of u.s. viewers watching right now. you just managed an extraordinary campaign victory. lots of people saying the biggest coup in modern british times. are there implications for the presidential election in the u.s. and do you think donald trump can surprise people as you have done over here? >> i haven't been following the race closely. one thing i am pleased about is quickly after the result came through, president obama made it clear he wants to keep the strong relationship with the u.k. and i know that both hillary clinton and donald trump also believe that, too. >> matthew, a pleasure to have you with us this morning. congratulations on your result. thank you for joining us with your first tv interview since the result. matthew elliott ceo of vote leave. >>> when we come back, financia

george osborne talks brexit. jamie dimon will be speaking.nce" is keene and anna edwards will be kicking off the conversation with charles evans. ♪ tom: this morning, the may report on the american labor economy. in this hour, we searched for rage growth in america. the brexit debate heats up the prime minister. he will attempt to get to monday. a conversation with charles evans of chicago. good morning, this is bloomberg "surveillance," tom keene in new .ork, caroline hyde in london so much going on. what would you look for in the brexit

what was it that george osborne did or did not say that it not give the market too much confidence? -- that did not give the market too much confidence? >> ultimately, people are looking towards this emergency budget, our going to see it, that is not necessarily what we need to see at the moment because of the fact that people already don't necessarily know what repercussions of this quite are. even people with in leave campaign cannot seem to know where we stand, so he did give us some sort of civility at that moment, -- stability at that moment, but it always looked like we would return back to the red. we saw deep selling on friday, but also today, and across the board, it is worth bearing in mind that ftse 100 is a very international stock market and a lot of people are seeing companies that they probably wanted to buy into for some time , and now they are able to get in that level, so they see it as relatively attractive, it has been more stable in terms of the ftse 100 than the 250, but the 250 is usually the one that bears the brunt of any real economic already. needed at thi

nejra: a new warnings from george osborne on the risks of leaving the european union. in a speech he will say that brexit would lead to a $42 billion black hole in the budget that would have to be plugged with higher taxes and cutbacks. the eu is june 23 and recent polls show the leave faction is ahead. hillary clinton has opened up a double-digit lead over donald trump in the race for the white house. a new bloomberg poll shows clinton leading trump 49% to 39% among likely voters and 55% said they could never vote for trump. he does have an edge on it comes to fighting terrorism. voters say he would do a better job. after the polls closed and washington, d.c. for the last primary hillary clinton met with rival bernie sanders. they released statements about the "dangerous threat trump poses to the nation." the orlando massacre has some senate republicans pushing to expand the fbi's surveillance power. they have a long-standing request to expand the scope of it can -- electronic records. legislation could come to the senate floor this week. global news 24 hours a day, p

that was george osborne, the u.k. chancellor.ve heard this argument and we have had the business be vocal. he is urging businesses to speak out more. is that a mistake to keep beating his drum when the polls have now wrote? narrowed? what we have here is two sides of the dead date focusing on their message. makesay will cost jobs and people want to leave the eu. they will talk about sovereign sin immigration and neither side has an argument that works the it's way around area of very hard to gauge the out come but what we should hear is more of the simple message that it's bad for the economy and bad for sovereignty. -- abt that will change of great deal. we will see what gordon brown has to say later. are so far into the process of the polls seem to be all over the place. beyond the argument, who are they trying to persuade? what are the key members of the voting public that they have to sway? most people have probably you up their minds arian look at if they are likely to vote. undecided that will be many of thearea people coul

chancellor george osborne spoke earlier today and said the u.k.eady to face the future from a position of strength. meanwhile, petition for a second e.u. vote has 3.6 million signatures. in the u.s., features according to another day of trading. down across the board both here and abroad as the sector continues to digest last week spoke to in your come of stocks or other losses of all major indices down over 1%. the ft 100 at the loews still better than 2%. the cac down 2.18% of the dax index down 2.17%. the british pound continues to fall this morning hitting yet another fresh 31 year low this morning. $1.31 on the british pound. investors in asia largely shook off the hangover of the vote because of comments from japanese officials the nikkei average leading the way up nearly 2.5% on the sharp 8% selloff on friday. hillary clinton widened her lead over donald trump. in two new national polls this morning as she slammed strawberry assures american following market chaos over the british boat. the mac and the day after the vote, americans lost $10

osborne,ed to george the synthesis they more scarce stories.i think they would and they have. conservative mp said they would vote against what they call a punishment budget. george osborne saying it's not about his clinical career, it's about the question for britain, but they seem to be doubling down. george osborne aligning himself with his predecessor and one-time rival, talking about tax hikes in spending cuts. i'm looking at reserves around the world and danish reserves, if you take a dive into my terminal, we are at this level here. where would be in trouble in terms of reserves were their currencies to get stronger due to brexit? >> the central bank has unlimited firepower if it wants to direct it toward the currency, which is what they have done today. there's a sign that they want to dry line in the sand and prevent a fallout from breakfast -- from brexit. if there is one, it will be felt in the conservative party -- up in arms over suggestions about more austerity. partyar for the tory regardless of the outcome, don't you? guest: tha

just getting some headlines from george osborne, the u.s. -- u.k. chancellor.the wake of the forecast from oecd which downgraded its forecast for the 2.1%economy to 1.7 from and reiterated that brexit would damage the economy by knocking half a percent off gdp this year 1.5% innd 2018, and 2019. says the oecd forecast is hugely significant. the oecd in an earlier assessment of the economy did highlight the risk both to leave the eu. pick clearly remains in the remain cap get -- the remain camp. markets are down. both get some meat on the bone. nejra: european stocks falling for a second day, down 8/10 of a percent on the stoxx 600. things for investors to take into account at the moment. brexit, the ecb meeting tomorrow, and data from china earlier today. does this show stabilization or is it a sign of lackluster growth? i do not have the answer but let me show you a chart of the yuan. this tracks it back five years. it is drawing closer to eclipsing the lows it hit during january turmoil. a stronger dollar is playing a part, but have we come to the end of the

george osborne speaks to bloomberg about the economic risks. julie hyman, tracking the moves. theng off the suttles of session. julie: energy shares are moving of 1%., about half information technology remains the worst performing group if you take a look at the bloomberg . consumer staples also suffering today. green groups here in the s&p 500. tech is tracking things down overall. we have been watching commodities pretty closely. we have got oil prices bouncing around. gold prices have been trading higher. at thosee a look underlying commodities here. have had oil really bouncing around quite a bit it went brief -- briefly positive. of a risk offre sentiment affecting markets across the board and copper has been bouncing in today's session. >> the commodities space is a place getting a boost finally but still nothing to keep the market overall up. >> definitely not. it is interesting to see the vix has been on a character was stocks were rising. look at it here, we are seeing a gain almost 220. it has been unusual to get up to these levels. a

will hear frome george osborne this morning. we have already heard from mark carney. early commentary designed to calm markets, no doubt. people are piling into dollars. investorsindicates to is a key measure of the cost for banks to convert their cash flow into dollars. some of these moves suggest tensions in money markets. is that where we should be looking for signs of stress? >> that is the case. this was to be expected. on the other hand, if you , versuscurrent levels where we were during the financial crisis, the moment we knew they were available already. the moment they start to slash costs, that was underpinning the recovery. there are dollar facilities available. we should not be concerned about contagion. anna: one of the benefits of having been through such a dreadful financial crisis. give us a few wise words about what we should expect to see in trading. friday was devastating. many people caught on the wrong side of trade. thin.ity could still be concern.s a if you look at the volatility for sterling, even before the a very elevated level. people were a

george osborne talking about why the brexit -- they have made no preparation in the government for brexitexcept for the ones behind -- around financial stability. francine: hanging in the balance. for the first time, george soros weighed in on the debate. anna: george soros warning we could see a 20% jump in the pound if we saw a brexit. interested in george soros's view. i was wanted to see how the newspapers are ramping up their coverage. this one i've read here which is the metro includes a cover for leave and an article for remain. it includes an article by the french industrialist for remain. edwards -- some words of encouragement. it says we love you, but we are in business. francine: that is quite fun. the italians are launching some kind of change for kisses for the brits pit what is funny is there is more eurosceptic in france. and edwards outside of the houses of commons in westminster . let's introduce our guest, luke johnson. better known for running its express. he is involved with the business for britain. rates to have you on the program. you think -- great to have you on t

later on, we will talk to george osborne. ♪ ♪ francine: welcome to "the pulse," live from it europeans here in london. now an update on the attack in orlando, florida. gunman who says the killed 50 people in a florida nightclub had spoken about the so-called islamic state in a 9-1-one call before the massive car. the shooter was killed in a shootout with the police. he was a u.s. citizen born in new york to afghan parents. massacre inorst u.s. history. president obama called it an act of hate and it is being investigated as an active terrorism. pres. obama: the place where there were attacked is more than a nightclub. it is a place where people came together to raise awareness, and to advocate for their civil rights. this is a sobering reminder that attacks on any american, regardless of race, ethnic city, religion, or sexual orientation, is in attack on the all of us. francine: he had previously been a subject of the fbi investigations for connections to terrorism but no links were confirmed. he was interviewed twice between this weekend and will 2013. was an employee of gs who has b

one of the key questions, the fate of george osborne.poke earlier on today and said we find out a little bit more about his plan, personal plan, within the dates and ahead. we'll see what comes of that. we know we'll hear from david cameron mid afternoon london time. tom: anna, to me what is most fascinating is what we call in america lame duck. president obama is a lame duck president on his final victory lap after two terms and eight years. tell me about the prime minister. already said he is going to go. he said that on friday. he said he would be gone by october the because that is when we get a pretty conference. he is going to leave all the negotiating to the person who takes over after him. there is a debate going on here over who that will be. while brussels and voices within europe continued to ask for a plan from the british or they ask for the british to trigger our article 50 to start the process of leaving the european union, it is hard to see how that will happen a times in one we do not have a leader in place, at least not

he teamed up with george osborne to discuss the consequences if the u.k. leaves the eu.ron ore prices tumbling from the highest levels of the year, how will prices move when you factor in the fed actions and the dollar? we talked to one of the biggest names in the mining industry, andrew forrest, the founder of fescue metals. 90 minutes into the trading session, we had to the markets desk where julie hyman has the latest. we are coming off of the lows. julie: down about .5%. given the shock at the jobs report this morning, it is interesting that there is not a bigger drop. the nasdaq decline holding steady about .9%. the s&p and the dour bouncing off lows to some extent. 500nted to look at the s&p futures, to get a better idea of the trajectory in stocks in the wake of the report. here we have the declines as a result of the jobs report. lowerwas another leg after we got the services reported 10:00 a.m. that showed the smallest expansion since 2014. a bit of a bounce off the lowest this point in time. that focuses in on what we have seen in the stock market. take a look

the british chancellor george osborne also says that a lot more contingency plans than we know about are in place, and he calls them robust. he said public finances would suffer, but that britain is open for business. >> amy, thank you. >>> now to the u.s. where in just a few hours, markets will open here at home. so what can we expect? >> if you turned away from the markets on friday, what a selloff it was. first giving you a look at those numbers, the dow losing 3%, a loss of 610 points. and nasdaq losing more than 200 points. part of that is because asia and europe are actually a little bit better. currency will be the story and we will see likely today more of a move into gold. gold futures are looking brighter. next week in particular it will be volatile. this is not a short term story. this is a long-term story. what happens to the british economy and what does it mean for the world. when it comes to brexit they believe the u.k. is going to go into recession next year. as far as trading partners, the stocks could move for trading companies because they have large operations in

chancellor george osborne is scheduled to make his annual speech at the dinner in london. mark carney will also be there. interesting to see how much the u.k. referendum is mentioned, and how much that the stick to other topics like technology. and we are led to believe that could be a big topic of conversation. up next, day one at the st. petersburg economic forum. we be talking to the ceo, one of russia's most fast this esteloping -- fast developing retail banks. ♪ \ welcome back. 6:18 in london. 1:18 in hong kong, where equity markets are weaker. a lot of talk about the eu referendum of course next week, and that showing the markets picking up pace as we go to the afternoon session in asia. also the fact that the boj did not doing anything, some had expected further stimulus, having a toll on markets today. let us get the bloomberg business flash. owners andnna, car the u.s. government have been given more time to file edelman proposals in the volkswagen emissions scandal. a federal judge delayed the filing deadline to june 28, citing the highly technical nature of nego

george osborne will say reduced trade and investment would leave a 30 billion pound black hole that wouldave the plug by increased taxes and spending cuts. progress -- progressive campaign that thejohnson says u.k. should leave the eu. eu, it islook at the a zone of the lowest growth of anywhere possible. it is catastrophic for unemployment and many parts of the mediterranean countries. holy eu project is a machine for generating excessive your argosy and red tape -- excessive bureaucracy and red tape. nejra: hillary clinton has opened a double-digit lead over donald trump in a new poll. the survey has clinton leading among 75049% to 37% likely voters. what that half of those polled say they could never vote for trump. trump outpolled clinton when it came to combating terror. global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stores on the bloomberg at top . francine. francine: the hikes on hold for now we understand the fed futures for the chance of an upward move at 0%. june is too soon. try july, not likely say

i'm just looking here at george osborne's morning that brexit would be a tax toll.d leave of 30 billion pounds black: the economy. hole in theck economy. reporter: the currency count deficit is being talked about by many a, is -- many economists as complicating things. later today, it will be argued that there will be a 30 pound -- 30 billion pound black hole that will need to be filled with tax increases and/or spending cuts if we do see a brexit. that is the argument from remain. we will put those arguments in context with guests throughout the day. meanwhile, the lead campaigner in the u.k. for the brexit will be joining the program. willuring "countdown," we be speaking to destructive capital finance, arguing that we need to leave the eu as well. we will speak to him. we will also discuss the report talking about a 24% drop in stocks being a possibility if we see a brexit. we will put that altogether during "countdown." manus: see you in 25 minutes. let's check in on the other stories making news right here in bloomberg. julia sally is with us. good morning. rep

this thing about, where's judge -- george osborne? where is boris? we need to hear from porous fairly soon. we wonder if they are coming up with a plan. highly likely, the fact they do not have a clue as to what the next is. i they actually putting something together? >> here is a question. what is the job of the chancellor and a situation like this? you know what the job of the bank of england was, because he didn't. he came out and reassured people. i just wonder whether actually he cannot do that job anymore. you wasted so much political capital on the way in with the warnings of the way it would be, and emergency budget, a recession, pensions. where is he? can he do his job anymore? that is exactly what they are talking about, david. >> exactly. now let's go to harris. caroline joins us. your for an about how there is disarray. what about the european side? we heard this morning chancellor merkel is more likely to take her time. where is president francois hollande on that? >> president francois hollande would like to see a u.k. exit happen quick

today, chancellor of the ishequer george osborne recruiting jamie dimon.ere's what he told the board. will not telld the british people how they should vote, by will give my opinions. that it is important people make decisions without guys -- with their eyes open. it is a terrible deal for the british economy and jobs. has more than 60,000 employees across six locations in europe -- in britain. some companies may require jobs be moved to europe if brexit occurs. less than three weeks. exciting. still ahead, our weekly dive into the $3 trillion etf market. a closer look at which etf's will be impacted most. and we are following the markets posted jobs report. we continue to fall, even though expectations are that the fed will likely delay their rate hike. s&p down almost 1%. ♪ betty: welcome back to "bloomberg markets." let's get straight to julie hyman, standing by for our dive into the etf market. in 10 days, which countries will be promoted or demoted will be announced. here to look at which etf's will 's affected most is bloomberg expert on all things e

coming up, an interview with george osborne on his staunch anti-brexit stats. -- that -- stamps. ♪ -- stance. ♪ ?c+sv mark: i'm mark crumpton. let's get to first word news. president obama says there's no clear evidence that the shooter at an orlando florida nightclub was conducted to launches attack as part of a larger plot. president obama: the one thing that we can say is that this is being treated as a terrorist investigation. it appears that the shooter was extremists various -- mary's extremist information disseminated over the internet. mark: the president made his comments after being briefed. the man blamed in the orlando shooting was employed by a british security firm whose clients included the u.s. government. a u.s. citizen who declared allegiance to the islamic state in a 911 call before the killings at a gay nightclub. 49 people were killed, 53 others wounded. he was killed in a shootout with police. s had been an employee of g4 for nine years. the fbi had interviewed him over potential ties to terrorism but closed both investigations because of a lack of evidence. pros

george osborne says there are plans in place. >> we are repair for the unexpected and we are equipped for whatever happens. and unlike eight years ago, the briton financial system will help us deal with any shocks and dampened them, and not contribute to the shocks or make them worse.>> the french officials are calling on the uk to hurry up and the part the eu, but germany says there cannot be informal talks about the departure until they have filed a normal notice to leave. british leaders said it could take months, creating uncertainty and leaving the global markets and turmoil, the british pound fell and many other agencies as well. other asian markets closed with losses. the world market lost $2 trillion, and the economists are forecasting continued volatility until it is clear how the british departure will affect everyone else. >>> the time now is for 10 am. >>> a scare on a singapore jet, and the plane caught fire with more than 200 onboard. >>> coming up, i hundreds praying for miracle, for a teenager paralyzed in an accident. >>> looking at a commute that is off to a nice sta

we've also had george osborne, the chancellor this morning give a speech before the markets open trying to really communicate a message of reassurance that the british economy is resilient and able to cope with this brexit shock. let's take a listen to what he said. >> it will not be plain sailing in the days ahead but you should not underestimate our resolve. we were prepared for the unexpected, and we are equip for whatever happens. n we are determined that unlike eight years ago, britain's financial system will help our country deal with any shocks and dampen them, not contribute to those shocks or make them worse. >> many people were wondering whether george osborne's political career would be going in the same direction as david cameron's. in that speech this morning, he seemed to make it fairly clearly that he wanted to stay with -- n take a position in a future government in this country. we've also got turmoil in the labor party with half the shadow cabinet resigning on sunday. really an expression of their lack of faith in the labor party leader jeremy corbyn. he seems determin

. >> george osborne trying to calm markets.e said there would likely be more volatility ahead but the world's fifth biggest economy would be able to cope with the challenges. >> it will not be plain sailing in the days ahead. let me be clear, you should not underestimate our resolve. we were prepared for the unexpected and we are equipped for whatever happens. we are determined that unlike eight years ago, britain's financial system will help our country deal with any shocks and dampen them and not contribute to those shocks or make them worse. >> during the campaign osborne warned he would have to raise taxes and cut spending in the event of a leave vote. that's obviously what happened. now osborne says the government should wait until david cameron's successor is in place before deciding on fiscal plans. osborne says he'll clarify his political future in the coming days. later today we'll hear from david cameron. he'll speak at the house of commons. >>> christine lagarde is warning of market pain if policy makers don't move q

jonathan: that was chancellor george osborne speaking at the time ceo summit.ave the conservative party leadership contest coming up, he still is not ready to back another candidate for that. i think the bigger headline is the u.k. should maintain the closest possible ties with the single market. that really speaks to the amount of uncertainty and risk right now. it was a lack of unity on the leave campaign over what the relationship with the eu would look like coming out on the other side, if the u.k. did vote to leave the european union. that is what we have now. there will be a scale of what people will want, the relationship they want with the eu. chancellor george osborne would like the closest possible ties with a single market. the difference in the u.k. government is they need to be .esolved nevermind the negotiations that will eventually happen between the u.k. and the eu. i want to bring in alix steel and david weston. that line is fascinating, he still wants the closest possible ties with a single market. how does that resolve itself in the coming mo

chancellor george osborne breaks his silence. informal talks will even happen before britain starts exit papers. david: sterling resumes its slide after record drops. equities under pressure. british lenders among the biggest losers if italy considers a bank injection. ♪ david: we are just under 30 minutes away from the opening bell. this is bloomberg . i'm david westin with alix steel in new york. jonathan ferro is in london. alix: coming up, tom keene and michael mckee are sitting down with formal censure alan greenspan. jonathan: we will bring you that on bloomberg tv and bloomberg radio. futures soft. negative nine points on the s&p 500. the drama in bank stocks. stoxx 600 bank index down another 7%. u.k. lenders lead in the losses. the pound getting pounded again. biggest two-day drop on record. the 31 year low. look at those yields. alix: lower. joining us for the hour is head of fixed-income krishna money. krishnana met bonnie -- memani. a we have benefited from growth perspective from globalization and if this is a di

what george osborne said is more or less wishful thinking.here is no brexit plan ready to go in the bridge government, neither in the drawers of the leave camp. they were more surprised by their win on thursday than anybody else. however, david cameron tries now to at least sort of lead the way, set a timeline and move things along. his successor will then have the task to implement this thankless task. he says there will we a new -- there will be a new prime minister by september. he will then have to continue the work and set the date. on the other hand that is the technique of the british side. on the other hand we have the political side. there is considerable pressure from europe. when angela talks about we should give them a considerable amount of time can i ask, what is reasonable? brent: it is a very good question. the issue of playing for more time, it fits into what we saw cameron doing today. trying to calm the fears of what is going to happen. let's listen to a little of what he had to say today. >> we can reassure european citize

reporter: chancellor george osborne agrees, saying a brexit will leave a. -- black hole in the country'sget. is a 13 bill -- 30 billion pound hole in the public finances. this will be a permanent and structural hold. we could not just borrow more money to tied ourselves over. voting to remain a stop of the agenda. however,, they have ruled out support that any austerity measures resulting from the rights it -- brexit. >> we believe it is the best way to protect families, protect publicnd protect -- services. we oppose any post brexit austerity budget, just as we opposed any austerity budget before. reporter: meanwhile, conservatives campaigning criticized osborne's proposed budget cuts. world'st's one of the best-known rock songs, and the subject of a copyright lawsuit that had end up costing legendary british and led zeppelin tens of millions of dollars. a little-known american group called spirit is claiming they came up with the idea for stairway to heaven. the judge in the united states has already ruled that a jury might find substantial similarities between the two songs. ♪ it is o

george osborne has brought himself out.in the house of commons yesterday, david cameron said while the u.k. was exiting the eu, it was not turning its back on the world. mr. cameron: we must not turn our backs on europe or the rest of the world. the nature of the relationship we secure with the eu will be determined by the next government, but i think everyone has agreed we want the strongest possible economic links with our european neighbors and with our close friends in north america. important partners like india and china. anna: britain will have to make new trade agreements with the european union and with other countries as well. our next guest will help us understand. he is the former ceo of u.k. trade and investment. he joins us now in the studio. very good to see you this morning. speaking to the topic of trade, one of note, where did you start? what kind of trade relationship is what the bonds are talking about. boris johnson is still talking about access to the foreign markets. >> we need to be in agreement with

george osborne is making some comments relating to the referendum.ds by his decision to hold the referendum. it is critical to provide fiscal stability. candidate can become a new tory leader. my role depends on the new leader. caroline. caroline: fascinating stuff. been alwaysne has someone who wanted himself in the running. we'll see how he performs. let's get back to central bank policy. elliott gotkine joins us where draghi is due to speak. what do we expect him to say while he remains in portugal? elliott: caroline, the tranquility just outside of lisbon is the stark contrast to the turmoil going on around the world. mario draghi cannot ignore what is going on. policies, there's been speculation that the ecb will cut interest rates. in the past, he has said this is the brexit votes that the european central bank will continue to work to try and boost inflation in the eurozone. when we might get from him now that the challenge of getting inflation back to where it ought to be in the eurozone has become even tougher, he might be calling upon a gov

british finance minister george osborne told business leaders in the u.k. that the country's future is in the balance. he said that britain could leverage reforms in a way that could boost the eu for everyone. >> we can see over 120,000 new jobs created here in the north of england over the next few years. if we vote to quit the eu, then that will be at risk. the investment won't come here. the trade won't be as much. william: german chancellor angela merkel is in china. business is in the spotlight. member is an influential of a debate about a politically sensitive issue over china's market economy status under the wto. beijing has been lovering -- lobbying hard to gain that status, with operate -- opposition from europe and the u.s.. reporter: 10 europe trust china -- can europe trust china? they tried to downplay tensions over potential changes to beijing's special market status in the wto. >> i'm convinced that this will be successful and, in fact, it will be so successful that we can find a solution on the lines of what we promised 15 years ago. report

once the heir apparent, george osborne almost found it hard to meet the eye eye. >> i fully accept the results and will do everything i can to make it work for britain. there are concerns about the future of the conservative party and i will address my role in that in the coming days. laura: the comments are not much of a guide to what will happen next. it is the next prime minister's priority levels of the terms. the tories must now decide who will make it to number 10. could this relatively new face be the one? >> this is a just about party unity now. it is about national unity. laura: the race to downing street is certainly on. the home secretary is almost certain to want this to be her new home. one of those who persuaded yo won't run. boris johnson, right now the favorite, is a long way to go. >> it is clear that project fear is over. laura: but project "were not quite sure what's next" is underway. the next prime minister will move in here by september second. who that will be is not the biggest question we face. today german chancellor angela merkel held crisis talks with france

unimportant interview coming up in about an hour from now, we talked to george osborne about brexit and current account deficit. we are looking at st. paul's. gorgeous -- tom: gorgeous. francine: but it is not sunny. ♪ tom: good morning, everyone. markets on the move this morning. we will continue the discussion and of course the ramifications of the vote next week. there is a simple thing, the tragedy of orlando. arguably the worst terrorist .vent since september 2001 right now, and update from monday. >> the man blamed in the orlando shooting is a member of a british security fund. he pledged allegiance to the islamic state in a 911 call. 50 people were killed, 53 others were wounded. he was killed in a shootout with police. he had been employed for nine years. he had interviewed twice over potential ties to terrorism, but the cases were closed due to evidence. paul ryan says he does not agree with donald trump's plan to undocumentedns of immigrants. the government of singapore is warning the u.s., do not tinker with a giant pacific trade deal. they say that any move by congress to am

george osborne on the brexit threat, exactly two weeks away from the referendum.ident mario speaks at the brussels for him. we are there live talking to the european commission vice president, that is later in this program. ♪ a very warm wee

they're criticizing george osborne the chancellor.ying there would be no need for an emergency budget if we do vote for a brexit on the 23rd. a growing rebellion within his own party. he is said to be giving a keynote speech as he does every year at a mansion house city of london event this evening. he will he joined by mark carney the governor of the bank of england. policy deliberations are interest-rate policy the u.k. with the bank of england deciding on interest rates today. nothing much will really change there. the weakness in the data. not entirely brexit related. rateasingly pricing in a cut by july. whether it's the danish kroner or the swiss franc they have a lot to be concerned about in terms of the potential tsunami of merit -- money that might come through if the brexit becomes a reality. what is the thinking on that? >> that is just one central bank the people looking to in the event of a brexit. perhaps even globally. we need to make sure that there's some level of calm in the financial markets. we might get more infor

george osborne is moving things along and talking about how brexit would be ok for the rich, but notge worker. he went on to say the u.k. has me know preparations for brexit apart from financial stability. arage has defended his immigration posters he unveiled last week, saying part of the aim is to control borders. manus: i have just opened up the front cover of "daybreak," and they have the symbol of getting ready to leave. there is one man talking about the risk and reward. there does not seem to be much reward in george soros's mind. two different directions on the arrows. : george soros has special meaning in the u.k. this is the man who made a billion dollars and was referred to as the man who broke the bank of england. interesting status when it comes to talking about the pound. he warned it could lose 20%. it was up yesterday the most 2008. 2 -- since we have heard comments from nuriel rabini that brexit would have significant damage to the u.k. economy. the u.k. is better off in the eu, he says. tonight, we have a special bbc debate taking place at wembley stadium. the curre

in terms of what you were saying with george osborne the finance minister here, he did say as you indicate that they stand ready to come together some of the leaders here if need be. he also spoke about how it's sensible to wait for a new prime minister before deciding any type of action. you have to keep in mind that this isn't the binding vote. you first need parliament to agree before you can trigger this article 50 that leads to an actual brexit. so there's a lot of negotiating that has to happen here over the next couple of months given that we don't have a prime minister. boris johnson, incidentally, the favorite to take over from david cameron, now opponents to boris johnson in government, they're starting this anything but boris for prime minister campaign to try to prevent boris from taking over in that post. back to you. >> all right louisa bojesen, thank you very much, live from london. >>> the backlash over the brexit is spilling across the atlantic as hillary clinton slams donald trump for his reaction to the outcome of the referendum. speaking at a conference of city mayors i