let's get back to joe miller. -- gilles moec. markets are going up. the economy is not doing great. flation is difficult to spur. in a greaty is not place compared to eight months ago. gilles: the real economy in the eurozone is decent so to speak. most of this ok resilience comes from policy. it comes from monetary policy and increasingly fiscal spending. it is not instantaneous growth. it is really growth on crutches. better than nothing, but definitely not great. the market also takes on board the message from monetary policy. what we see is the conjunction of extraordinarily low interest rates throughout the yield increasingly in the periphery. you see the corporate bond market being completely flattened. that is -- francine: that is incredible, isn't it? i think the price differential between a spanish 10-year and italian 10-year is nothing. gilles: it is what the ecb wanted to do. i always have this issue when we start talking about bubbles in the context of the monetary policy we have. qe and conventional policy is about creating bubbles. you want to artificially reduce the ri

gilles moec with us through the hour. ofthe next hour, 326 pages joseph stiglitz. .oseph stiglitz on the euro he goes after olivier blanchard. what else would you expect from joseph stiglitz? this is bloomberg. ♪ francine: it is "bloomberg surveillance." on francine lacqua in london. tom keene in new york. let's talk about corporate's, let's get to the bloomberg business flash. taylor: nestle, sales grew in the first half in the slowest pace since 2009. the world's largest food company reported a 3.5% increase in revenue, slightly less than estimates. it is tough for nestle to raise prices because of little inflation in europe. home prices in china are rising, cities as as many before. 55 in july versus 55 -- 51 in july versus 55 in june. slowing down real estate price hikes, some cities have raised down payment requirements for buyers of second homes. brexit having an uneven impact on the housing market. remain areas like london have seen a drop in the number of properties put up for sale and an increase in canceled tran