we have the numbers next on bloomberg television. ♪ jonathan: live from london, i am jonathan ferro. d: this is a special edition of bloomberg markets on bloomberg tv and bloomberg radio and. jonathan: you can find us on serious exim. donow some you may need to some aaron's to finish your weekend. strategist is predicting more pain following the massive selloff. about we are talking trading and we are talking about that specifically. quant funds. they have these computer programs in place. below's --n index falls below a certain threshold, that triggers another wave of selling. computer programs are within the market. we spoke to you vs and jpmorgan. that ision selling ilion dollars 300 could further be wiped from the value of the market in the coming days. you have the fundamental issue, which is not insignificant. you have a problematic trade issue on top of it that could exacerbate the selling. that is likely part of the issue on friday. -- howhow does this ready is it? julie: you look at some past crises, it's not quite a steep. sunday, theto black example of this. that was a 20%

jonathan: i'm jonathan ferro in london. scarlet: let's rehash -- go ahead. eadlines in the u.k. jonathan: the united kingdom cut to aa from aaa by s&p. the head of sovereign ratings at standard & poor's came on bloomberg tv here in london and said a brexit would lead to a downgrade. we've got confirmation of that. the u.k. cut to aa from aaa. uncertaintys the for the economy ahead. i would focus more on that than the credit rating itself. for the market, it's still a good credit rating. good pointat is a especially if you look at yields of government bonds. andheading to record lows continuing to bump along those lows not really changing despite what the credit rating companies say. anti wo bring in a chart i thought was interesting. the expected path of increases in europe has really shifted. this is for anybody who has a bloomberg terminal. matt for passing this along. the orange line is before the brexit vote. the green line is the path as of today. the curve has flattened. far theotable is how move into positive rates got pushed back. all the way into sep

jonathan ferro: here is a line. to weaken, not high. the conversation we will have the coming week and here's is the direction is fewer people and if you wanted to ask people right now, would you really ask them to the city of london for 2, 3, 4 years. >> just for a question of magnitude, how big or small? >> coming up next, brexit. repricing of assets creates a new opportunity for gp. will they be out there pricing? more bloomberg , next. ♪ >> this is a special edition of bloomberg , i am david westin. welcome back. i read what you have to say about this. as you look at the aftermath of brexit, you put it into two timelines. 13-six months and one after that. tell me what you expect. >> i think the first thing is and we are talking about repricing of assets, how do you price risk. i think in the next three-six months it will be difficult to understand what a unit of risk will look like. itould say over six months, will have to be incredible and opportunistic if we see a brexit premium in return. beyond politics, there will be an

jonathan ferro joining us for a long workday in london.to round out the major market moves for you. this chart 1% swings we have seen in u.s. stocks. you can see the huge jump we have had today. this redline delineates that sling. we haven't really seen a big breakout swing like that since march or february this year. joe: that is an extorted very chart. you see charts like this today all over the place. , the pound. you see these up and down lines, the likes of which we haven't seen in a really long time. scarlet: which makes you wonder if the gains we saw there will persist. alix: good point. i have a chart of the vicks. to 26 early this morning but we are down i about 23. the more interesting chart to me the maxed out chart of vicks. we are down at 23, nowhere near 2015 in august. the idea that we have had volatility but let's put that volatility into perspective. jonathan: if you want -- i would bring up cable one. the day of the vote going into it, all-time high. unbelievable surge. sky rocketing. i think to your point on the equity s

special coverage of the referendum with jonathan ferro and guy johnson.spectacular. let's get an idea of what is going on. we thought the morning reaction would of eight a little. we have seen -- abate a little. we have seen a little of that. the ftse is down. are taking it hard. some of the continental markets -- italian banks, etc. feeling this. the ftse down less of then some. but you go back into the dollar, and it is underperforming. reaction the fx market is astounding. 84 percentageover points. 30 year lows. the euro not as genetic. the swiss bank has been intervening in the market to stabilize the swiss franc. dollar-yen dropping below 100. that is significant. guy: it will be easy to find out whether the boj will do anything. let's look at the bond markets. look at what is happening with the british pound. we are a had steven saywell saying that we could have a 50 point basis cut. we are having a huge market move coming through across the whole story. that is what is happening with the u.s. 10 year and with the , which is gone negative. david cam

jonathan: i am jonathan ferro.safe bet under president clinton while aerospace and oil might be a safe play for president trump? we are joined by bloomberg analyst. in your own words, brace yourself for the advisor about to give. painted for me. do you know what the policies are for the potential candidates before we even decide which etf to go to? eric: you can only go by their rhetoric, and also, brace yourself because you see a lot on how tos coming out play trump are clinton carried a few are obvious. that's a trump wins and you look at the coal industry and clinton wants to put that out of business and trump once you save it, so cold etf might be a decent bet. it is down 81% in the past five years, so it is dirt cheap. on the clinton side, if she continues obamacare, which we assume she will as opposed to xhs is anoving it, interesting choice and it is just health care providers and little pharma, so she is going after price gouging for pharma. more direct play on obamacare and the increased amount of customer

my colleague jonathan ferro is joining me from london. here in the united kingdom. u.k. law preventing us from reporting on voting or analyzing the referendum while the polls are open. we will be following all the action as the results come in with special coverage beginning at 5:00 p.m. eastern time. futures are firm. london.re up here in the pound with the 149 handle earlier up by 1.31% on the .ession david: let's check in with our stock reporters. julie hyman has a look at what's moving ahead of the open on the nyse. let's begin in new york. uptrend thatg the jonathan was just talking about, tesla is down another percent after falling 10% yesterday. adam jonas at morgan stanley is downgrading it to eight away from overweight. -- equal weight from overweight. he says long-term it might have a good strategic -- but in the not adequatelyay compensate investors and it won't help tesla make better cars. i have taken tesla back to where adam jonas first upgraded the .tock beyond shares are down sharply after the home goods retailer missed fi

i amjonathan ferro -- jonathan ferro. the dax is down.erformance euro-denominated equity markets, not sterling. the pound is substantially weaker. strongerr pound, a yen. that is the story here. trading at one dollar 42 against the dollar. stockscommodity markets, are down one percentage point. we cling to a 50-handle on the session. in the bond market, it is all-time low yields. u.k. government yields grinding lower. to sleepait approaching 0, 10-year rate. "bloomberg " time for news -- david: time for news around the world. >> the f.b.i. has lowered the number of victims in the orlando shooting. saying 49 were killed when a gunman burst into a gay nightclub and opened fire. all but one have been identified. omarding to authorities, mateen called 911 to claim allegiance to isis before opening fire. it is the worst mass shooting in u.s. history. oscar pistorius faces up to 15 years in prison for killing his model girlfriend. a hearing began today. the judge who originally convicted him of manslaughter has been ordered by south africa'

let's send it over to jonathan ferro for a look at the markets. hat the fed banks are not giving a rate hike any time soon but equities remain soft. in the unitedhere states and equities lower in europe again. the ftse 100 is down .75%. germany dax is getting hit. the big pain is in japan. this one right here, the japanese yen. 1.57 percent move against the dollar right now. is stronger on the session. we traded earlier with a 1.03 handle. a big meeting is next month, look out for that. that is the fx market. aussie yields, german yields, south korea yields -- all-time lows. fresh records in that market. but the curve gets my attention. 38 yields in japan down by six basis points. switzerland, subzero. did you ever think you would see a bond market that looked like that? and this one here, the longest moving streak since january 2016. 48.28.t let's get headlines outside the world of business. democrats in the u.s. senate got what they wanted after almost 15 hours of speeches on gun violence. massacre, the orlando they say there needs to be a vote o

jonathan hi, i'm jonathan ferro. i've got david westin. the biggest drop in record.ck out the charts. 1990 two. a lot of people were referencing the fx market. the small red if our left and it is nothing compared to the red dot on the far right. the biggest move on record happened friday on the cable. that is the take away for me. the biggest one-day move on record ever for cable. it -- the cable rate was there in february. it appreciated. that is why we saw the wisdom. >> throw money was clearly what was using the option markets for the insurance. itt is what you are using for. the options market, much more of a stable market there but if the -- fund community is there, it has the ability to spread the volatility around. but it got long, which is surprising. bring out the risk reversal charge and another chart as well. skyhigh. it was skyhigh, a remarkable move. >> the bottom like you have never seen. it had to flip the other way. market is still reeling on the back of some big, big moves on friday. the question is, how to live up on monday? >> it is deeply humbling

i am jonathan ferro. 1.4%. as theket stability, brexit debate descends into silence. let's get to the other asset classes. yields are still higher on the session, but still south of 1.6% on the u.s. 10 year. breaking data -- housing starts month on month, better than anticipated, coming in at -0.3%, -0.9%.vey for the previous month was revised slightly. building permits month on month comes in slightly disappointing and 0.7%. -- at 0.7%. the previous month for building permits was revised higher to 4.9% from 3.6%. futures, just turning that little bit positive on the dow. s&p 500 futures negative, but barely. alix? alix: it's been a very tough week for commodities. take a look at oil. yes, wti is coming back somewhat today. a six-day losing streak not seen since that horrible decline back in february. for more, we are joined by michael cohen and david wilson. i want to start with oil. it did not make sense, the decline. the dollar was weaker. you had some risk aversion. fundamentals were supposedly tighte

i am francine lacqua with jonathan ferro. what a week we have had. nathan: the city of london is probably happy it is the weekend, because the market is closed. francine: they are watching us. they are reading papers. they are raising analyst reports, trying to figure out how monday will pan out. jonathan: shall we get you up to speed on how the carnage laid out? beginning in equities. the ftse closing down three percentage points on this day. actually finished higher on the week. the big carnage was in mainland europe. the dax down 6.8%. the biggest one-day drop since 2008 and the biggest one-day drop on record for the european banks. the fx market, the biggest they drop of all time to a 30-year low. the dollar-yen yesterday at a 99 handle at one point. a big stand out the bond market -- a big stand out in the fx market. get to the bond market and i will whip you through. down 14 basis points on bonds. spreads down on the periphery. francine: the problem is that there are so many angles. we have to look at the european union, how they are negotiating

jonathan ferro joins me from london. jonathan: two days until the referendum.rage all week. let's get you market reactions. dominating markets still, the car master. looking at the futures in the united states, about one third of 1%, just rolling over a touch in the last 30 minutes, down about .1 of 1%. the dax up about .5 of 1%. switch of the board quickly anelka to the other asset classes. the pound rolling over with the ftse, the conduct 147. the biggest is on sterling against the dollar. just down to basis points, 1.67% during if i could drop up and bring you a preview of what is to come, i would say central bankers versus lawmakers. ecb president mario draghi will speak at brussels in front of the european parliament. one hour after that, round two for the central banks. it will be fed chair janet yellen on her annual testimony 10:00 a.m.tifies at eastern time, 3:00 p.m. in london. and in hong kong, 10:00 p.m. david: with us now is the director of high yield and we are just about to go to mario draghi, but give us a preview. what will he say? >> probably m

jonathan ferro joins us.arma week, where we are going deep on the global business of pharmaceuticals. concerns over brexit has hit the pharmaceutical industry and big companies have the most exposure to a brexit scenario. mylan is exposed the most. david westin and alix steel spoke to the ceo and asked how the brexit affects her company. heather: our exposure to the u.k. is immaterial. everyone is taking a different slice of how far-reaching the brexit is affecting the entire euro market could be. when you think about mylan being the global company and we have diversified across 150 countries and thousands of products, that puts us in a sustainable condition. u.k. ally the beid: how important would it if mylan remained part of the single market? heather: when you have something as complicated and intertwined as the euro has evolved, everything from the regulatory system to drug approval. when you think about the pharmaceutical industry, there is an impact on product than licensing. it's going to affect everyo

i'm jonathan ferro, with david westin.brexit referendum, and the polls are split. but the money is backing remain. david: i have been very consistent. it will have the very latest on that, plus we hear from the richest man in hong kong.

andrrow, david westin jonathan ferro.an 10 year yield. >> it is approaching zero and it is fascinating. brexit dominating the market, rick severs -- risk aversion dominating. the polls have gotten too close to call. later, we will bring you that interview with the chancellor. for me, the bond market just fascinating. global yields grinding down to new lows. the bond market could be in a bubble. we will be talking with undress goober later. er later. schoov tom: we are thrilled to have michael pond of barclays. michael, you know this chart. the two year yield, we have shown it many times. disappointment and now back to standard deviations of this trend. how does janet yellen provide discourse and rhetoric to push against the disappointment of low yields. talkinged has been about hiking since 2012, so they have been talking tough but when it comes to acting, they have been relatively stub-ish. they won't hike but they will continue that rhetoric of "but we might in the coming meetings." whether it might be july or not until

i am jonathan ferro. in his 5:00 on late sunday you afternoon. re taking you from new york to london to brussels. turmoil rubbed it in u.k. politics after the vote to leave the eu. eight cabinet members have resigned as revolt against jeremy corbyn. to brusselsd live to figure out what is next. what company -- countries will stand to benefit? we look at which asset classes are poised for the biggest swings monday morning. this is special coverage from london and new york. this is bloomberg tv

jonathan ferro is joining us from london. in london just got more interesting. jonathan: i do not know what is going on, it changes from minute to minute. we will bring you the headlines as former london mayor boris johnson announces he will not run for the top spot in parliament. hour, the south african minister of finance, coming up. gate breaking news, lions -- lions gate is buying starz for $4.4 billion in cash and stocks. bloomberg news have been reporting this in yesterday that it was in advanced talks to acquire the premium cable channel. that deal coming in at $4.4 billion. the idea is that it would add to the cable channel the agreement with very close for being signed in it appears like the deal has been sealed. lions gate says the deal is highly accretive and it will find -- fund part of the deal with bank financing. stocks popping for both. stocks popping on those two companies, but not across the board. s&p 500 futures down about two points. index leadings the losses on the stoxx 600, down by one percentage point.

francine: thank you so much, jonathan ferro.ome friday morning, the day after the referendum, what happens to the u.k., what happens to the eu? us still is former bp ceo lord browne, and policymaker andrew sentance. planbrow do we have a , do we have a plan b? the answer is we do not know. we do not fully know yet. tom: excuse me. can europe be pro-business? in america we get headlines they do not like google, microsoft, maybe they do not like british petroleum. can brussels become more anglo-saxon and more pro-business? john: i very much hope so. if we stay in europe, we should be having more officials in europe. we had a disproportionately low number, and i think they can bring a more businesslike attitude to brussels. tom: andrew -- francine: andrew, you believe the u.k. belongs in the you. andrew: it is still a massive market for us. it puts us in a more difficult position because we will not be able to influence that market. but i think we would still have to be very closely aligned economically with the rest of europe. tom

i am jonathan ferro. time for off the charts with julie hyman.germany has been the story people have been watching for the past couple of days and it went below zero. here is the 10 year. i have john a line at zero so we are just below zero. already it was record low but the question was will it go negative? one of the traders involved said, we are not buying it is of the yield. obviously you do not want a negative yield. you are doing it as you feel nervous. jonathan: and the speculative money as well, they want the capital gain. you have made a tremendous amount of money if you chase the capital gains. the curve negative all the way out for the 10 year. it is japanese but it is not swiss, and the swiss curve is even more dramatic. julie: here is the swiss curve. if you look at the zero line, it is up above my head. below zero inears the next focal point, nevermind the german curve, the swiss curve, the position, the price action is phenomenal. 30 years with a potential to go negative on the yield. julie: now we have the u.s. curve and it does n

i am francine lacqua with jonathan ferro.onathon: the city of london is probably happy it is the weekend, because the market is closed. francine: they are watching us. they are raising analyst reports, trying to figure out how monday will pan out. jonathon: shall we get you up this bead on how the carnage laid out. beginning in equities. the ftse closing down the three percentage points on this day. the big carnage was in mainland europe you the dax down 6.8%. the biggest one-day drop since 2008 and the biggest one-day drop on record for the european banks. at a 99ar-yen yesterday handle at one point. a big stand out the bond market and i will whip you through. down 14 basis points on bonds. francine: the problem is that there are so many angles. we have to look at the european union. how or if they are negotiating. we heard they want to kick out the u.k. and the political turmoil. jonathon: listen to european leaders. >> i regret the vote of the united kingdom but i respect it. it is a matter of democracy. we have to think a

jonathan ferro has been covering this story from the beginning. n: what a day for the u.k. and for financial markets. the dow with a 500 point loss as we head toward the close. daye already wrapped up the of epic trading after the historic vote right here in the u.k. to leave the european union. two hours left in the u.s. trading day. stocks are getting hammered following massive selloff in europe. up next, the latest reaction asm brussels and westminster the u.k. and you start the process of going their separate ways. and u.k. conservative party thinks about its next leader. focus on the u.s. market. closes coming up in less than two hours. y: let's look at the snapshot of where we stand right now. it is red across the board. let me give you the numbers in comparison to where we were at our session lows. the dow down by 500 point. the s&p 500 right now is down by 3%. we were down by 68 points, now about 62. we are off our session lows, but not by much. we were appalling like a rock, down 3% right here. barely any lift, pretty much know lifted all to speak up on the s&p. ni

i am david westin and jonathan ferro is joining from london. ave lined up. we count you down to the u.k. referendum and what a way to kick off the week. futures firmer, much much firmer. approaching the cash open in new york city, dow futures up 216 points. s&p 500 positive 1.29%. the ftse up three percentage points. if you want to see a one-day pop, go to the fx market and pull up the pound against the dollar. 1.46, 52. the biggest one-day gain for sterling on a percentage basis against the dollar since 2008. 10 year yield up five basis points. there are the big market moves. here are the three stories right here and right now, beginning with number one. brexit driving markets higher and all highs on the yellen testimony -- all eyes on the yellen testimony. with us to discuss it all is oppenheimer fund portfolio manager alessio. our first story is in the u.k.. the remain vote is swinging three points ahead of the leave camp in a battle for britain's future in the european union. that shift is driving markets higher with the pound jumping the mo

i'm david westin with alix steel in new york, and jonathan ferro is home in london. p for another eventful day in the markets. jonathan: it's been quite a couple of days, european markets snapping back a little bit, along with sterling, coming off the biggest two-day drop ever. alix: i said before, dead cat bounce. rebound as well, remarkable moves across all classes. you have to keep the focus on the debt market. coming up later this hour, we are joined by black rock's cio of fixed income, rick rieder. another big hour for "." another look at the big market movers we're seeing today. jonathan: the story in the markets concentrate in the fx market, but equities finding a firmer footing after two days in europe. i would look at the european banks index specifically, because that got hammered friday and monday, and now we are back by 3% or four percentage points. maybe a little bit of respite for people who have been beaten up the last couple of days. i said the focus was the fx market because the bloomberg dollar index but together the previous today part since 201

jonathan ferro is in london. ne 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 direct shot at globalization and do not find akly worthwhile solution and we are going to have problems from a growth perspective in the long run. david: have the odds of a global recession gone up? >> the odds have certainly gone up. this is a shot that the global economy didn't need. we will just have to deal with it. it is early to predict how much impact it will have. question. out of the at all.lix alix: do

. ♪ jonathan: live from london and new york, i and jonathan ferro .i'm scarlet fu and this is "bloomberg markets." a rally between european stocks deepening and falling to a deep decade low as the shocks of the british vote to leave the european union ripple through the markets. oliver: there will be a joint news conference in berlin that will likely set the tone for europe's response. scarlet: we are halfway through the u.s. trading day. european equities trading ended for the day. get acu catch up and glimpse from julie hyman. julie: they are hovering around the lows as well. we are not seeing any kind of rebound really in today's session when it comes to equities whether it is here in the united states or in the european session. the pound is also

jonathan ferro is off this week, but we have a great program to close out the week. >> we have voiceshat can shed light on global markets. the chairman of bullets advisers will speak about central-bank policy, choices and politics. from thelso hear former ecb president. europe's economic performance under the microscope. looking at how costly of brexit could be for investors. and the latest on from versus clinton. let's started off with the rush into government bonds winding no reversing today. where we are with prominent investors and where we might be going. was here, which brings the question if we are with heading into negative territory in the u.s.? >> we are seeing record lows, as .ou say to fea everybody is buying bonds. if everybody is in the same trade, the potential for disaster decides to get bigger and bigger. bad job report, you buy treasuries. find a safe place to park your cash until you know what is going to happen. moving intorybody the bond market, short term paper is becoming more expensive and harder to get. investors are being pushed out the yield curve. we have t

matt: remember jonathan ferro? he used to anchor this program actually. he pointed this out to me.t was really fascinating. verses a cost of puts calls for one-month options on the dax. basically, we talk about asymmetric risk. it is much more expensive to hedge against a downside in the dax than the upside. . you would expect with brexit. but the shoot up here implies that unlike the rest of the markets, the run in the ftse, this has not come back down since the polls have shifted to more to a remain stance. that betting indicates bettors expect the u.k. to stay in the eu. yet, it is still much more expensive for downside risk in the dax. suggests a problem beyond brexit. there are still a lot of bearishness out there. are you with me? guy: always, constantly. matt: there was a look on your face. i couldn't tell. guy: that is the look on my face when i think about things. excellent come my -- excellent, my day is complete. know, hittingnow the polls in less than 23 hours. the u.k. referendum starts tomorrow morning. many still undecided. we think it could be around 10%. the final

you can listen to jonathan ferro and i on the radio.g up next as well. ♪ francine: a dividing united kingdom two days until the vote. even the polls are split. the pound falls. a verdict on whatever it takes. germans constitutional quote rules on the ecb bond buying program. janet yellen heads to capitol hill to answer questions on the right path. man isng's richest bullish on china. we bring you that interview. ♪ francine: welcome to "the pulse."

jonathan ferro is off this week, but we have a great program to close out the week. >> we have voiceson global markets. the chairman of bullets advisers will speak about

francine: coming up shortly, it is "bloomberg " with david westin and jonathan ferro. to go. jon: i still had to sit in the back of the plane, tom keene at the front with his massive production team. look at the move in the pound. a few percentage point -- a two percentage point move. sterling assets rallying, and sterling with some losses their withr and we will speak mohamed el-erian. tom: thank you so much per let me go to the single best chart. thate trying to remember we are trying to remain balanced. what is not balanced is the pear, cable. this would be dollar-sterling, not to be confused with euro-sterling. strength over 30 years versus sterling. this is widely presumed, that you will see sterling weakness if we get a brexit vote. i guess it is something to fear. francine: the markets really are looking at the latest poll. let's get straight to john longworth. also still with us is davide serra. john, great to have you on the program. you are pro-brexit. john: the u.k. will do better outside the european union. they will be one point -- are going withwe a singl

jonathan ferro is off this week. stocks are nearing fresh highs.iews lined up. two big ceos are joining us. amanda: and one is an exclusive with you. the gm annual meeting is today.

francine: coming up, "bloomberg " with david westin and jonathan ferro.nt next week. we will be joined by west a cot talking to him about the tragedy that occurred yesterday in england and what it means for the campaign going forward as well as the state of brexit. we had a big, dill -- deal announced microsoft buying linkedin. we are going to see what bill gates thinks about it. aol is a major force in the internet area. that is coming up. tom: david westin, thanks so much. be sure to talk to ted about the pittsburgh penguins. [laughter] tom: make sure he is aware of the pittsburgh penguins. david: we are asking about las vegas and new york city. [laughter] tom: david westin coming up. that will be most interesting, especially with the ambassador. on a to do this with stephen roach, one of the great china-watchers of the modern age. year-over-year, one year moving average of china exports is a great end if beijing does not like it. write an export decline with currency depreciation, or can they be another tool to give china the vigor they used to have? s

i am jonathan ferro alongside david westin and megan murphy. going to include technology.ve carolyn e person -- even worse in joining us. we will discuss digital mobile and how they are changing the globe -- the business models of companies. megan: jeff curry joins us on the set. from oil to iron

i am jealous of pharaoh alongside -- i am jonathan ferro alongside david westin and alix steel.g he will not run in the leadership race to be the next prime minister. there is a little bit of a bounce on sterling, which and is rather engaging for people looking at the race. another political shock. david:

jonathan ferro is off this week. anna: we have seen weakness in the futures in the opening bell. the s&p has been flirting with 21.34 closing record. we are following markets overseas. you can see across the world's negativity. -- world negativity. mitsubishi is in a drag, it may be belling out of the test bailing out of the primary dealer market. and now mario draghi calling on the government to lift the euro area economy. they fell unexpectedly. the u.s. cutting jobs. here to discuss it all is a contributing editor. let's start with the first story, which is u.s. stocks. we have been watching this out of europe --, sorry. the ecb president mario draghi calling on help to boost the euro, governments should do fiscal policy more effectively itshe area is far short of stimulus measures. he is saying, over to you guys. i have done what i can do. why corporate bonds. help me out. reporter: it sounds very familiar to me. we have had fiscal gridlock for a long time. 1, 2, 3 hass, qe done everything it could. we have not gotten into the negative interest rates yet. some countries have.

pimm fox is standing in for jonathan ferro this week.n will speak in philadelphia and we will have it live. david: investors will be watching closely. have great guests still to come, including howard marks. from the central banks and politics, he will be joining us in an exclusive in a few moments. pimm: later on, we will sit down with the atlanta fed president, dennis lockhart. find out what he has to say on a potential rate increase. around the's go world and check in with our bloomberg team for in-depth coverage of the top stories. is iniccadonna philadelphia, david gura is in beijing. fed andart off with the watching closely to the jobs report. janet yellen is speaking this afternoon. us now.cadonna is with what are you listening for today? carl: ordinarily, this would be the opportunity when janet yellen would pull up the generic economic speech and not respond to recent data but the stakes are much higher given the that thee job effort entire fed chorus has undertaken. so i think what we have to hear from yellen -- june at this po

jonathan ferro is off this week. stocks are nearing fresh highs.e have some great interviews lined up. two big ceos are joining us. amanda: and one is an exclusive with you. the gm annual meeting is today. you have a bunch of exclusives. david: it's not just about me. it's about the team. amanda: we have another great ceo coming up. you talked about the technology they have planned. where the company is going. david: it was a great experience. we also have with us peter kraus. he will explain what equity managers are doing wrong. innda: we are going to check with our bloomberg team for in-depth coverage of our top stories. susanne walker barton is live on where the fed may raise rates. ryan chilcote talks about the oil company spending cuts. let's start with janet yellen and the fed. june appears to be out. september is not a sure bet. that's the take from investors. has beenonomy recently affected by a mix of countervailing forces. to expect reasons that the positive forces supporting employment growth and higher inflation will continue to outweig

jonathan ferro is off this week. amanda: we have three stories that matter to markets. makes her the presumptive democratic nominee. in china, exports begin to stabilize and here to discuss -- quite thes range of expertise -- it makes you perfect. our top three stories are diverse. let's start here with the race against hillary clinton and donald trump, expected to be a nasty one. primaryyesterday in the in california where she beat bernie sanders and secured enough delegates for the nomination. now, eating donald trump. where do you place this? i have heard mixed views from people who manage money about where they placed the strength of the election. some say it is just noise and others are very concerned. i'm hoping the noise was the primary season and now that we are going to a general election, we will see concrete thoughts and policies come out of each candidate. it is interesting that we have the fed clearly backing away from monetary stimulus that is going on with all of the other central banks. they are trying to raise rates and get to a normal environment and t

i'm jonathan ferro. ahead of the open, 50 minutes away from the cash open in new york.e. down by 2/10 of a percent. over in europe, up a 10th of 1%. dax down by two tents of 1%. a news conference of the ecb underway -- breaking soon. congratulations to the economist. median estimates with 173. 173.l number comes in at the adp employment change, 173 back in line with the survey. the previous number, 156 revised higher. the research institute saying the u.s. added 173,000 jobs in the month of may beating the estimate. david, paperless friday. david: time to turn domestic after that conversation. turned a. one more data point for the fed as a going to the meetings. what do make of these data points? >> we have put little to no emphasis on any given month on how we haveially small magnitude surprises. thatthis number shows is everything is as planned. the fed still has its case for strict interpretation of the mandate. that strict interpretation of the mandate is our doing for a rate hike. she is being more and more kind of a loan within the fed, where you start factoring i

. ♪ david: i am david westin here with jonathan ferro and alix steel. fomc meeting. heating up yet again and china missing out. but nevertheless, chinese stocks rise. with us all to discuss it is the asset management ceo peter. first, we want to kick it off with the fed. eyes on the fed. the fomc meeting today. the rate hike increase. the real question is how will the. be revised down? and i jumped out in go into real data. of the dataivative appeared believe what the fed says, which we do, to not believe it is not useful, if they are genuinely data german and will really be german by the numbers, what we have is a mixed set of data that are not inclusive. you have odd employment data but strong consumer spending but concerning credit quality. is anance, what you have interestingly stable economy. it means you do not move from a fed policy perspective. you do not take action until there is a reason to act. i do not see reason to act. i think frankly they watch until september and that means if the data are real, we have got to wait until we see what hap

opening bell in new york, this is bloomberg go, i am david weston with alix steel in new york and jonathan ferro. those markets are going all over the place. jon: a couple of days of stability. the global financial scorecard, futures on a firmer footing, s&p 500, 29 minutes 30 seconds away from the open, up 15 points, three quarters of 1%. in london, a decent rally, up 2.27%. there is a play in there, we will talk about that later, thanks scott getting trusting. -- other asset classes, risk on, dollar soft, pound strong, 13470 is how we trade on cable. yields unchanged. dramatically low historically at 1.47% on a u.s. 10 year. >> around the world to check in with reporters, julie hyman in new york. abigail doolittle at the nasdaq and mark barton in london. julie, futures higher. julie: breaking news on general , it has, a big victory won regulatory approval to shed it's too big to fail designation , important financial institution, ucb shares climbing higher in early trading. this is the first time a company has been granted former release by the financial stability oversight council, they said

jonathan: for viewers worldwide, a warm welcome to "bloomberg ." with davidn ferroa couple rough days. david: everything is snapping back this morning after a really rough ride over the last two sessions. we have some great guests as we continue to cover the aftermath of brexit. isx: joining us