if you compare london to new york or tokyo, london gets to spend 7% of the taxes raised here. new york 50%. this is a chance to give london more say over how our city is run so i'm pleased to say the government appears to be listening. >> in terms of some of the bigger issues that london is dealing with at the moment. you said the housing crisis remains the top of your agenda. why don't you just build more affordable housing prevent the big gaps that brexit has occurred where people are having difficulty selling their multimillion pound homes. other people are sleeping on the streets in westminister. >> one of the great benefits of new york or chicago or ra paris is you request pitch the best ideas. what we need to do in london is build generally affordable home. i met yesterday with government to discuss a passage that can kick start house building in london. the right source of homes being built. there's no point building homes that are used as gold bricks for investors overseas that lead them open. we need to build homes that are affordable for londoners. i i'm afraiding ho

, but will london be at the table?esh: that is what we are hoping for. gdp.n has 25% of the we pay one third of all of the taxes in the u.k. we have every reason to actually have a voice and not just a voice but a strong seat on the table, through which we will be able to protect the interests of london. >> that is what business is telling you. what is central business -- central government saying? going in with passporting, the essential message? rajesh: we have been highlighting that since the referendum days. the last three weeks, i been speaking to many businesses in the city. two or three things emerge constantly. number one is they want continued access to the single market. number two, they want to keep their passporting rights. passporting goes both ways. there are a lot of banks and financial service firms from europe who were also working in the u.k., and there are a lot from the u.s., because it is such a global hub. thenumber third thing is extra talent pool, one of the reasons why london is such a great ci

it is not just in london.s have risen dramatically in many places, which has led to this challenge regarding affordability. the real issue for the housing market is to make sure the transaction level are sustainable, not so much the pricing. i think a flat lining in prices is not a bad thing for a period of time. let's be honest. what we really want is to ensure the lending environment does not gum up. guy: you want people to be able to move homes, move jobs. >> in a real economy stems -- and a real economy stems form tharom that. guy: do we have sufficient people to be able to build a lot of houses, as well as a lot of infrastructure? simon: i think without drawing on migrant labor, the answer must be no. i mean, the evidence is very clear. with the people talking about the preponderance of eu workers on their construction sites. it is clear, we need labor. we do not have all the skills we require in this country at the moment. it isne: simon rubinsohn, great to have you on. up next, we are sticking with the

flight 1,000's destination, london.ge was prepared for loading and all other routine preflight activities were taking place. 1,000 seemed to be just another flight to london. in all respects that its passenger list was twice as large as on ordinary trips. flight 1,000 was air borne but no plane was used. this was the first of so-called airline paper flights, complete simulation of an actual flight repeated more than 2,000 times since. the reason to prepare for revolution and transportation that is now here, the advent of commercial flying by jet clipper. in the early days weather information and all other paper jet flights was gathered as carefully as if real jets were to cross the atlantic. for example, it is now known that at the altitudes at which jets cruise generally 30,000 to 40,000 feet flying will be above the weather. after years of paper flights like number 1,000 and many hundreds of real flights with prototypes the jet age is now here. the jet age begins before takeoff at the airline's new terminal now under

king-loving scum. >> after 10 years in london, this is how i'm received? >> i apologize for the reception, dr. franklin. ever since lexington and concord, all of america has been on edge. >> lexington and con... >> of course. you've been at sea. america is at war, dr. franklin. welcome home. >> good god. >> ♪ my country, 'tis of thee ♪ sweet land of liberty ♪ land where my fathers died ♪ land of the pilgrims' pride ♪ from every mountainside ♪ let freedom ring >> pushed to their limits by an oppressive empire, a determined group of rebels unites under the cause of liberty. their quest for freedom will unify a people, ignite a revolution, and forge a new system of government. in time, these brave men and women will come to be known as the american patriots. benjamin franklin -- brilliant renaissance man, world-renowned genius, and enduring symbol of america's potential for greatness. but behind every genius stands a man, and behind every legend lies the truth. [ indistinct conversations ] >> is this the pennsylvania delegation? >> maryland, sir. >> mm. close

johnson in london.r. kuroda changed the news flow. guy: this appears to come from a bbc interview that was pretty recorded. it was not done today. this is something that was a pretty recorded program. no helicopter money. you see the asset prices react. we have seen big moves over the last few days. you wonder how that will change the q&a with mr. draghi. right now, our first word news. taylor: in cleveland, donald trump will except the republican nomination for president, one day after ted cruz was booed off the stage at the convention. the texas senator ended his speech without specifically endorsing trump. we will unite the party, unite the country, by standing together for shared values. standing for liberty. god bless each and every one of you. god bless the united states of america. is widely expected to run for president in 2020. president air to o -- imposed aerdogan state of emergency, saying the government will use its added interest the of democracy. in kuala lumpur, investigators searching f

in london. in new york. it is independence day in america. you're watching the "european" on "bloomberg markets." ♪ mark: r.i.m in london for the hour. plus conference stories from paris, australia, and china. here's what we are watching today. nigel farage stepped down from the u.k. independence party after leading the campaign for brexit. who will step up and lead during the negotiations? the recent market rally has come to a halt. watch the ftse. it is close to entering a bull market, recovering from its brexit losses pay we are live in paris. wants toonomy minister claim the euro clearing business for paris. 30 minutes left in the trading session in europe. have a look at where the session is headed. down by 7/10 of 1% on the stoxx europe 600, falling for the first day. , the most since february. the gauge is 4% below where it closed june 23 before we knew the results of the referendum. it has fallen almost 11% in two trading days. i want to tell you what is happening in the banking industry. the worst performers. six of them are italian.

london will jump out of the gate at .7%. global markets look like they will be reasonably positive as well. european markets set to open a little bit higher. market --s the london the purple market is the dax. we sold off a little bit into the close on friday and now we are jumping higher. getting up to the session highs that we saw on friday. it is interesting to see the cac slipping a little bit. dax opens inow the just a moment. the dax and the cac are now both jumping up. a positive start to the session here in europe. let us get the details on how the session is starting. bera: it is shaping up to similar to asia. in asia we saw material stocks leading the game. if we look at the imap -- it is predominantly green as it was in asia. the game leading followed by consumer discretionary. where we had the laggards at the moment are ip and energy that we are seeing pretty much every industry group gaining on the stoxx 600. crude oil rally today. let us look at how the gilt markets are opening. unchanged on the yield. visit fe

let's go to london.d to build a more socially just united kingdom after being named prime minister. she says lives there have been made insecure by globalization. >> the government identification will not be driven by the interest of the privileged few but by all. we will do everything we can to give you more control over your lives. in one of her first actions, she fired the chancellor of the exchequer, the architect of the david cameron austerity budget. ,he named her new brexit czr david davis. -- boris johnson has been known about talking about foreign affairs and accuse president of, about disliking the them. her legacy. kerry meets with the russian president vladimir putin today in moscow. he will lay out a potential deal that could prevent an escalation of fighting in the syrian civil war. they will share information targeting the islamic state. in return, russian would have to keep syrian forces from attacking rebel troops to agree to it the cease-fire. the population of the world's fastest aging

and from london. this is bloomberg. ♪ ♪ .om: good morning guy johnson in for francine in london. from high-frequency economics. libby from,". and we are thrilled to bring back from cleveland, ohio, former senator johnson you who knows how to engineer a problem with his work from m.i.t. in mechanical engineering. mr. trump needs to engineer a miracle in cleveland. where does he need to be at the end of the convention? take aunu: it will not miracle, but he needs to define himself the way he needs to be defined to be understood in america. that is what election is all about in america. what skills, where does he want to take the country? if he wants to make a country great, how do we do that? jobs, economy, trade. hillary clinton's weaknesses. but he is going to be clear in specific and disciplined him driving that message to in america that will be watching. tom: can he send the message he sent for months, the battleground states. at the margin, he needs to changes rhetoric to the sununu tone. a more moderate, measured tone. mr. sununu: i don't have there is a sununu on. maybe bet

i have to be in london, but why rush? asian investment in london is so crucial.f they want to maintain the path it has been on, what you have from asia about appetite? niccolo: absolutely. well, first of all the asian investors are not really investing in the super primary. iat north aker is developing, don't have a lot of data points. what you are talking about on the commercial side, it is true there will be some yield substantial. and commercial risk will be suffering in the short to medium term. there is no doubt about it or on the central side, manus: we are not seeing that. manus:let us talk about the contagion, the potential contagion. this is all about the psychology of pricing. if you have this retail gauge that is going on a commercial property, people are talking about commercial property, between 20 and 30%. while will that arbitrage continue between your market and the commercial property draw out, because that is what we are looking up. you're looking at the potential of the gulf opening a. uip. >> obviously there is some correlation between the two

from new york and from london, a beautiful london, this is "bloomberg surveillance.": good morning. from new york, from london, tom keene and guy johnson. let me do a forex report. -- 106.10. 105 i am watching the renminbi as well, 6.69. that has been a migration weaker in the renminbi over the last number of weeks. guy: coming up shortly, "bloomberg ," david westin with alix steel and jonathan ferro. definitely front and center is the 1% 10-year yield call from morgan stanley. we will also be taking a deep dive into tech, particularly looking at apple with gene munster of piper jaffray. we will be talking with the cfo, dominic caruso, of johnson & johnson in just a moment. tom: bring me up the surveillance wall, if you would. this is the bob doll theory. it is shut up and buy quality. we are going to bring the chart at right now. the orange line is what you did not do -- wait, it is also what i did not do -- which is j&j was a dog for a number of years. you acquire the shares, and it outperforms in this case the s&p. bob dole, it is really not that complex a theo

the brexit france overead with the claim london businesses.ister has laid out why he thinks that paris is the new home for banking operations. >> i think for a lot of financial players and deeper marketplace in paris so that is something to be negotiated definitely into be discussed. i think it does makes. anna: we are live in paris now. he spent the weekend in provence. ceos seem confident that france could get a piece of the financial cake? is the euro clearing business? several cities are competing to get a piece of the market. , at thering business moment, 70% of euro denomination thering takes place in u.k., only 11% in paris and 7% in frankfurt. despite the bad reputation in terms of doing business and the labor market, france and paris could get a part of this euro denominated clearing. he also said that europe should nextpart of the presidential campaign. he did not exclude that he should himself run for president . he said that the campaign should be a pro market, focusing on offering that alternative to french politics. anna: you als

in london, giant -- guy johnson. what is the prism of cleveland from london? it is that we have a broken political system we are trying to understand. how did it get to this situation you have with the divided party and what are the repercussions in europe? we are just trying to figure out where it goes and what it means for us here in europe. tom: i totally agree and particularly nation to nation as may makes a visit to merkel today. now to our first word news, here's taylor riggs. taylor: donald trumps son announced that he had the number of votes needed to win the republican nomination. his son says that as president, trump will not take no for an answer. >> i know that when people tell him and cannot be done, that is when he guarantees it can be done. when someone tells him something is impossible, that is what triggers him into action. taylor: the convention also nominated mike pence. there will not be any hard targeting when theresa may meets with angela merkel. merkel has said there will be no concrete negotiations until the u.k. triggers the clause. ma

it's the top performer on london's ftse 100.hat those mining companies are getting a huge boost this year. >> let's talk about base metals. we saw a nickel rise into the highest and eight months after the philippine government, warning miners about environmental standards. what impact would that have? >> what we are is concern on the supply side. warned mininghas companies that they will need to abide by environmental standards or face potential closure. the country's own environment minister says only about one third of miners in that country probably meet international standards and the philippines are an important supplier. it's really an important function on the supply side and we are seeing concerns about possible closures that filter through into the price. it's getting a further boost to nickel but it was already kicked us one of the commodities that will be among the first to rebrand. we saw these collapsing commodity prices in the past 18 months. >> to japan now, the country's favorite messaging app was already on trac

this is a major shock to the city of london. it remains to be seen whether the city will maintenance financi maintain financial passport. a lot of additional costs a s inefficiencies. bad news for our membership. >> last question because you do a lot of work on flows that go into stocks and bonds. what does it mean for emerging markets. >> that's a good question. emerging markets relatively unscathed. equity prices have climbed a little bit. not that much. bond prices have not increased and we've seen very little impact on flows. the reason for that although there is an impact on the global economy, which is negative, on the other hand prospects of greater easying and prospect of the fed being patient is good news. >> we'll see on strong the dollar gets. good to see you charles. >> wilfred. >> we've got about a minute left of worldwide exchange road trip. it's been a pleasure to join everyone around the world from london for the last couple of weeks. it's time for chart of the quarter. of course at the end of q 2 and i have to g

in london, tom keene in new york.om: what a movable feast this morning. tick 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 poli

of the united states of america in 1776 took place in those small measure because it was revolt in london. that is to say in june 1772 seemed to be suggesting that slave property which even then in north america was worth in the millions might be headed for history as e explain in the book. just as those in the state now known as zimbabwe, revolted against british rule in november 1965 because they thought that london was moving towards decolonization and one person one vote, leading to african-majority vote. they tried to continue white-racist minority regime by setting the new state and they said at the time that they were walking in the food steps of 1776, that is to say that 1176 was an attempt to escape the logic of abolition of slavery in november 1965 in southern africa was an attempt to escape the logic of decolonization and one person one vote and african majority rules. therefore you cannot begin to understand the tribulations, they fought against the formation of the united states of may recollect, they sided with london in the attempt to crush the slave rebellion just like the

it is friday in new york and london. i michael mckee in new york. guy johnson is with us in london. to the bloomberg business flash. will stoplkswagen selling cars implicated in the emissions scandal. the ban covers 34 models. vw informed investors that the suspension will last at least three months. they are among the top imported cars in south korea. about to starts raising money for its first private equity fund since the financial crisis. they want to raise as much as a alien dollars. the firm will contribute a relatively small amount of capital. rupert murdoch take over as head of the most-watched news network in the u.s.. roger ailes has resigned from fox news channel over accusations of sexual harassment. ceo of will be acting the news channel. the newses created channel as an alternative to more liberal competitors. guy: thanks. don't count on the number two come to the rescue. jonathan, you have written the book on the chinese team. the chinese feel very cautious at the moment in a way that we have not seen over the last few years. what does that signal to us? jonathan: it

anchor: our correspondent is following the story from london. christopher, why is farage stepping down? why now? reporter: well, we just heard from him there, saying he's pretty much achieved his political goal so there's nothing more for him to fight for. he's also cited personal reasons. he wants to have his life back, he says. i think what's perhaps more likely and that also answers your question about timing is the fact that ukip is keen to expand its voter base now and farage is such a polarizing, such an abrasive and populace leader that he's probably not the right man to help them do that. british politics is in a phase of such dramatic reshaping that there may be new opportunities for ukip and this is perhaps why they've decided now to jettison farage. they're looking to gain voters from the labour party, for instance, in its working class heartland and they need a more moderate, safer leader, in a sense, to take them down that road. anchor: meantime, there have been so many dramatic moves in the past week. first cameron stepping down, t

to understand his attraction to use socialism look to london instead of moscow. he was very close to wrestling those forces even though he reportedly told the investigating authorities and i speculate it was close to the british communist and then returns to london and also to travel throughout europe. to say that he overdoes it and then to an adoring audiences. after his life that -- his wife that passes away will be one of the closest comrades that is a working-class community in the city of philadelphia that becomes a virtual recluse because of budgetary the health. because they pay homage vp debated is the case through the civil-rights movement through sncc but also will read as scott king and the associates also paid homage for years and philadelphia. because of socialism that has a resurgence in the united states. and the cause of the breath of humanity because one of the keynotes of paul robeson life was his maniacal study that he reported the could read dozens of languages in from his point of view if humanity was one such as socialism then he felt in ter

simon kennedy joining us from london.he headline now -- andrea leadsom withdrawing from the prime minister contest. leaving theresa may to be be sole candidate. another big twist in a big race. david: quite a drama. i wonder what this might do about the timetable. and whether this offense is the entire timetable. to say there will be a prime minister sooner and we need to act? jonathan: theresa may herself said not until the end of the year. so if she is concerned as the prime minister -- and i stressed she is not that yet -- she is just the sole candidate -- you wonder but she said not until the back end of this year. that and you could argue the pound rallying is a reflection of that kind of movement in the markets. david: we will bring in dan moss now. this is right in your area. it does this mean, globally for the market? dan it is another example of a global economy that is expanding and taking some hits. course.not knock it off at the same time, there is not a lot of momentum there. it is really a question about who

we are going to take you from new york to london in the next hour. here's what we are watching today. global stocks rallying. earnings season kicking off on the right foot. vonnie: one layer of uncertainty removed when theresa may takes the prime minister spot tomorrow. there is a rush to get all the new leaders in place. the farmerwo of airshow. its --.ushing we are live at the event, chiefng with the executive of airasia. julie: records for the s&p and out. we have been watching these levels over the past couple of days. the nasdaq is higher year today now. that is a milestone for that index as this risk on rally comes back. let's look at what groups are on the move. it is reflective of what is doing well and not so well. screenen on the indicates the economy is doing better than economists are estimating. more defensive groups are doing more. we have traffic numbers from various airlines. american airlines -- u.s. airlines boosting stock up. this agreement will add to its pretax earnings by about $1.5 billion. we are watching natural gas producers

with the london school of economics. our next hour, a conversation with a leading authority of the united kingdom on intelligence and terror. from london and new york, this is bloomberg. ♪ good morning. this is "bloomberg surveillance ." i'm scarlet fu in london with tom keene in new york. we are back with kit juckes. when you look at this left that haslifted -- lift that lifted risky assets, what is the japanese distinction of printing larger money and distributing it to the public? kit: the thing you notice with japan is that when you've got a negative yield curve after 17 years, everything is below zero, when you've got a central bank that has a third of all the government debt, it is not a big helicopter, superduper, spectacular move. you blur the lines. central-bank -- it is paying money to hold the government debt. government and say, can you extend the maturity? with these terribly blurred lines come you don't need these big events. it has put fuel on markets. scarlet: thank you so much. here in london. we have mu

joining us from london is stephen loris.but at least they get to keep their jobs, i guess. most of them. stephen: indeed. bankers london will be lucky just to have a job in this industry is the most pessimistic predictions come true. a lot of them are expecting their bonuses to be cut in half or go down to zero. , you got ae story quote from hsbc chairman doug saying the work profit and lower revenues mean compensation will be lower. ftse come atthe the forecast for profit and revenue we have on the bloomberg terminal, i see the actually rose after the brexit vote. are you actually hearing from profits and banks' revenues will take a hit this quarter or this year because of brexit? stephen: it depends on where you work in the world. in asia, they will not see quite as much of an impact from the brexit vote. this is focused on the prospects of london's investment bankers. londonple who work in where trading is predicted to be down, the economy will grow slower. makes less money, there will be less money to pay the staff. they

from london, from your -- from new york. ♪ tom: "bloomberg surveillance" from london and new york.one. let's get to first word news with taylor riggs. taylor: hillary clinton is scoffing at donald trump's claim that he is the only one who can fix the economy. hillary clinton is the first female ever nominated for president by a major party. she accepted the nomination last night at the democratic convention in philadelphia. she said his message is based on fear. ms. clinton: now, you did not hear anything about this, did you, from donald trump at his convention? minutes, and70 odd i do mean "odd." above] and -- [cheers and applause] mrs. clinton: and he offered no solution. taylor: clinton and senator tim kaine will be on a bus visiting pennsylvania and ohio. the bank of japan will purchase more etf's and double the size of its dollar lending program, but it is not increasing the pace of government bond purchases. in an unexpected development, the bank will assess the effectiveness of its policy in september. france's economy stalled in the second quarter. gdp failed to expand. eco

. ♪ jon: from london and new york, this is bloomberg, coming to you from the city of london, what a morningnd what a week for politics, global bond markets, yields all-time lows. david: quite a story in the bond market, at the u.s. to the long and growing list of government bonds whose yields are at record lows. going for a fourth day of gains come a little bit less, softer and the futures market, ,ere to give his future market someone from morgan stanley. toid: later, we continue focus on farmer with the merck ceo and chairman ken frazier, two important interviews you do not want to miss. let's look at the markets. jon: futures a little bit softer , down by a 10th of 1%, the footsie with the biggest week of gains since 2011. switch onof 1%, the the board and get to the bond comet, 10 years, treasury all-time lows, down by six basis points on the session, a softer down to 10 of5, 1%, expectations that a little bit of stimulus in the pipeline from the bank of england coming this summer. alix: that was the big news from yesterday didn't around the world, in-depth coverage of our top stories,

. >> good afternoon coner johnston staff to board of supervisors supervisor president london breed and lemon apologize for the brief history of land use regulation i'll present there is a lot of back story here now that the june that election is decided and the citywide inclusionary requirements are set we can discuss 24 legislation than back in may there is a lot of back story i'll address as quickly as i said, i'll make clear the question before you today supervisor breed introduced substitutes legislation on tuesday regretting the changes we discussed in may and the outcome of prop c election so the legislation fundamentally does 3 things sets the vera derequirement to the recent do you mind 25 and 33 percent standard it requires pipeline projects in the divisadero and martin luther king's to meet the 25 and 33 inclusionary standards if taking advantage of the density decontrol and third it requires projects of 10 units or more using the nct to meet those higher affordability standards instead of the 25 it is a slightly lower threshold the basic question today do we want all project

and anna edwards georges from our london studio -- and anna edwards joins us from our london studio. we are focusing on the politics. u.k. politics takes center stage. a chart shows the political risks as measured by the bmt, political risk index. it shows the surge in euro political risks. the central bank having to deal with it that's a deal with an uncertain environment and that heart of the world. the brexit conversation and the result of that referendum on the 27th of june has raised the political risks in europe and -- in europe to levels that we have not seen. we see the uk's conservative party, the government here trying to find a new leader. conservative mps will be voting today. this is the first of a number of votes that they have and they gradually reduced the list of right around five, down to a final one. the contenders are trying to differentiate themselves on policy toward eu nationals the live in the u.k. the most of them are talking about the end of freedom of movement across europe. some of the contenders come from the leave campaign and some from the remain campai

london, with europe, ,he u.k.ailer is plunging not plunging as much as it was before, down modestly after the company reported its worst closing sales in eight years, falling 8.9% in the fiscal first quarter. this is -- there ceo employing a new strategy to fight a four-year slump in sales. london, sports direct hire by 4% after the beat full-year revenue estimates as they move toward a large format sale, up-to-date but down 50% year to date, could be one reason they are thinking about employing a stock buyback, their first since 2009-2010. samsung in asian trading, up by 2% after the galaxy smartphone maker beat estimates, the best profits in two years, taking advantage of slumping iphones and some pockets of the smartphone market are thriving. david: thank you. our next guest warns against overreacting to the u.k. leaving eight, but for more you property funds are frozen with ross as investors dump real estate holdings because of brexit. -- they thread suspended trading of billions of funds and aberdeen managers

jeffrey brown reports from london, part of our ongoing "culture at risk" series. >> brown: along london'sus skyline, cranes and towers of all kinds, and hundreds more under construction or in the planning stages. the recent brexit vote may raise new questions about the future, but there's no question that this city has been going through an unprecedented re-shaping. financial times architecture critic edwin heathcote. >> in the center of the city there's never been anything on this scale. and when i say "never," even after the great fire of london, things were only rebuilt to five or six stories. >> brown: yeah, because there's a lot of history here; you mean "never." >> i mean, never! >> brown: in this global financial capital, property prices have skyrocketed, along with the demand to build, and there's no place to go but up. while heathcote sees individual buildings he likes, he worries about the larger picture. >> now we have a much more generic, globalized city. the architecture is more like chicago or singapore. it is changing in the texture and the architectural language and the ma

time in london is 4:40 2, 1142 in new york.up on the european close, prime minister is trying to build a coalition after the general election. where do things stand in the country? this is bloomberg. ♪ vonnie: live from london and new york, i'm vonnie quinn. mark: this is the european close of bloomberg markets on bloomberg television. began talks with other political parties yesterday to try and form a government. this after his conservative popular party won a repeat election last sunday but fell short of an absolute majority. he is also the socialist party, the basis for a grand coalition. will they agree? joining us to discuss it, the former spanish politician and the current chief executive. your spanish put politics hat on first. what sort of outcome will we seem? will we get a government this time or are we looking ahead to a third election? o: good morning. it is a better result than expected. i think brexit had a little bit of an effect. but it is still a perfect because it is not a clear majority. so i think there is

and, london could lose 80,000 jobs as a result. mobile app for sending vanishing photos and videos says it will let people hold onto what they receive a little longer. out ampany is rolling memories section. users can store and search photos and messages that would normally disappear. 150 millionsays its users are already saving their creations. snapchat's plan will move that activity inside the app. and that is the bloomberg business flash. joe: a lot of uncertainty and negative sentiment around the brexit, but it may not be all doom and gloom. in oneconomist weighed the impact of brexit on the economy, and white may not be so bad after all. >> you take a step back and look at the u.k., for instance. we should have seen this coming a long time ago. fromme sense, the benefit globalization over the last 20 years have been enormous. 100 million plus people at a property, lots of countries that were subpar have come out. they haveoblem is, not succeeded in redistributing those gains evenly. we see various crises emerging in the world.

how many jobs do you think will come out of london?0 fromr about jpmorgan, that's only one of the big banks that has the bulk of its business in the u.k.. without jobs in total pass porting and without seeing able to do the euro clearing business will have to go somewhere else? it's very difficult to get a persuasive estimate, but estimates are about 20%. a lot of the back office people in trading people, we have to dublin orfrankfurt or paris doesn't have the capacity to get these people off of a team, so it will be an incredible process. and it is a small possibility the u.k. will stay, but it is a small possibility. you see it happening in real estate, some of the commercial real estate, they had a complete dip because of people move out, offices won't be rented anymore. so you see it already moving in the real estate market. joe: thank you very much. matt: have you ever read the book "ugly americans? one of the interesting things is they were trading stocks in osaka, but the big kahuna's wanted to live in tokyo. so they would hire

london remains very attractive.ade agreement of substance between the european union and china now. and all. more can be done with china. we are seeing interest from chinese investors even now. anna: mark, thank you so much. good to see you. mark boleat from the city of london corporation. barclays reported second-quarter earnings missed analyst estimates. the market was looking for my hundred 85 million pounds. let's get more on the numbers with the ceo, jes staley. great to have you on the program. thanks for joining us. let's talk a little bit about the unit, the houses, the businesses and assets you are trying to sell or mind down. that seems to be one of the areas you missed estimates. how will the profits and losses from that part of the business develop from here? bank, ourd a core transatlantic bank that did very well in the second quarter. the second part of our strategy for this year is to accelerate the closure of non-core. these are assets like our retail banking presence in europe, wealth management in

a new tube network emerging, and it's clear -- london is shifting east.ch morning, a thunderous high-tech workforce surges into a district called the docklands. once a gritty industrial harbor, then a neglected no-man's-land, today the docklands has been transformed. it fills a peninsula created by a bend in the thames with gleaming skyscrapers springing out of a futuristic people zone. canary wharf tower is one of the mightiest skyscrapers in all of europe. workers enjoy good public transit and plenty of green spaces for relaxing. the entire ensemble sits upon a vast underground shopping mall. in the 1700s, the thames riverfront was jammed up with shipping in downtown london while this end of town was an industrial zone with the stinky industries -- glue making, chemical works, and so on -- conveniently located just downwind from the rest of the city. in order to relieve all the congestion in downtown london, they decided to replace the industries out here with what became the world's ultimate port. the docklands organized shipping for the vast british e

welcome to "the pulse" live from london. i'm francine lacqua. we have a great show lineup for you this morning. we speak to the ceo of the .orld's biggest reinsurer as we wrap up a week of european bank earnings and look to stress test results this evening, we speak to the ceo of the british bankers association. that is at 9:30 a.m. let's check on the markets. a lot of market swings. 103.65 is where we are. the boj opting for limited expansion. it did say it will plan to reassess the policy. it has already been three years. stocks, iuropean don't know if i would call it unchanged or slightly higher, but we had a lot of earnings news to digest. the banks have been under pressure. we are expecting stress test results this afternoon. watch out for ubs and barclays in particular. let's get to the bloomberg first word news with caroline hyde. caroline: hillary clinton says america is at a moment of reckoning and has belittled donald trump's claim that he alone can solve the nation's problems. clinton said the u.s. can advance only when each segment i

m a in london. emma in london. bomber killed security personnel in one of islam's holiest sites. in iraq, the death toll has gone up from the truck bombing in bag that. at least 175 people were killed in almost 200 were wounded. the islamic state claimed responsibility. in australia, they are counting the vote in an election that has failed to reduce a clear winner. c needed for a majority government. australia's election commission has just started to count more than one million pallets. president obama will campaign for hillary clinton at the first time today. president obama remains wildly popular among them at. donald trump will also be an painting later today. global news 24 hours a day powered by more than 2200 journalists and analysts in more than 120 countries. this is bloomberg. thank you. coming up on this program, italian banks to record lows. up next, an economist at the -- has what it takes to support nation's banks are from london and new york, this is bloomberg. ♪ alix: hardest hit is italy's third-l

so he was promoting in london. so he's like, "guys, you know, like, before my birthday, you know, i'll be promoting in london. everybody should come to london and we'll just celebrate my birthday there." i was like, "wow. that's kinda -- that's cool." so we go and hang out for his birtay and i'm like, "man, that's really good." he wanted his family with him. and calvin harris is performing. [ cheers ] we went to the show. and then we go to a restaurant. and, you know, and jaden is just particularly excited. you know? and we sit down at the restaurant. and he looked at the waiter and he says, "i'll have a tequila." [ laughter ] i said, "whoa, whoa, man. hold up. what you doing?" and he says, "the drinking age is 18 in england, dad." [ laughter ] >> jimmy: that's why -- that's -- oh, no. that's why he got you out -- >> i was like, "you joker!" [ laughter ] you joker. >> jimmy: that's how you got us all to come out. >> so, yeah, i was thinking fast. i ws thinking fast. i said, "oh, but hold on, hold on, hold on. it's

mark, sending it over to you in london., history, bonnie, made in philadelphia last night. hillary clinton becoming the first woman to be chosen by a major u.s. political party after accepting the nomination. earlier on "bloomberg surveillance," tom keene asked mark halprin how hillary carries her message forward. >> they go on a bus trip to western pennsylvania, a battleground that trump has staked claim on and says he's oing to win the state. they will settled down. my guess is clinton will be from anywhere plus seven to minus three. and that's a pretty big range and it will leave both parties feel like they can win it as we head towards the strange period in august. a lot of americans are going to be paying attention in politics and the next time we will see the kind of engagement is after labor day where there will be a major focus on race. >> how many undecided measures are will? -- americans are there? i can't get a straight answer out there. >> there will be more undecided because we're dealing with two candidates th

he spoke to bloomberg from his office near buckingham policy in london -- buckingham palace in london53 countries. i am sure they will negotiate and to try to work more on the commonwealth countries, where they have an egg on the european union, as well as india whether they have long historical and trade relations. tom: global news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. you can find more stores on the bloomberg at top . i am tom mackenzie. this is bloomberg. manus: tom, thank you very much. let's get more detail on the japanese news david ingles is standing by. yen is what i call mr. b. david: that is whipping around equities in japan. eight minutes past 2:00 p.m. in hong kong. 3:00 p.m. over and japan -- over in japan. have a look at the today chart of the yen. to enter 40 points down. 240 points down. 219 points up. we heard from tom that some of the details here are perhaps on with the stimulus might look like. where waiting on the action -- we are waiting on the actual timing. what part of that is incremental spending and how muc

mark: and i'm mark barton in london.pposed to close -- it was supposed to report after the close. the shares are 2.5% higher. --saw by anticline, because it saw costs decline. other railroads are on the rise. delta second quarter profit beating analysts. delta is higher. other airlines are also getting a boost. vonnie: still ahead, jpmorgan raising the curtain on bank earnings. this is bloomberg. ♪ live from bloomberg world headquarters in new york and london. i'm vonnie quinn. i'm: and i might are -- and mark barton. let's check in with bloomberg first word news. >> u.s. secretary of state john kerry meets with vladimir putin in moscow. carrie will layout a potential deal that could avoid an escalation. he will share information for targeting masonic states -- targeting islamic states. prime minister has tough choices to make. those tos him enough change the constitution the u.s. imposed on japan after world war ii. supporters want him to alter his pacifist article 9. meanwhile the population of japan keep shrinking. th

do you believe the city of london will exit to paris, frankfurt, london -- amsterdam, and points east i wrote an article about that this weekend. i think the ultimate answer is no. just to tell you, i just arrived on the train from paris. it made me late for this show because they were 25 minutes late. the point is that the charges and the work in france are major hurdles. the cost of living is 30% cheaper than in london. that is a huge advantage. would you want to live in frankfurt. the answer is no. people who live in london say they would not move to frankfurt unless they absolutely had no choice. tom: bnp paribas has a cautious view of the u.k. -- u.s. economy. what is your sterling target? atund: we are pretty much 1.30. we don't see a big rebound in the short term. from our foreign currency strategies, they would tell you that the uncertainty of the u.k. economy is going to last for at least two years. on that basis, given the fact that we see a technical recession either at the end of this year or going into next year in the u.k., why would you be bullish starling when you expe

in london.me to "bloomberg markets." ♪ scarlet: from bloomberg world headquarters, welcome. frome covering stories london, tokyo and beyond. here is what we are watching. .hanging of the guard putting together the team that will oversee britain's exit from the eu. >> jpmorgan kicks off learning season as the global bond market rallies. >> and the biggest tech ipo of the year. shares of "line" surging. we hear from the company's cfo. we are halfway through the u.s. trading day. we need to head over to the markets desk where julie hyman has the latest. a lot to

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

london up -- will it last? anna: a shot of the city of london.ee you tomorrow. ♪ guy: welcome to on th guy: welcome to "on the move." i'm alongside caroline hyde, and here is what we are watching. carney cracks open the toolbox, the bank of england governor speaking at 11:00 a.m. today -- can he soften the economic flow of brexit? banks battered. the u.k. wreaks havoc from italy's recovery. is there a silver lining to be found here? and not so bullish. vitol ceo eve