london mayor -- the london mayor has urged theresa may to build a new road at galway airport.oke to bloomberg in new york during a trip to promote relations and reinsurance investors following the june referendum. >> we should announce in the next few weeks the green light to a new runway at galway airport. heathrow has to. two.athrow has heathrow has issues around every structure. galway is ready to go. there would be jobs and growth. a better galway leads to better competition for heathrow. what i am saying to theresa may is let's get on with it. nejra: the european union's top competition regulator expanding by her decision to demand more than $14 billion in tax repayment from apple and may investigate other u.s. companies. she meets with jack lew in washington later today. global news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. cehic.jra this is bloomberg. francine: thank you so much. let's talk china, the overnight interbank surge the most since -- amid speculation that china's central bank is intervening. a warning indicator for

what will london become?restrained axis that they have as an eu member, ike that is to be unseen, totally unrealistic. into a question of the european side. you cannot give market access to a member who does not want to comply with freedom. dovetail in what is going on in the united kingdom with migration and refugees and your wonderful note on german elections. happening in german politics and how does that impact in london? >> there is this party that is anti-migration and advocate for germans to reconsider the relationship with the eu. who would ever do that. this is like the new normal. on what isputs light going on in european politics. pick and choose. francine: what is the big take away? it seems it means more moderate politicians will have to go voters.ese they will not take over. >> exactly, they will not take over. angela merkel and the german case is very good. as you say, the result is clearly that if they are not in government, there really constrained on what they can do on the european strange.

east london.ery much focused on the arts, n, rehabilitating museums, rehabilitating whole series of things. >> what will the city do that philanthropies? >> i think the june 23rd vote, f we just pause and have a quiet moment here, brexit will win/win.ly be a >> really? >> yes. 'cause i'm getting tired of this short-term drama. i think if you listen to teresa very clear it's that britain sees itself as being a player in the world not just a player in europe. she's very focused on that. econdly, she's gonna take her time. she's gonna understand who she's dealing with in germany with the in france with the election. those are two key players. his notion of triggering article 50 before those two elections are over is zero. this.'s talk about studzinski with us. your optimism on the united is his london. bill lee from us as well from citi group. interesting set of issues this thursday. this is bloomberg. >> confusion. the library of congress in the distance. the ebbingles ra building. little confusion

london is open. >> where's the next london? where is the alternative?ere's only one london and there is no alternative. my message to people who do great work in london creating jobs and growth is access to talent and the regulators. why would you want to go elsewhere and hamilton is coming to london next year as well. >> when prime minister mays speaks for you and the rest of the united kingdom who is she speaking to? do you know who you should speak to to move forward business and politics? >> one of the things we have been impressing upon the prime minister is that it is crucial london has a seat around the table. >> how do you affect that? >> the government is agreeable to that. our government needs to recognize that crucial for london. london is a powerhouse for the you. i think thes is government recognizes that even if you were in favor of exit if you want to be on the right side of history and make brexit a success it's in your disk -- best interests do it right with the eu. jobs are leaving london. >> the idea of a single marketer. london and t

london deputy mayor in town from london. thank you so much for joining us.ory that is trending. twitter once its users to say more. unveiling a long-awaited change to its character limit. photos, videos," teats will no longer count for the standard limit. theirange comes as to encourages users to be more interactive with multimedia content. 2 millionre than people watched its first livestream nfl game. twitter being sued by a shareholder who claims it misled investors on key growth metrics, -- executivesn promising to boost monthly active users to 550 million in the, "intermediate-term," and more than 1 billion and the longer term. they conceal they had no basis for those projections. as of june 30, the company had 313 million active monthly users. tomorrow on bloomberg, do not miss our interview with the newly named president of brazil. following the impeachment of his predecessor, that is at 5:00 a.m., new york time. this is bloomberg. --ly: multimedia exact executives susan lyne spent more than 40 years in the business. her next big endeavor to help ,ridg

>>supervisor london breed: thank you, colleagues. colleagues, can we take this item same house same call. without objection this item is approved. >> item 18. >>clerk: 141018 [public hearing - appeal of tentative map - 639 peralta avenue] hearing of persons interested in or objecting to the decision of public works, dated september 18, 2014, approving a tentative map for a 2-unit new construction condominium project located at 639 peralta avenue, assessor's block no. 5634, lot no. 014. >>clerk: sf 18123418. 160904 [supporting california state proposition 58 - multilingual education act] sponsor: mar >> >> >>supervisor eric mar: another important statewide proposition. the urging of language education on this multi-language initiative. this is an anti- bilingual bilingual measure. now introducing a measure that would increase local control so that districts with large numbers of ell or english learners can have enough funding, local control funding and removes mandates including expensive waiver requirements for multilingual and bilin

a religious minority and london islamic faith.shows the world in parts of the world, we cannot simply have our potential fulfilled. we are tolerated and respected and embraced as well. >> what do you think causes that downward spiral of radicalization? we have all looked at the profiles of some of the people who have ended up turning into islamic jihadis. the people behind the london bombings. the people in france. these are young men, sometimes they are religious. often they are not religious. what is it you think causes the downward spiral? >> one of the reasons why i was so keen to come to north america, going to montreal, new york and chicago is to see how we can work together to address what we face. i was recently in paris. you are right, the last year alone, horrible attacks in paris, brussels, nice and elsewhere. there's a challenge for integration, social integration, making sure our youngsters are resilient. as a young citizen in america, canada, the uk and france or brussels or anywhere, when you are approached bay prea

i was surprised with 39% of these trains actually carried out in london -- trades carried out in londond've thought it would have been more good given the currencies, the euro, they should have been in france and germany. john: right, right. yeah, there is financial stability reasoning behind that. it is argued and policy documents that it needs to be able to protect its own economy and if you end up in a systemic crisis, arguably the ecb will be the only one that could do it. the only entity that could euros someompletely backstop cyber situation we would hope not to be in again. the ecb wants to be able to protect its own economy and wants the key infrastructure within its jurisdiction so it is pervasive to having to potentially bailout some very important entity outside of its own jurisdiction. vonnie: what are the major banks saying? have they shown their hands in any way? john: i don't think so yet. my colleague did some incredible on this. some of them are saying this was inevitable that this will happen. this will not happen in a week and it is going to happen in time that we hav

london is open. >> i do not understand where is the next london? where is the alternative?o friends in america and business people who do great work creating jobs and growth is in london, you can have access to filing for banks over there, access to bank regulators, why would you want to go elsewhere? >> when the prime minister , london, and the rest of the united kingdom to europe, who is she speaking to? do you know who you should speak to to move forward business and politics? >> one thing to impress upon the prime minister is it is crucial my comes to the european union that london has it around the table. government is agreeable to that. it means when it comes to getting ready for negotiating access to a single market, our government needs to recognize it is crucial to london, making sure relation to competencies, london is considered for us -- for a simple reason. i think thes is government recognize that even if you were in favor of >> it, to the other right side of history and make brexit a success, it is in your interest to get the right to with the eu. it could le

anna: and i'm anna edwards in london.ingapore's global logistic robert he is is expanding its portfolio into real estate with a purchase of more than $1 billion a warehouses. dealxpects to complete a in december. the remainder of the buildings are in development. glp is the second-largest owner of u.s. industrial real estate. barclays' ceo has a warning about the u.s. election, saying both candidates have views on free trade that could hurt the global economy. he did not name hillary clinton or donald trump, but that rhetoric that questions globalization would have significant long-term effects. he noted the u.k.'s brexit vote, which demonstrated resistance to globalization. the property market in the u.k. could still be in shock from the brexit vote. the average value of a home just rose .1% last month, the same pace as in july. prices are about 4% higher than a year earlier, the weakest increase in some three years. the decision to leave the eu is adding pressure to a market already feeling the pressure is of a tax incr

tom: i've been a london bull. don't think there's a secret in that and no surprise we have seen this upturn but is there an assumption in the they thing wills get living within the macroeconomics of london and the united kingdom? >> it's got the greatest concentration of risk managers in the world and the pound or derivatives, now they are looking for risking management narrow own -- and you prepare for the worst and hope not to have to fres button. lot of consult nts who are doing well because of brexit, they are saying how long can we wait before we fres button. if it's two years, is that two years too late in the they are looking to fres button but perhaps the 50 even vote. tom: simon, you've got a staff of 240 people helping you with our brexit coverage. with that, have you heard one iota of belief that people will november frankfurt or dublin? simon: if they don't get passports or a special deal, they are going to have to look elsewhere in the region. right now it's ideal that suddenly a capital to rival lond

if you look in london versus in london isn, still behind. out of london is more positive, up 5%. take a look back. ,he beginning of the year things were hit hard and then brexit. mark: we have had a lot of more expensive properties built in london chasing the foreign investor market. they have been looking at capital growth. there are signs that capital growth has slowed down and therefore that sector of the market, even though some of them have got their assets held in thatterling currencies, makes it cheaper but they are looking for capital appreciation because the rental return has not been there. very much a cooling there. a loss of momentum. -- 1oving up between will million and 2 million -- ordinary houses do not fetch that much in london. really starting to hurt. though, theyat still need to get on the latter. family moves are still happening. but the jumps you have to make in london are quite considerable to move from a two-bedroom to a three-bedroom. caroline: the foreign buyers looking at capital appreciation in the cheaper areas of london. east london in particular is

lunchtime at london for you this morning.ey will go before lawmakers later could let's pick up on this u.k. story. philip hammond will meet senior bankers in london later to set out the government plan to support the economy and sound out their views for a post-brexit britain. manus: that comes after sergio ermotti said yesterday that the move may mean as many as 1500 jobs will go from london. elsewhere in the region, this in the wake of the brave zip code. anna: bank of england governor mark carney will testify before u.k. mps earlier for the first time since the referendum. jacob rees market is expected to be on the attack after accusing the central bank of releasing its stimulus without sufficient data. manus: peter fitzgerald is still with us in the studio. the pound has been demolished and the stock market is on a tear. tell me your perspective on the u.k. the debate is to whether we have a recession or not. all, people of regularly refer to the stock market doing very well. what we say is there is an illusion of wealth

london time. tomorrow, weme will be carrying testimony from ,ells fargo chief executive appearing before the senate banking committee, first -- focused on the banks misconduct. 10:00omorrow starting at a.m. eastern, 3:00 p.m. london. this is "bloomberg." ♪ vonnie: you are watching "bloomberg." globalhis is your business report. here's what we're watching today. the city is open for business post-brexit, keeping access to the single market will be crucial for london's future. vonnie: the european union reportedly looking to collect act taxes from another giant u.s. corporation. this time a smack down could be hit with a tax bill according to the financial times. mark: we take a look at a transition to democracy after years of military rule. .ed by nobel prize winner sayse: london mayor negotiating access to the single market is crucial if london is to remain a financial hub. he said down with tom keene in new york yesterday. >> london is a powerhouse for the u.k. the government recognizes, look, if

francine lacqua in london. tom keene. francine: it is tonch yen. you have the wrong yen. yankees. tom: we'll do that later. right now michael mckee with us. there i was yesterday. me, mr. trump on an economic plan. did you hear a plan within his speech? >> not much of one, not one you could evaluate with anything serious. let's take a look at the one thing he got right. he talked about how growth in the united states has ratcheted down. he got that right. post world war ii, at 2,000. 1999, 2,000, there is the break you can see. the we have averaged about 2%. there is yet a problem. he doesn't offer a lot to fix that. the center species his tax cuts. he goes to three tax brackets. that couldn't change a whole lot. he cuts corporate taxes to 15% and give it is everybody tax curts. hat would be a $4.4 trillion pra program. total revenue loss is $2.6 trillion. how do you make that up? this is where it gets very tricky. they talk about renegotiating trade deals deals, cutting regulation and reducing spending and you

i think london is really well-placed. we have some of the best universities in the world in london. access to industries like finance, advertising, which are ripe for disruption by the best technology companies. idle don't think london will ever necessarily be the heart of hard technology, the way that silicon valley is, but i think that there is a great opportunity for london to emerge, alongside new york, as one of the major tech hubs. mike: let's talk about polaroid swing. i've got it up on my board, as well. basically, it looks like you take a picture and you can animate it. i'm using my mouse, but i'm assuming you would use your finger on a smart phone. there is riley from "bloomberg ." is this -- are people going to make the effort to make these things move? --areit something that they better off animating? tommy: polaroid swing allows you to capture one second moments and then bring them to life by reaching into your smartphone by touching it or swinging your phone backwards or forwards. was to reimagine photography. that is what polaroid did in its heyday. we want to do

that was london mayor speaking.hour, mayor gil -- bill de blasio will hold a press conference. we will have live coverage for you and you follow it on bloomberg. apprehended someone in that case. two police officer's were shot. this is bloomberg. >> this is bloomberg, i'm matt miller. they are becoming more optimistic for a commodities to make -- command. >> china is very important for us, for the mining industry. we do spend a lot of time in china. the back of the meeting, we have customers and suppliers. becoming much more aware in relation to china. it is very important to us. if we look at these metrics or look at the way the chinese are looking at the economy, it is not about gdp. when you look at those four or five key metrics. inside look at it and step back, seems toe experienced have placid. -- plateaued. we are coming more cautiously optimistic. that seems like you are on the fence. toif you had asked me question a couple of months ago, i would've said we are slightly concerned. in this current market envi

london -- in central london could -- in central london, berkeley is looking pretty soft.ly they are connected. the ability to raise rates is limited. when you look at the berkeley's savings today, they did say they had an eye on the secondary market. investor health at this stage in the cycle. barclays is a very cycle conscious to the upper. -- conscious developer. to me, that 20% number being down, i think it does show that maybe this rush of overseas money, it might come. it is considering whether or not to buy rather than having to make its decision the day after the vote. guy: jack sidders. ." build -- caroline: building on profit. we are speaking lego now. this is bloomberg. ♪ guy: 40 minutes past the hour here in london. the equity in markets have been opened -- the equity markets have been open for that time. we've got fed speak and data coming up later. in terms of what is the moving the markets, australian dollar. the rba is remaining -- the aussie dollar up by .8%. weaker across the peak this morning. interesting to see what that is doing to some of the commodit

roger: evercore today is located at 15 stanhope in london. you are staying investing in london? is yes, because we have been growing our personnel and business in london for many years, steadily, and we will continue to do that. tom: ken rogoff, you have of thison the history for decades, and your research work over the years -- the media doom with a certitude of is going to happen, everybody is going to leave london. i see no indication of that in history, do you? ken: i do not know what brexit is your there was sort of a palace coup and a certain party that brexit created. are they going to have a soft landing? a lot of people think so. if they do a hard brexit, i do not know what it will be doing in the long run. guy, explain to me brexit. mr. cameron is going to leave parliament, right? that is the news in the last 48 hours. guy: i think his sense is that the former party leaders, prime ministers, do not operate well from the back benches. they cannot operate from the back benches. so he is saying his usefulness is limited, but nevertheless, he clearly is in a situation wher

mark: 3:19 in london, 10:19 in new york.till ahead, pressure building on deutsche bank and commerce bank. -- commerzbank. ♪ vonnie: you are watching "bloomberg markets." mark: 10:21 in new york. es taking center stage. deutsche bank, commerzbank, credit suisse -- all in the red today. new concerns with european finance team leader simone meier. commerzbank,ith speculation mounting about the sorts of cuts we are going to get him commerzbank asap. 9000 jobs is the latest figure. it is going to be pretty big, whatever it is, it seems. onone: with the focus deutsche bank, people forget there is another large german lender under enormous pressure to cut costs. commerzbank has been looking at ways to reduce costs for a while . they have a new ceo who came in in may. there is talk of roughly 9000 job cuts. that would be about 20% of the workforce. on top of that, the ceo -- mark: deutsche bank shares at new record lows. this is important. we talk about the chart over my shoulder. are other asset classes also declining. credit defau

this week, he was sentenced in london. ? sharyl: even anjem choudary called himself the "most hated this week, the radical muslim cleric was sentenced to five and a half years in prison on charges of supporting isis. scott thuman reports from london on how the most hated man became the most-wanted, as britain tries to stop a generation from being recruited as terrorists. >> you are guilty until proven otherwise. scott: few men have been more radical and more influential over the years than anjem choudary, a savvy london isis. sean: you have to follow your laws or die? anjem: of course, that would be the law of the land. that would be the law of the land. under america, you would abide by the sharia. sean: okay. anjem choudary, i still think you're an evil s.o.b. scott: for roughly two decades his charisma and reach knew few boundaries, a charm with deadly consequences. choudary had, at the very least, indirect, if not strong links to those responsible for the 7/7 bombings in london that killed 52 people, the main executer in

what's going on in london? 90 minutes left in the thursday session and we finished august high for the month, the second monthly increase with banks rising for third consecutive day come over 6% in the last three days. it's the biggest three-day advance since a. june 12 we are rising today so let's look at the banks. biggest increase last month for u.k. banks on the ftse 350 bank index since 2010. since brexit, the gauge has risen by 6%. loseve seen eurozone banks 6%. us on a valuation basis that we've got the ftse 350 trading at 12 times euro areaearnings, banks at nine times to the widest disparity in four years. that's a lovely charge to start this day. deutsche bank is extending gains on the report that commerzbank analyze the sale of all parts of its asset management business. it's exploring options to revive profit. senior managers are meeting this weekend to debate options and i may adjust financial targets set in october. this is according to a wall street journal report. the bank is exploring the poten

remember, white london. blue paris. purple germany. the london market is oscillating.are waiting and watching to see what will happen throughout the session. we will wait to see what mark carney has to say later on. central banks, once again, dominating the story. let's talk about what is happening around europe. portugal, the performer. solid performances coming through from spain. this is the stoxx 600 broken down by nation. the u.k. and ireland are certainly the laggards. nejra: here is how the u.k. 10 year yield is opening up. this drop six basis points yesterday. we were at 66, and we are still at 66. so, i a lot of change there -- so, not a lot of change at the moment, but we did the a drop yesterday. of course, looking more deeply into the equity market open on the stoxx 600, digging into the imap. you can be largely green here, which fitsof course, looking moy into the equity market with hows going. energy stocks are leading begin, up .5%. not a surprise, i suppose given that wti is heading higher today. behind.s are closely commodity prices are heading higher

amazon fresh is expanding to london, expanding to 190 greater london post coasts.as really hit a session low after that amazon fresh expansion. manus: thank you. that was the very latest on the market movers. it has been a rocky year, to say the least. the airline carrier norwegian is battling u.s. regulators over its irish operations and union representation. despite this, the airline is announcing four new routes to the states and barcelona. with that in mind, let's get to the aviation festival. bloomberg's guy johnson is t here. take it away, guy. guy: thank you, manus. it is feeling quite upbeat here. let's figure out exactly what is going on. nice to see you. against the first and obvious question is, post brexit, how is the business performing? >> it is interesting to see, of course, the currency. volume as well. we see more and more people like to fly into the u.k. manus: the demand is up because of the lower pound. haulrms of the long operation, how is that going? in some that is going quite strongly. people have tried in the past to make long-haul low-cost

transactions leaves london because of brexit.loomberg television. he says that jobs would be lost all of the country, not just in london. there are very few financial centers outside of london that could accommodate clearinghouses. facebook admits thanks to a faulty metric it said advertisers -- people are watching more advertising than they were. network says the errors are being fixed and advertisers have been informed. vonnie: time for the quick take a read of -- where we provide context and background on interests. it may sound futuristic but parts of it are already here. the robots are easing us out of the driver's seat bit by bit. here is the situation. earlier this year the u.s. government proposed spending $4 billion over 10 years on researching infrastructure to promote driverless cars. in september that the government made out a regulatory path for putting them on the road. companies are partnering up in order to make this a reality. google and chrysler are dealing up to the -- teaming up to develop self driving minivan

london is open. tom: where is the next london? where is the alternative?ere is no alternative. my message to our friends in america, business people creating jobs and growth, in london, you have access to talent, the finest banks, the regulators, why would you want to go elsewhere? "hamilton" is also coming next year. [laughter] tom: when prime minister mae europe,o the rest of who is she speaking to? of the things we have been impressing upon the prime minister is that it is crucial that when it comes to negotiating with the european union, that london has a seat around the table. tom: how do you do that? >> the government is he agreeable -- is agreeable to it. when the governor -- government gets ready to negotiate, they need to realize it is crucial to london. london is a powerhouse for the u.k.. the government recognizes that even if you were in favor of brexit, if you want to be on the right side of history, it is in your interest to get the right deal with the eu. if we don't, it could lead to jobs leaving london, prosperity leaving london. tom: into

tsuruoka: we've been meeting with the japanese industry leaders in london. are more than 1000 companies invested in the u.k. and they employ 140,000 people here in the u.k. therefore they have a fairly large steak and they have a significant presence in the u.k. economy. of course that also means they are contributing to the european economy as a whole. benefit ofto the global economy. the global economic growth is something we would like to maintain, sustain, and promote further if we can. brexit has been as a result of the referendum and the british people has taken a decision. that up for the government how we could implement those and reduce whatever risks that this may arise. that themake certain healthy, sustainable economic development continues on. francine: ambassador, there's a lot of concerns that the u.k. will lose access to the single market unless they back down on immigration requests. what would be the preferred position for these businesses that make a huge amount of money and provide a huge amount of work to the u.k. economy? mr. tsuruoka:

scott: leech was truly alarmed when taking a stroll together through london's streets. robb: and saying, look at all this filthy kaffar. kaffar is disbelievers. look at all this filthy kaffar. when the sria comes, all of this will be gone. scott: iwas only after choudary went well beyond his scolding of so-called sinners on the streets, that he crossed a legal boundary. police finally arrted him for inciting sport for and being a member of isis after his lectures were posted online. omer el-hamdoon is one of many religious leaders in london, relieved choary is off the streets. omer el-hamdoon: the muslim community and the muslim council of brita has said for a long time that someone like this has already been banned from you know the muslim community has not given him a voice, the voice has been provided by the media. scott: so, one of the biggest benefits of him being behind bars is that he won't be able to pop in front of the tv cameras? ly. there's going to be a very goo benefit to that. scott: yet he and others are hesitant to call this conviction a resolution. and

sandra has a great dilate called the fix it leader of the city thank you to supervisor president london breed for joining us this more than the leaders on board the board president and for the neighborhoods particularly the ones she represents they wants it fixed yesterday but i also want to say thank you to both the captains of taraval value and the park stations for being here as well our homelessness outreach teams part of fix it teams thank you. this is a difficult job you're helping to improve lives for everybody formatting we put together a new department to really be dedicated and focused on the outcomes for our people that on the streets i wanted to say thank you to rec and park the dpw, that i used to head and i know that they're happy because they always said we can't do it by ourselves we need the partners they got the partners the fix it teams as sandra will explain a coordinated multi department this has handles things from our health department and mental health person on the team that is part of outreach team their services were needed just this morning was we remember co

guy johnson in london. i'm in new york.the morning glass clean and the morning must read. let's get to that. this really caught my attention. it is a very self for note -- thoughtful note. putin in bloombergin is this week -- business week, on stands worldwide. what mr. putin has done is domestic rivals,tic opposed the putin regime, and you are likely to end up in prison or dead. carl weinberg is a student of the international lands it, as is michael: -- michael cohen. you have to be kidding me. donald trump finding elements of good in a russian czar. >> it is interesting that paul krugman, a nobel laureate, is writing about this. the prospects are daunting for a took candidate. tom: you will leave it there. you can tell us all about russian oil, the background of russia's power. it is. they have been able to cut cost, they have seen the ruble devalue. they devalue. they can survive at these lower levels. the growth will be capped. tom: the ruble devaluation is critical. walk us through that. >> the are not dependent on imp

francine lacqua in london. i am tom keene in london -- in new york.a superb short essay, the early returns on brexit, he takes a grim view contrary to what some have been claiming. he goes on to say the external environment is unfavorable and it will take time to reallocate resources towards the production of traded goods. deals willf trade not be concluded overnight. this is a real lesson in the history of british currency depreciation. the one thing which is getting traction, although completely unconfirmed is if these trading negotiations take a long time, can you do transitional agreements between -- two k and they don't every single commissioner in strasburg, i asked and nobody knows yet. it is going to take a lot more than we think. in the meantime, what happens to the u.k.? it is a catch 22. the ceos of big banks need to make decisions, so the need to figure out if they think they have passporting rights and it is a timetable that does not match. >> you are spot on. that is the problem. we are talking about whether the bank of england is going

the city of london.urope needs the city, i capital market geared we cannot rely on the banks, the banks are broken. europe needs the city, do not throw that out of the window. virginie: i agree with that. the question is, if you have a big part of the work force that cannot stay because of visa issues, that creates the. hopefully that is easy to resolve. it is uncertainty in the time to clarity. in the next 12-once you will have -- 12 months, all of the city is very clear. there's nothing that can take away that function. either the other centers will adapt or the lack of clarity erased and we will know what happened. the next 12 months will be quite volatile. tom: good united kingdom data. tomorrow, september 2. join us afterwill the jobs report on television and radio. on theapital, bill gross fed and jobs. this is bloomberg. ♪ ♪ guy: 14 minutes past the hour. i am guy johnson with tom keene in new york. taylor: bouncing back from the post-brexit slump. manufacturing reached a 10 month high in august.

mark: what are the biggest london banks saying? colleague at sent talk to executives at the big bang supplanting. of london.s by a large, they feel like they have to prepare for the worst. they see this business is going back to the e.u. after brexit. they are making contingency planning is what executives are saying. so, they are preparing for the worst, you could say. mark: thanks a lot. let's get the final five of -- the final thoughts of alberto gallo. what is troubling you, what is number one on the worry stage right now? alberto: markets are always very focused on central bank but we are seeing the politics are deteriorating across the world. we have both an american -- the u.s., in various countries of the eurozone. we're also starting to see a reverse of normalization. we have a war of fines between the u.s. and the e.u. we are starting to have a tough negotiation between the u.k. and the e.u. all this is also a consequence of having a very sluggish growth environment for a prolonged period. only monetary policy being the o

mark: we will take you from new york to london. we will cover stories out of turkey and ireland out of the next hour. here's what we're watching today. central banks may use different tools. that is the latest investment note from ubs' global chief investment officer. he tells us where he is putting the firm's $2 trillion under management. vonnie: the ceo of the london stock exchange says jobs will be at risk if. leaves the u.k. and, it's official. ceo arnie sorenson tells us how the hotel company will integrate starwood brands and loyalty programs. mark: we are 30 minutes away from the end of the ride a session. -- friday session. -- friday session. there you go, global macro movement. stocks falling today, petering out, stuttering and sputtering as we and the week. we had a big rally yesterday. biggest weekly gain since july. stocks lower. sterling must have sent down against the dollar today. taking you to the big movers, spain's third-biggest lender shares 3.7% lower. the company sold 585 million shares. the equivalent to a 9.9

i would add that last year, our clearinghouse in london, the london clearinghouse, cleared euro320 trillionf denominated securities. so, this is a rather large business. but i would also highlight what i have said already and this is a technical comment, that we do not clear euros separately from other leading securities. in fact, our people fund clears the world's 17 leading currencies, whether you look at interest rate products or others in the same default fund. last year, the london clearinghouse was able to compress, to the benefit of clearing all these currencies, all these interest-rate swaps, in the same default fund. it was able to compress $320 trillion across the 17 currencies. that saved the investment banking and investment management industry $25 billion of regulatory capital through the physical elimination of $110 trillion worth of risk. this is the power of central clearing. clearly, the economic incentives to customers to keep those benefits, to keep this business together in a single location, are extremely compelling. we think this will remain the place in the future. yo

i am frenzy in london.hey sent me over so that we are not together so that we can give you more global perspective. we are talking brexit and pound. tom: lots to talk about into the weekend. i would suggest you need some sleep. the idea of deutsche bank. it is percolating. it is there. it will be a theme throughout five hours of surveillance today. francine: it feels like they are a theme every other day. let's get to first word news. >> u.s. secretary of state john kerry has abandoned efforts to salvage the cease-fire in syria. he said it was pointless to move ahead without a major gesture from russia. the u.s. accuses russia of failing to use their influence to stop the fighting. assad blames the u.s. for their troops collapse. is blaming thean u.s. for refusing to extradite a person he accuses of starting a failed coup. request must work its way through the judicial system. us tryn to us and let him. they said the court will decide. i'm sorry, but we cannot wait for this kind of decision from this kind o

mark: live from london. julie: after a low of new etf's launches, it gives are back to their pace after -- here to discuss his senior etf analyst at bloomberg intelligence today. he is in our boston bureau. great to see you here. this is a theme we have talked about before. you have the big vanguards of the world but then you have the wall street banks getting into the etf game. talk about these recent launches. >> i would like to say they are two mouths.e with they have always made money as market makers. goldman has some interesting strategies. , soundslodged and etf boring, it is. it is a two-month treasury build. but they have a feature in it that is pretty clever. it is going to allow same-day settlement of creation. that may sound wonky. but it is really useful for institutions. it means they can use it as collateral. goldman is basically betting that these institutions would like to use it. boring, but it has $100 billion. this is big business. goldman did their homework on it. goldman, this will be p

go by atwill all london and sit at pubs outside.ith us, michelle meyer of bank of coming up, apple announced the latest iphone. the latest iwatch and new accessories. we will speak with gene munster and piper jeffries. this is bloomberg. ♪ mike: i am michael mckee in new york. francine lacqua in london. time for a report about the euro. it is weaker going into this morning's ecb decision. andaustralian dollar moves, the ecb giving it a boost. weakening, when there are some offshore concerns about their radar. i threw in the south african rand. gold is up. news yesterday for everybody who loves technology and toys, the new iphone seven -- investors not very excited. tim cook is. apple shares rose less than 1%. he called it the best iphone yet with a faster processor, longer battery life and he ditched the headphone jack. you will have to buy some wireless headphones. iphone sales forecast to decline this year and just a few moments ago, wells fargo downgraded the stock. gene munster is piper jeffries analyst. everyone is talking abou

>>supervisor london breed: thank you, colleagues. colleagues, can we take this item same house same call. without objection this item is approved. >> item 18. >>clerk: 141018 [public hearing - appeal of tentative map - 639 peralta avenue] hearing of persons interested in or objecting to the decision of public works, dated september 18, 2014, approving a tentative map for a 2-unit new construction condominium project located at 639 peralta avenue, assessor's block no. 5634, lot no. 014. >>clerk: sf 18123418. 160904 [supporting california state proposition 58 - multilingual education act] sponsor: mar >> >> >>supervisor eric mar: another important statewide proposition. the urging of language education on this multi-language initiative. this is an anti- bilingual bilingual measure. now introducing a measure that would increase local control so that districts with large numbers of ell or english learners can have enough funding, local control funding and removes mandates including expensive waiver requirements for multilingual and bilin

from london to frankfurt. here's what we are watching today. with euro area inflation stuck at zero for two years, what if lengthen -- mario draghi lengthened qe? barclays finally filled its top former, naming tim, a jpmorgan executive. in an exclusive interview with bloomberg, russian president vladimir putin reaffirms his exports.the state run have a look at where yo european equities are trading right now. there is a holiday in the u.s. today. movers, lovely function tells you everything you need to know about global markets. look at the left-hand column, the equity indices where we are rising across europe today. we were headed toward the highest close since january. now, since we've come off the highs, we are at the highest 5%se since april -- altice higher, agreeing to buy 22% of thatrench unit sfr group it doesn't already own for 2.4 billion euros. taking steps to unify operations after 50 billion euros in acquisitions. phone the mobile broadcasting business in france. it struggled in a competitive environment the last two years. hugo bo

francine: and london? mark: i love london and as it does not change that.people would not realize that the cultural new zealand in london is remarkably simple -- culture in new zealand and london is remarkably similar. the culture here are remarkably similar. we are really cousins. francine: thank you so much. ♪ the following is a paid program. the opinions and views expressed do not reflect the blue -- use of bloomberg or its employees. >> the following is a paid program, brought you by a proud sponsor of the arthritis evaluation. it is not meant to treat or prevent any disease. >> hello, i am your host and welcome viewers to u.s. doctors tv. bringing top medical experts to you to discuss the latest products,

harvey says: "so it was a really big impact on london at the time but also became the basis for london as we know now because it was rebuilt as a result of the fire." following the "great fire" ... london was reconstructed on essentially the same street plan. to burn their worries away. it's all part of the 92nd annual burning of zozobra festival in santa fe. the tradition has people write down their troubles on a single piece of paper and then watch it go up in flames inside a giant paper mache man - known as old man gloom. the event kicks off the santa fe fiestas and is usually always held the you might be surprised to find that some of the most common household problems-- could be fixed with things you find in your pantry. we have all your go -to hacks ahead in contact six. today is the final day of what's sure to be another successful motorcycle rally for milwaukee. we're taking a look at some of this year's more unique rides. the northeast-- prepping for heavy rain as what's left of hermine continues to move up the coast. details on residents can expect. it's about time the taco..

in london. dustup about japan. the bank of japan's mission to control government want yields is altering just days after it was announced. the 30 year and 40 year that deals have tumbled. announced that he plans to control bond levels but he failed to convince traders that he has the tools. our guest from j.p. morgan is still with us. this is the spread between the two and the 30 year jp -- that is widening. in the couple of months before we got this announcement and now it has been falling since as if the curve is flattening. what do you think the boj wants to achieve with the yield curve? guest: the shape will be interesting. the 10 year rate is there hoping to target. when you want to protect the probability of your institutions, you need a state -- a slightly deeper yield curve. in the past few weeks, we see on the chart the flattening on the curve. the boj would like it to be steeper. things can take a couple of months or even a couple of quarters. we will here soon, next week, on how they