mark carney speaking.at because the pronunciation for italian, fran is better. francine: i am good for something. guy: mark carney testified to lawmakers on the recent inflation report. if you want to follow what he has to say in full, life go is available -- live go is available on bloomberg. this is bloomberg. ♪ ♪ francine: good morning, everyone. this is bloomberg "surveillance." guy and francine from london. let's get more with richard turnill. we were talking political risks about why the president was taking so much time to confirm the prime minister. what we saw yesterday is yields higher for italy. are the markets complacent or two aggressive? richard: you have had an increase in political risk in italy but it has not spread to other markets. it has been very much a localized risk or a series of localized risks. when we have seen this type of events in the past, the higher spreads persist for some time. at the risk of a crisis in italy is low, but i'm certain it will persist for some time. that mea

what is the question for the press when mark carney speaks?re will be many questions, because it covers a bit of a surprise -- comes as a bit of a surprise of the dovish hold. some people were thinking we might get more of a balanced vote. the comments coming through on inflation, the fact that they see it cooling faster to rich the 2% target in two years and there will only be moderate tightening over the forecast period. that theid things softness in the first quarter was perhaps only temporary. it will be interesting to see whether mark carney tries to balance that and put a hawkish spin in the news conference. one of the questions i would do theyask is what think will cause inflation to come down to target? is it all to do with sterling or are there other factors? that might mean something about their inflation outlook and how they will look at tightening in the year ahead. the markets seem to have priced out a hike in 2019 so they are seeing this as dovish. david: we are going to welcome paul tucker. mr. tucker is a senior fellow at the h

mark carney seemed dovish over inflation.ck as well as when they came out with that decision, the probability of rate hikes was taken out of the market. we are getting started this friday, the dollar is weaker, but there has been repositioning in favor of the aussie, which is coming back a bit right now. when you talk about dollar shorts, those two reasons you mentioned were good enough in terms of short covering. as far as stocks, futures indicating moderate gains when japan opens later. we are looking at maybe 0.2%. australia, 0.4%. the question is, we are poised for a weekly gain unless the index drops 1.2% today. do we get enough momentum coming through? we have been very range-bound. barely above the 100 day moving average on our index. is this a day we get gains and forget about it the next day? we have to wait and see. yvonne: earnings in japan, what are you watching? david: 50 companies, a few big names. kirin, panasonic. generally speaking, these four have reported decent earnings. impressed when it comes to sales. n

i am not sure how mark carney is going to play this.nals that the market could take hawkish could be a vote split the conservative a consensus of 7-2. anything that mark carney says on fourth guidance and about the rates curve. back in february he said that hikes could come earlier and go on for longer. will be see those types of comments again? there will be an outlook for growth and inflation. it is the data that is really turned in the fourth quarter. aprilome of the pmi for that made carney come out and say we are looking at the data. also change markets perception of what the boe is going to do today. inflation forecast will be key as well. there at nejra cehic the bank of england. we have it all-star panel -- we have an all-star panel. and also withe us, andrew benito. he spent nearly 12 years as a manager of the boe. kit juckes still with us. -- if you arethe in charge, how would you vote? andrew: i would vote for a rise in interest rates. it is not so much by the short-term economic indicators. we are mixed but there's strength

governor of the bank of england, mark carney, warns a "disorderly" brexit could delay a rise in interest and says the bank would need to act to shore up the economy. and on newsnight, section 28 is 30 years old today. it was a law that banned the promotion of homosexuality in schools until it was scrapped. a lot has changed in the three decades since. we'll be looking back at its effect. good evening and welcome to bbc news. the planned summit next month between president trump, and the leader of north korea kim jong un, has been cancelled. mr trump said it was because of what he called pyongyang's recent hostility, with north korean officials heavily criticising senior members of the trump administration. the announcement came just hours after foreign journalists, were invited to witness what north korea claimed, was the destruction of tunnels at its nuclear test site. president trump described the abandonment of the talks, as a truly sad moment in history. our north america editorjon sopel has the story. this is cnn breaking news. for once the breaking news strap was worth the whoops a

the week ahead featuring the bank of england and mark carney. that conversation is next. "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro, this is "bloomberg real yield." time for the final spread. next week, nafta talks resuming in washington, d.c., bank of england out with a policy decision and inflation report, plus a news conference from governor mark carney. we get u.s. ppi data and await a decision from president trump in regard to the iranian nuclear deal. still with me, michael purves from weeden and company, priya misra from td securities, and guy lebas from montgomery. a big week for issuance coming up. a failed you define auction and will we get one in the treasury market? it wasn't until later this week when blackrock brought the subject up to me. how would you define it and are we due one? priya: we have primary dealers, the idea for a failed auction doesn't exist. the way i would define a failed auction would be if the deal is significant. when the wi market trades at a certain rate, the actual auction comes in 5, 7 basis points higher. that would be

i don't think mark carney calls -- caused that. if you look at the fundamentals, and he paid heed to these in the press conference, the labor market is strong, wages are picking up gradually. those are some pretty strong things that are supporters for the headline from the boe that there will be gradual tightening over the medium term. word, thesebring up are the probabilities november down to 60 of these 10% high come up to 70. august, some were saying it could come at 42. carney suggesting modest, which is one of the year for the next three years. do we get one in 2018 or not now? stephen: our view is if gdp for isis revised up and q2 decent, they could go as early as august. i think it is pretty clear rates are below neutral in the u.k. and we have a firming labor market and wage is picking up in the household sector is gradually getting relief from the decline in inflation. a lot of attention seemed to be on the the market today inflation headlines. in other words, the boe was revising the expectation for the decline in expecta

plus, a news conference with governor mark carney. we get u.s.a decision from president trump in regards to the iranian nuclear deal. still with me around the table are my guests. big week for issuance coming up. how would you define a failed auction, and are we going to get one anytime soon in the treasury market? the reason i ask is not because i'm thinking about it. i was not until this week when rick reed a blackrock brought the subject up to me. how would you define a failed auction and are we due one in the united states? >> the one good thing with u.s. treasury markets, we've got primary dealers. the idea of a failed auction does not exist because every primary dealer has to put it in there. the way i would define a failed auction is if the deal is significant, so when the initial market-rate at a certain rate, the actual auction comes in five or seven basis points higher. that would be a shock to the treasury market. i think we have not seen any sign so far that these auctions are having any trouble, but that is because the rest of the wo

plus, a news conference from the governor mark carney.nd we await a decision from president trump in regards to the iranian nuclear deal. still with me is michael purvis and priya and guy lebas. priya, big week for issuance coming up. how would you define a failed auction? the reason i ask is not because i'm thinking about it. i wasn't until later this week, when the subject was brought up to me. how would you define it and how would you want it in the united states given all the supply? priya: the one good thing with u.s. treasury market, we have the primary dealers. every dealer has to put big in there. the way i would define a failed auction would be -- when the wi market trades at a surprise, the option comes in 5, 7 basis points higher. that would be a big shock to the treasury market. we have not seen any signs so far that these auctions are having any trouble, but that is because the rest of the world is buying our debt very happily. when it worries me longer-term is that if you were going into this trade war world, you have compan

mark carney was giving evidence to the treasury committee.nce? some of it — and we can't be absolute about it — but some of it is arguably ascribed to brexit. one of the things we've seen, for example, is that investment spending has been quite weak given all the positives for investment spending. the behaviour of households influenced heavily by where their real incomes have gone, and their real incomes have been... one of the biggest drivers of that has been the referendum—induced fall in the exchange rate, and the inflation that's come through, what you just started with. so there are brexit effects that come through. mark carney. a bill to cap energy prices cleared the commons at the start of the month. now the domestic gas and electricity tariff cap bill has arrived in the lords. the legislation gives the regulator 0fgem powers to impose a ceiling on standard variable and other default tariffs. the price cap will ensure that uk consumers are protected from suppliers seeking to exploit the loyalty of their longest—standing customers by pr

mark carney said the same himself. the market should be pricing in august rate hike.ow much are u.s. interest rates affecting yields in england and around europe as well? nick: it is one of the central drivers. we look at that u.s. 10 year yield teetering on 3%. no reason that cannot get the 3.5% by the end of the year. if that is the case, it will drag u.k. yields at least 30 or 40 basis points higher. if it hasn't reacted to all the supply that has already come online, why should it jump up 3.5% by the end of the year? nick: i think that missing dynamic is inflation. inflation is still continuing to excite, only to disappoint. if you think of the recent move in commodity prices, that should just give inflation that nudge higher, with inflation that little bit higher, that is another reason yields can push north. 4% as jamields hit dimon says, what does that tell us about fundamentals? is that a good thing? nick: that tells us that the u.s. economy is in great shape. the reason yields would get that high is because the underlying rates of economic momentum is much st

mark: you say it is mark carney's fault.your colleague in the on carney.and he was the data has turned. is it fair blaming carney? is just teeing off of the data. bankuld look for a central to start hiking just when the data is turning. we could blame it on short-term factors, but it will look john when you have the central bank hiking rates when you have had a soft pass in the data as of late. you cannot blame him for pushing that rate hike later in the year. mark: does that buy into the hawkish hold scenario put out there by toronto dominion's? inthis idea is taking root markets these day and giving some of the pound bulls and rates bears more to hang onto. if they affirm that this thursday and say they are not going to do it this time but keep the hope out for later this year in august or later, that is bulls inpe to these pound and bears in rates. mark: why are italian assets impervious to what is going on in italy right now? >> that is just a testament to the hunt for yields that is on in markets right now. you have ita

governor of the bank of england, mark carney, warns a "disorderly" brexit could delay a rise in interestd to act to shore up the economy. and on newsnight, section 28 is 30 years old today. it was a law that banned the promotion of homosexuality in schools until it was scrapped. a lot has changed in the three decades since. we'll be looking back at its effect.

the governor of the bank of england, mark carney, has said a disorderly brexit could delay rises in interestld be obliged to act to shore up the economy. speaking at a london conference, mr carney also re—iterated the bank's analysis that the referendum result had damaged the economy, a claim denied by leading brexit supporters. and now, what's trending online in the business news this morning. in quartz, gdpr is the most unifying thing to happen to the eu in a while. it says the privacy shake—up is being called a far reaching victory for human rights at a time when the eu has been shaken by brexit, anti—establishment populism and divisive refugee policies. on cnbc, do] is reportedly investigating bitcoin price manipulations. the price of bitcoin fell on reports the us dept ofjustice is investigating possible cheating by traders to inflate the value of the cryptocurrency. bloomberg has the latest in the seemingly never—ending legal battle over the iphone and who copied whom. apple wins $539 million from samsung in damages retrial. and don't forget, let's us know what you are spotting online,

who will take over from mark carney as governor of the bank of england when his term ends next year?t of runners and riders may have got a little shorter. raghuram rajan, former chief of india's central bank and now a professor at the university of chicago, has been widely tipped to possibly replace the canadian. but, speaking to our economics editor kamal ahmed on wednesday, he appeared to rule out a move to london. can you imagine any circumstances where you would be the next governor of the bank of england? no, i am very happy with myjob in chicago. i love academia. no plans to consider coming here? i have no plans. but you are not ruling it out. look, all ican you are not ruling it out. look, all i can say is i am very happy with my currentjob. later today president trump's business team, led by us treasury secretary steven mnuchin, will host the vice premier of china, liu he, for trade talks in washington. it is the second round of talks aimed at heading off a damaging trade war between the two sides following their meetings in beijing two weeks ago. the us has threatened to imp

a news conference from governor mark carney. a decisiona from president trump in regards to the iranian nuclear deal. big week for issuance coming up. how would you define a failed auction and will we get one? the reason i ask is not because i'm thinking about it. i was not until this week when blackrock but the subject up. -- brought the subject up. >> we have primary dealers. the idea of a failed auction does not exist is every primary dealer has to put it in there. theuld define it as, when market trades at a certain rate, the auction comes in five or seven basis points higher. that would be a shock to the market. we have not seen the signs so far that these auctions are having trouble but that is because the rest of the world is buying our debt. is if we areme going into this trade war, does the dollar lose its status? we have countries who say why do we hold reserves in dollars? i think that can result in a big tail which can move rates higher. what matters is the end customer buying of treasuries and levels will adjust to

some people will say that mark carney is the unreliable boyfriend. s getting more difficult for carney every time he turns around. ew: carney might say, if parliament gets their act together, it could make his job easier. he will always be hostage to regardingts, well-planned interest rate policy in the short-term. he wants to put interest rates up. he wants to move to a more normal situation on interest rates. i doubt that any central banker wants to be going into a recession when there is a domestic or global one with great at such a low level. -- with rates at such a low level. given what the u.k. faces youthe uncertainty, do think the window is closed for the u.k. to enact another interest rate hike? do you think it could come in august were the end of this year? andrw i would say the next couple of yearew: -- andrew: i would say the next couple of years. brexit continues to overwhelm everything else. the economy isn't turning down quite yet. i think he would like to raise interest rates this year, fairly measured. i don't think the window has rat

we will bring you mark carney's address for 2018, live here on bloomberg, 9:00 a.m. u.k. time..s. is starting an investigation into whether court and truck imports threaten national security. follows theation same law that led to global tariffs on steel and aluminum. shares of major asian carmakers spell after the announcement. north korea is threatening to cancel its planned summit with donald trump next month. it said it was ready for a new nuclear showdown if the u.s. did not change its approach. north korea issued a warning in response to suggestions from the trump administration that kim jong-un was worried about his fate being similar to gadhafi from libya if he didn't make a deal. conte's meeting with all political parties in rome. he has the support of the anti-establishment five-star movement into the anti-immigrant week to be the new leader of italy, even though he has no political experience. global news on air, 24 hours a day and at tic toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. guy: thanks. let's get

fomc minutes and the bank of england's mark carney, jay powell you and other central bankers will bet a conference for the bank and we will see if minister isprime named now that the government program has been agreed upon. with me, our guests. let's begin with you. btp's totally battered through the week. we wondered when the political risk would bite, are they a buy yet? >> you could say it is difficult to get a whole bunch of stuff through and that is right. it will be so much rhetoric from them right from the beginning of when they get things done and how they will be successful and get brussels to support them. , i want to see this at 170 or 180. the european sovereign crisis is not that long ago. to compensate 200 you. not when 60. jonathan: if we do -- is this about an increase of btp supply, two different things. guest: if they do not help with fiscal spending plans, then, no. no problem. if they come too far, if they -- or spain will look over and save why is italy getting it easier from brussels and then you have younomination risk and would be batting 1000. jonathan: why w

this is not a thought going through mario draghi's head or mark carney's head. those economist outlook like ours. you cannot expect them to be promulgating the same sort of policies that we are. vonnie: michelle bowman is giving her opening statement out and is saying similar things to in hisch clarida had opening statement about resiliency and keeping the focus on the resiliency of the financial markets and a close eye on where vulnerabilities might be. she is in charge of community banks at the fed. and what younder mentioned is going to happen with the volcker rule under this administration, this president? alan: well, the administration is pretty hostile to the volcker rule, and i think it is just a question of whether they can get a repeal or emasculation of the volcker rule through the congress. i think that is anybody's guess. it is a very difficult role -- it is very difficult rule to write, as you know. it took years and volumes of paper. it is a very difficult rule to enforce. it is part of the bigger picture, though. the big picture is financial stabi

mark carney made the comments in a speech in london last night, adding that the bank was prepared forcenarios. our political correspondent chris mason is in westminster for us this morning. this is the second time this week he has publicly had something to say about brexit. the other day, he reckoned that households on average were £900 a year worse off, since the brexit referendum. then this speech last night, where, as you say, he was saying that the bank is prepared for all scenarios. he was particularly talking about what he would see as a negative scenario, potentially crashing out of the european union, without any kind of deal. saying that he would be willing, if necessary, to hold off increases in interest rates, to try and help shore up the economy. meanwhile, over in brussels, things there getting really spiky. now, i know you mightjust think it's that bloke on the telly, again, warbling on about brexit. but we're getting to a really crunch point, now. an eu officials saying now that the uk is living in fantasy, trying to maintain all of what they see as the advantages of th

the focus on about what is happening, mark carney is going to be grilled by mps later on.ll start around 10:00. we will take as much of it live as we can. some are talking about the cpi data coming up. the mark carney be dovish? could that drag us down? the s&p yesterday finishing around 0.7%. it did not bleed into asia. europe banks, we have markets that closed yesterday, futures are pointing a little mixed. the dax will play catch-up. let's figure out what is happening here with these markets. indexes, on the ftse 100 -- the corny type -- connie , if he comes out super dovish. the pound could go up. we will wait and see how the cac comes through. the dax was not trading yesterday, it might take longer to get that up and running. take a look at the bonus spread. switzerland will be returning as well. stocks eye on the retail , they will be interesting. lets show you what is happening with the heat map. at the moment, we have financials recently well, health care looks well bid. the financials are adding a big chunk. better yesterday in the united states. you may see that

. >> we have had various communications from the governor mark carney trying to get the markets, a reversend that has to go back. he realized the market had gotten ahead of things. they had been such a indications from the bank of england itself. they had got themselves into a communications problem. some week weather, data come out for the first quarter. if the bank of england part -- thinks it is a part of a slow down that puts the question around rate rises. shout -- shall we paus parse the story? >> you are right that markets will be looking at this question of whether you have a dovish hold. no one is expecting any change in policy. if the two outsiders who had voted for a hike continue to vote for a hike might say we are on course for a rate rise. anybody is on hold, that may be sends a signal that they are rethinking their strategy. i would not overdo it. if you take it seriously the way they are approaching policy, it is a meeting by meeting approach. the british economy is turning out to be more difficult than people anticipated, certainly the bank of england. what happened, did c

friday, the feds day and mark carney are among the speakers at the 350th anniversary conference.e live coverage starting at 9:00 a.m. new york time. amanda: you can catch all of our interviews on the bloomberg with the function tv . there is one now. this is bloomberg. ♪ >> this is the "bloomberg markets." in a minute the fed will be releasing minutes from the policy meetings. as we wait on that, looking at in equity market that is mixed. lower to mixed, s&p 500 off by 3/10 of a percent. 2.57% on the two-year. julia: did we do have the fed minutes. scarlet: the bright red headlines that we publish say modest inflation overshoot could be helpful, most officials saw the next rate hike appropriate soon. inflation, on overshoot could be helpful. could behold full. -- be helpful. so presumably soon would be at the next fed meeting. julia: some officials saying for guidance provision appropriate soon, so at what point will we see recognition of monetary tightening. going

tomorrow, jay powell and mark carney are among the speakers at the 250 anniversary conference.will have live coverage. this is bloomberg. ♪ scarlet: it is 2:00 in new york, 7:00 in london. to bloombergome markets. . scarlet: live in bloomberg world headquarters. the top stories we are covering on the bloomberg around the world. summit canceled. president trump scrubs a meeting with kim jong-un sending markets reeling. accelerates the push to revamp germany's biggest lender. crypto underscore new. the justice department opened a criminal probe into whether traders are manipulating the price of bitcoin and other currencies. u.s. markets closing in two hours. stocks were tumbling. >> the dow was down 1%. ashave seen volatility traders have been watching

governor -- a warning from governor mark carney dampened sentiment.be heading to the boe later. i'm super excited for super thursday. we're joined by elizabeth martin, senior economist i -- at hsbc. elizabeth, you recently changed to call, so you were saying may is done, why such a small window of opportunity for the boe hike? elizabeth: reverse change the forecast back in november. urgencyst won't be the to tighten anymore at we thought there would be enough momentum just to may and then we would .et that rate rise in the momentum has fallen away just a little bit sooner than we were expecting it to. it may be that a lot of the weakness we've seen in q1 is temporary or whether related but it seems like something deeper is going on. anna: what could they say today that would change your mind? to have another rethink. elizabeth: they have been pretty hawkish. we know they are minded to raise rates. was an't think there urgent case to raise rates, it was because the bank of england was sending consistent signals that that was their intention and what th

president moon of south korea meeting with president trump, fomc minutes and the bank of england's mark carney the fed's jay powell and other central bankers will be at a conference. also, we will be watching closely to see if an italian prime minister is named now that the government program has been agreed-upon. still with me is luke hickmore, joe higgins, and diana amoa. luke, btp, totally battered through the week. we wondered when the risk would bite. here it is. are they a buy yet? luke: no. i do not think they are. you could easily say it will be difficult to get a lot of stuff through for italy, and that is right. but we have to get this government off the ground. there will be so much rhetoric from them in the beginning when they get things done, how they will be successful and they will get brussels to support them. at 164 over in italy. i want to see 170 or 180. you know, the european sovereign crisis was not that long ago and we could get back to something a bit like that. jonathan: really? luke: a bit like that, but it feels to me it should be 200 to compensate, not 160. jonathan:

the governor of the bank of england, mark carney, says it's because businesses are "holding back" overs deadlocked over the two differing proposals for customs arrangements, once britain leaves the trading bloc. 0ne system being considered is the so—called ‘customs partnership' which would involve the uk acting on the eu's behalf when imports arrive from the rest of the world, applying the eu's own tariffs and rules. the other option on the table is the so—called maximum facilitation — or ‘max fac‘ — favoured by brexiteers like borisjohnson. this proposal aims to keep borders open and free flowing, using state of the art technology to minimise the need for checks post brexit. we're joined now from westminster by the chair of the treasury select committee nicky morgan. very good to see you. george parker of the fda has treated to night that he has been told the cabinet has never been briefed by eight mrc, that they max fac option might cost billions. this has been on the table since august, and you have not been told? that is extraordinary. both visited to stick that you have just used,

manus, this is supposed to be the month of the rate hike, wasn't it, until mark carney gave an interviewere domestically in the u k what changed expectations in the market which have been confirmed by pretty weak data? manus: absolutely, and between that and brexit debate, the customs union debate, you are looking at sterling dropping all the way back. 135.35. terrible turmoil in cable. president trump has said he will decide whether the u.s. stays in or pulls out of the iran nuclear accord. the iranians have one in mind versus the saudi's. they cannot agree about the difference in the color of the sky. that is our very own juliette saly in our singapore studio. blue here,lways manus. warren buffett warned about the "nightmare" tied to new accounting world changes. hathawayes berkshire to report unrealized gains or losses in equity investment in that income which helped fuel a $1.14 billion loss in the first quarter. that marked the companies third net loss since 2009. talks between softbank and switch three are reported -- swiss re are reportedly close to collapsing. enthusiasm has wane

mark carney, the governor of the bank of england, talking to our economics editor.unced he will meet the north korean leader, kim jong—un, on june 12th, in singapore. on twitter, mr trump said both men would try to make it a "very special moment for world peace". the announcement came shortly after the president had personally welcomed home the three american detainees released by north korea. speaking at andrews air force base, he said it was an honour to have played a part in their release. the white house considers the move a gesture of goodwill, in advance of the summit. 0ur correspondent chris buckler reports from washington. this was a return that only months ago would have been unthinkable. then, america and north korea seemed on the verge of war. cheering now the release of these prisoners has been hailed as a gesture of goodwill between the countries. and it is a diplomatic victory for donald trump. i'm very honoured to have helped these three folks, they are great people. i got to speak to them on the plane, these are great people. they've been through a l

little bit about mark carney.ad troubles with their forecast, and inflation is one in particular. they expect it to be stickier than has been. i think at 2.4 it should be easier to get to the 2% target. guy: rate hikes this year? >> i think possibly not. august 2 is the day. i think the chances of that can only be related to whether growth bounces back properly and quarter one -- in quarter one. i don't see much of that -- evidence of that happening. that is their window. the economy is weakening. on must there is a substantial bounce back, and i hope there is. it is 50-50. francine: one thing we're trying to figure out is whether the market is actually -- guy: right now there are plenty of things to figure out. right -- francine: right. we are talking about the turkish lira, regulation. >> i think this italian stuff is quite serious. i'm surprised the ecb has not come in and be more demonstrative, and defended a 4.5 trillion euro balance sheet. they are letting them come although it back up again. i think that is

also mixed messages for the bank which talks about forward guidance brought in by mark carney to getp changing, then we question the use of forward guidance. you're watching business live — our top story... the french foreign minister has condemned the us move to reimpose sanctions on foreign companies trading with iran as unacceptable. a quick look at how markets are faring. not looking great. not moving a whole amount. much of what we saw yesterday, certainly by the bank of england, factored into the markets. and now let's get the inside track on this weeks big tech stories. rory cellanjones is our technology correspondent. it has been a big week for tech? it has been a big week for tech7m is always a big week. when do you get downtime because even at home you are hounded by alexa and syria. what about this new google assistant, where you can book a hair appointment or a restaurant booking. this was a demo. this was quite an extraordinary demo as to where automated assistance are going. and they demonstrated a facility where you could book an appointment and what was scary was how

who will take over from mark carney as governor of the bank of england when his term ends next year?and now a professor at the university of chicago, has been widely tipped as a possible replacement. but speaking to our economics editor kamal ahmed, he was tight—lipped about any potential move to london. look, i am very, very happy with myjob at chicago booth. i love academia. that's where i'll leave it. but no plans to consider coming here? i have no plans. but you're not ruling it out? look, all i can say is i'm very happy with my currentjob. joining us is trevor greetham from royal london asset management. quite a lot of interesting stories in the papers. we picked out one from the washington post, we mentioned it earlier, the french oil giant total threatening to pull out of its gas project in iran. this is the business response to the political tensions at the moment between the us and iran. this is because america has talked about secondary sanctions. sanctions on companies that do business with iran. total is doing business with iran. total is doing business with iran and they

sayse governor mark carney his often criticized policy guidance is more important than ever as brexit enters its final phase. he used his speech to explain why his methods work. he spoke after his deputy told bloomberg the bank does not have a communication problem, although forecasting has become more difficult since the brexit vote. rusal has said oleg deripaska has resigned effective immediately. the russian aluminum giant is trying to persuade washington to lift sanctions. toal may not be able continue operations. hasu.s. justice department opened a criminal investigation into whether traders have been manipulating the price of bitcoin and other digital currencies. the inquiry is looking at legal -- illegal actions that could move prices. extended declines after bloomberg reported the investigation. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. our top story, north korea saying it was surprised by donald trump's decision to cancel the meeting between hims

francine: market reaction because of what it means for mark carney. local elections and labor did not do as well as they could have, related to brexit? >> i do not think it tells us all a lot about brexit and not with the results we are looking at. structurally, president, -- theresa may had a comparable experience, well in , the ability to a -- francine: what does it mean for mark carney and boe policy? >> for next week, not that much but overall it means they continue to operate in a situation of high uncertainty. they have said that weird -- they have said that already. u.k. with a better than expected performance but economy was slowing. pmi data this week, service came in softer than we hoped. next week, a short think they will not hike after four weeks ago it was certain they would hike. the bank of england will have to operate in the environment where continued uncertainty which will make it more difficult for them to make decisions. >> i do believe that what the markets are implying in terms of bank of england activity, hiking rates over the n

investments that contribute to climate change mr home wrote to the governor of the bank of england mark carney arguing that the banks in the u.k. were exposed financially to quote a wide range of serious climate related risks that threaten the stability of the entire system mr holland who runs t c i fund management asked mr carty to work with the task force on climate related financial disclosures to impose a requirement that banks disclose their exposure to climate related financial risk to investors mr hone praised mr carney in a letter for his past statements about the risk of sudden re-evaluation of greenhouse gases generating investments but mr hollande said that those observations quote let's now urgently be translated into concrete and mandatory actions in order to credibly manage the systemic challenges posed by climate change . tesla c.e.o. it on must may have created grounds for a legal challenge at the national labor relations board or in a large b. with an anti tweet about unions workers that tesla's california assembly plant are seeking recognition. and of the united auto workers

ofjune for a debate on the increasing risk of no deal, the £900 drop in household incomes that mr mark carneydeal with a protectionist united states and the importance of securing a final say on the deal? well, i'm not going to bother with most of the honourable gentleman's assertions, which are simply wrong, but i will bother with one assertion, because it is important, faisal islam does not announce the business of this house, it has not been announced by anyone at all, it is announced by me on a thursday, given assurances to the house that i will announce the business and it will announce the business and it will be the case the withdrawal bill comes back to this place in the next few weeks. andrea leadsom. confidential papers have been published which mps say show the government didn't take the opportunity to deal with the problems at the construction firm carillion in the months leading up to the collapse of the company. thousands of workers lost their jobs and contracts had to be redesigned after the company folded at the start of the year. the chair of the public accounts committee exp

but the governor mark carney told our economics editor kamal ahmed that a rise in interest rates is still different tune from the bank. # i want money...# three months ago, all the noise was about an interest rate rise. not any more. three months of weak growth, dragged down by the beast from the east, has left people cautious about the strength of the economy. here in newark, it might be sunnier now, but will it last? the cost of living is going up quite significantly, and the wages really aren't. i think it will take quite a bit of time before hopefully, it will get easier. the governor made clear that things haven't been easier for the first part of the year. growth at 0.1% in the first quarter of this year was much weaker and inflation at 2.5% in march was notably lower than we had projected in february. the key question is whether this softness will prove temporary or persistent. in other words, was the weakness in the first quarter due to the weather, or the climate? the bank thinks it's mostly snow, others are not so sure. for us there is things that the weather doesn't quite expla

the governor of the bank of england, mark carney, says a bad brexit deal could mean the uk economy requiringion, a "disorderly" withdrawal from the eu might mean interest rates staying at historic lows. well, our economics editor kamal ahmed is with me. mr carney has made similar kinds of predictions before, but this warning seems to raise the stakes.|j predictions before, but this warning seems to raise the stakes. i think he has, clive. if anyone was expecting him to stay quiet on brexit, they have another think coming. if we remember early in the year, the bank of england was much more bullish on growth and suggested interest rates would rise more quickly this year. i think today's speech has put off any imminent rises pretty much. the bank is most concerned it says by a disorderly brexit. if there were one, that would mean the bank would want to keep the economy on emergency measures, these very low interest rates, so putting off interest rates. also, another lengthy warning about the effects of the brexit referendum already on the economy, something that got a rebuke from borisjohnson t

mark carney who is here in the building at bloomberg.urious. -- here he is. >> three years ago in the wake of a series of scandals and following a period were markets have become ever more connected to each other, but disconnected from the people and businesses they serve, the bank of england, the fca published the recommendations of the fair and effective market review. femur was groundbreaking and ambitious in its recommendations. trust inive to restore markets. in today's events, policymakers will take stock of the progress that has been made in building fair and effective markets and will consider how to maintain focus as memories of the crisis fade and the temptation to turn inwards could return. we are doing so because all of us has an interest in real markets. we know that real markets are professional and they are open. they are resilient and fair and effective. they maintain their social license. intereststs serve the of end-users. we are here because we know real markets don't just happen. they depend on private actors and publ

mark carney made a big deal of this and he said he wants to give us more indication about when the rateso he was giving us an indication that it would go out this month but he changed. what is the point of forward guidance if he doesn't stick to it? the bank fate is never a promise, just guidance, based on how the expect the economy to perform and if things turn out differently they will react differently they will react differently so the problem with the guidance is we have had a number of occasions in recent years whether bank has set out an indicative course for interest rates but on every occasion wheat —— weaker economic data has stuffed a much earlier than expected. why should we ca re if interest earlier than expected. why should we care if interest rates go up, even if it's just a little bit, it is not a bigjump here, if it's just a little bit, it is not a big jump here, just a if it's just a little bit, it is not a big jump here, just a quarter if it's just a little bit, it is not a big jump here, just a quarter of a potential point. some of the changes in the next few years wi

bank of england governor mark carney, and many more. just look at that lineup.ou can see it live on bloomberg tv, listen on bloomberg radio, or watch live on your terminal. ♪ vonnie: live from new york, i'm vonnie quinn. i'mline: live from paris, caroline hyde with the european close a minute away. vonnie: it is time for the latest bloomberg business flash. the latest stories in the news now. target investments took a beating as amazon -- initiatives to drive online sales squeezing target's profit margins. the online store -- digital revenue growth gains. away at tiffany's blew estimates and the last quarter, led by gains in north america and asia. the profit forecast for the year, announced at $1 billion a share. that is your bloomberg business flash for this hour. we are just a few minutes away from the market close in europe. a look at how stocks are performing, it has been the worst trading day in a few months. ftse is lower, the miners underperforming. dax has beenmany, the underperformer. germany's growth has been less than expected, a slower pace. clearly

governor mark carney says the bank intends to deliver modest tightening, but is in no rush. >> we willait until we see some progress before we think about it. >> this is unique. i have never really seen anything like it. sterling trades as if the market suffers from bipolar disorder. if you look at the fundamentals and pay heed to these in the press conference. the labor market is strong, wages are picking up gradually. those are some pretty strong things that are supportive for the headline from the boe that there is going to be gradual tightening over the medium term. >> the date for president trump's meeting with kim jong-un, the president tweeting it will be june 12. it was supposed to be anticipated after the scenes that unfolded at the andrews air force base overnight. >> president trump said last night that he thinks this is a sign that north korea is ready to abandon the nuclear program and enter into the league of nations, enter into the broader world community and sort of abandon its past situation, it's past position as a rogue nation. we heard from mike pence, the vice pres

questionable whether it was whether the cause of weakness, on balance they said it was not tiered mark carney disagreed. it begged the question, when will the bank of england raise rates. the probability of an august hike seems to be decreasing. that was the biggest be sedated in the u.k. ofrling lower since december 2017 versus the dollar which is heading for the second weekly decline. fallen almost 7% since closing at 144 -- at its highest4, level since the day since the referendum. weaker sales data this week beat estimates with inflation coming down. 153, rbc capital markets the most dovish. you highlight the volatility in turkish markets this week. one week implied volatility at the highest level since the financial crisis. further volatility today despite further measures by the central stem what we-- have seen in the turkish lira. julie: a mixed picture in the u.s. with strength and large-cap technology is what is keeping the nasdaq above water and keeping the s&p from falling more. the big story is energy. as and five feet dutch s&p 500 energy, the worst single session going back to f

mark carney says the bank of england intends to deliver modest tightening, but stays on hold for nows. house democrats release a robe up -- trobe of facebook as that show russia's strategy for trying to influence the election for 2016. hatzius -- take a look at what is happening from european equities. italy's

this after robust questioning of mark carney and the committee over its guidance as the bank held rates reduced its forecast for gdp and inflation this year. markets priced out a definite rate rise for 2018 from the bank of england as weaker data in the first quarter kept the bank on hold they do see the economy rebounding from the q1 slump putting the dip down to bad weather. so mixed signals from carney yesterday. a dovish forecast but a more upbeat tone on the economy. >>> the imf's christine lagarde says the organization is ready to assist argentina. financing details would not be disclosed until an agreement is reached. argentina which is suffering from soaring inflation is seeking financial assistance from the imf >>> for more on argentina's tango with the imf and how weakening currency could resurrect all deemons for the south american country, head to cnbc.com. >>> on monday, i will speak to cleveland fed president loretta mester that will be live from paris. >>> u.s. president donald trump is scheduled to meet with top u.s. automakers today. executives from ford, general motors