turner, and adair mark gilbert all stay with us.h terry leahy, the former tesco chief. we will talk to him about amazon and whole foods as well. this is bloomberg. ♪ ♪ francine: this is "bloomberg surveillance." tom keene has been day off. happy fourth of july to him and our u.s. team. a lot of them are actually working in our new york office. let's get straight to bloomberg first word news. emma: for a long time, north korea has threatened to develop a missile that could hit the u.s. with a nuclear weapon. it may be one step closer. north korea says they have launched an intercontinental ballistic missile. it flew more than 500 miles before landing in the sea of japan. president trump he did perhaps china what "put a heavy move on north korea and end this nonsense once and for all." the justice department wants critics of the travel ban to lead further questions to the supreme court. the state of hawaii is challenging the enforcement of the order. the federal judge asked the judge in honolulu to deny the request for clarification.

he is mark gilbert, and christian keller of brclaze, head of economic research. k, basically they just need to do this successfully. it doesn't matter how much money they rake in, doesn't matter the terms. it needs to be a success. mark: three years ago they came to market. 550 investors offered to lend them 20 billion euros. they settled for three billion euros, but that's the last we saw of them. there was an increase in september, but that's the last time they tapped the market. it all went pear-shaped since. they're set to come out of the program next year. they need to regain asset to the markets on an onbegun basis for the next year to prue investor faith in the country. this needs not not to be a one-off. they're only hitting the debt ceiling that they set up for its program countries. they need to just accept a smaller issue than they can get away with and not employ for the greediest terms. tom: is there any semblance of economic growth within greece, basic growth, or are they still mired in lett ar gee and recession? christian: the privatization program

hints at something but does not follow through which is a wonderful story on the bloomberg by mark gilberthn roe stays with us and coming up, oil rebounding from earlier losses. what is shaping the global oil market. the ninth date it is up, best run of the year. ♪ mark: live from london, i am mark barton. gaining, continuing the nine-day rally, despite rising opec supplies. and oil strategist is here and john roe from elgin. 2010.un since investors shrugging off the opec output increase? john: it appeared -- >> it appears, i do not think there are too many producers who are cheering this. things moving in the direction they would like to see. i think there are worries coming up. ,e have seen opec output rising up 260,000 barrels per day month on month into june. we have had libyan production continuing to increase. it is now over one million barrels per day an average of ,000 in june. 850 we are moving into the peak of summer temperatures in the persian gulf. we will start seeing more crude being burned for power generation in saudi arabia and elsewhere. that means the cuts will start hav

matt: thanks very much to professor mark gilbert, bloomberg gadfly columnist, and peter chatwell.n any of the three panels we have got up for panels.tive you can see although the functions and we use as well as taking part in the conversation by clicking on the blue link at the bottom of your screen and writing in. latest developments on those reports of collusion of german automakers. it is a big deal and another piece of a very difficult story for this key german industry. this is bloomberg. ♪ manus: 22 minutes into the trading day. nejra cehic has everything from information to making trading day, to chocolates. >> let us start with business intelligence. business intelligence and academic publishing, writing the most since february 2016 after its first revenue beat, but it has agreed to sell. the shares hitting a record high on that, up 6%. performers ont the stoxx 600, if not the best at the moment. upm, one of the worst performers. sh paperthe fini manufacturer. finally, i know you have been looking forward to this. t down 3%.king at lind its forecast the weakest revenue gro

for now, a successful return -- joining us now, mark gilbert joins us. about how we will define success when this issue gets priced later. mark: this issue will not signify success. what success will remain is continued access to the capital markets over the next year. according to euros bloomberg news, that is a big book. three years ago, there were 20 billion euros. controlsn, capital were introduced and they stumbled with economic reforms that they are back. s&p upgraded outlook on credit rating. at the pricing, it will be fine. the think it is not to be greedy and they need to have continued sustained market access to be able to fund themselves on a regular basis in the market and to become part of the european central bank's government bond buying program, probably not until next year, but that will help ease borrowing costss. -- costs. jonathan: another thing you picked up on this story is the complexion of the investor base. a lot of it went to hedge funds. how important is it to get a stable investor base this time? >> one third of the issue wasn

joining us on set in london, mark gilbert, bloomberg gadfly. ank of england goes from here. thatis brexit contest context, that is one of the interesting things about last week, with respect to what mark carney was saying. epa was wrong about some of the negative things that could happen to the u.k. economy and the weakness that could follow. then there might be chance to talk about a rate hike. do you think it is interrupted? trying toink he is get a two-way market going in interest rates. i think it follows on from his own chief economist saying it might be necessary to remove some monetary accommodations later in the year. you had a couple of members who were still on the committee voting for increases. but if you look at what the data is showing, particularly on wage growth, there is no sign of inflation. in fact, because inflation is running faster than wages, in real terms, people are seeing their income shrank. this is against the backdrop of what brexit is doing to .anufacturing contracts we are going to see services pmi's tomorrow which

small gallery in san fransciso's castro, artist and activist gilbert baker showcased his latest work. striped concentration camp pajamas marked with pink triangles, the creative spark behind this politically driven exhibit the inspiration was the pink triangle that the star of david was put on jews. it was designed by hitler for people that they were persecuting and murdering. this really happened. this really happened only 80 years ago. they did round us up, they shut down the press, they got a hold of all the laws in the courts