nejra cehic is with me. nejra: donald trump has officially become the republican presidential candidate. in his acceptance speech in cleveland, he cast himself as the outsider who can repair a nation teetering on disaster. he reinforced his campaign themes, curbing immigration and free-trade wound in -- while criticizing his democratic rivals. >> hillary clinton's legacy does not have to be america's legacy. the problems we face now, poverty and violence at home, war and destruction abroad, will last only as long as we continue relying othe sa politicians who created them in the first place. hillary clinton is poised to unveil her choice of running mate today. the democratic nominee will seek to recapture the attention of voters after a week in which donald trump and the republican party dominated political news in the u.s. virginia senator tim kaine and secretary tom vilsack and new jersey senator cory booker are said to be among the favorites. lagarde hasristine blamed brexit for a downgrade to global gdp f

nejra cehic is here with me. heresa may will make her first overseas trip today since becoming uk prime minister. haveisit to europe will meetings with her german and french counterparts as she starts to pave the way for britain to leave the eu. after taking her first prime minister's questions in parliament, she will travel to berlin to meet angela merkel. donald trump has told supporters he's going all the way after formally securing the presidential nomination. the tycoon's son made the announcement as his home state of new york pushed him over the line. trump supporters are looking to get the convention back on track after a day of questions over whether melania trump plagiarized her speech. pimco has named a new chief executive. he will replace done this on who presided over a tumultuous time. roman has been ceo of man group, the largest publicly traded hedge fund manager since 2013. iran is exploring a return to international debt markets for the first time since 2002. iran's economy minister, at the forefro

let's get to the bloomberg business flash with nejra cehic. up consumers in the u.k. -- nejra: consumers in the u.k. are preparing -- against smart card. this comes two years after -- the processing fees the company charged were unfair. the claim which could be fired -- be filed by september would be the uk's biggest and one of the first filed under the 2015 consumer rights act. china resources building is to raise -- in hong kong shares sales did this help finance the purchase -- with sabmiller. sylvia bellis coneys long quest to find a new owner -- appears to be close to a conclusion. that is the former italian prime minister says he agreed to deal with a chinese group. he also said the condition of the sale is the new owner invests 400 million euros in the club over the next two seasons. francine: italian banks have taken center stage since the u.k. has voted to leave the eu. the stock hit a record low yesterday. looking to inject capital and what would be a third bailout since the financial crisis. the country's market regulator -- let's ge

nejra cehic is with me. nejra: good day, manus. turkey has imposed a state of emergency as the government pursues those responsible for a film to recoup. -- for a failed military coup. since the attempted coup collapsed on saturday, thousands of army officers, judges, and prosecutors have been detained. uk prime minister theresa may travels to paris today to meet france le monde. -- francoise lalonde. -- hollande/. theresa may says that won't happen until next year. >> i want to work with chancellor merkel and my colleagues in a constructive spirit to make a sensible and orderly departure. all of us need time to prepare for these negotiations and the united kingdom will not invoke article 50 until our objectives are clear. this will not happen before the end of this year. nejra: hsbc's global head of foreign exchange in london, mark johnson, has been released on bail after being arrested. u.s. authorities allege johnson was involved in a friend running scheme involving a $3.5 million currency transaction in 2

here's nejra cehic. a: -- after an outage that started at 11:38 a.m. local time. it was caused by duplicated trade confirmation messages. it is the least that's it is the second malfunction in the past year. it was a two hour destruct -- disruption. volkswagen's plans to recall cars in the week of the emissions scandal has hit a costly speedbump. california regulators have rejected the proposal to fix its bw, audi as "incomplete and ." thentially insufficient german company has already reached a $603 million settlement with 44 u.s. states. loss santa is looking for alternatives after rejecting a takeover from bayer. the company has revived talks with germany's bss about a possible -- no final decision has been made. that is the bloomberg business flash. mark: patrick carcass says the u.s. economy should not sustain much damage from the brexit vote. hikeid more than one rate may be warranted before the end of year. >> i believe inflation is true to target sometime next year. considering the projection, tha

nejra cehic: i'm nejra cehic. lisa has more.examining the withdrawal from the european union. it says parliament should scrutinize informal discussions, withdrawal accord and negotiations on a new relationship. earlier today, john brown says the business is still coming to grips with brexit. sector isancial waiting to see what will happen to pass boring -- past board -- passporting. they will live with it until they realize they have to do the best they possibly can given the circumstances which of occurred. told thems hollande theresa may has a choice. immigration or lose access to the single market. in turkey, the president is already signaling that the newly imposed three-month state of emergency may not be long enough. he told reuters there is no optimal to extending emergency rule. as the government to detain suspects for longer times without trial, and issue degrees with the rule of law. turkey's news agency says more than 10,000 people have been arrested in the wake of the failed coup. russia,s from the u.s., and the u.n.

let's get first to the bloomberg first word news with nejra cehic. jra: the federal reserve is using confidence that it needs to tighten anytime soon. the meeting last month held before the britons referendum shows officials facing rising uncertainty. policymakers want proof that job creation has resumed at a healthy pace, the underlying momentum is intact and inflation -- bill gross says sovereign bond yields at record lows are not worth the risk. he built the world's biggest bond fund spoke to bloomberg television. >> high durations which we have now at low interest rates. even a small change in terms of yield can produce a significant loss. your sovereign bonds are not up my alley. for more u.k. property funds have frozen withdrawals as investors look to dump holdings. columbia threadneedle and canada light have suspended trading in at least 5.7 billion pounds of assets. aberdeen fund managers cut the value by 17%. investors have time to reconsider. u.k. business confidence sank to a 4.5 year low in the days after that referendum last month. the se

let's get to first word news with nejra cehic. jra: australian central bank has held interest rates as it -- from an inconclusive general election and the fallout from britain leaving the european union. that was forecast by every economists surveyed by bloomberg. the bank says it sees inflation remaining low. saudi arabia has been hit by three suicide bombings, the worse -- four people killed in a mosque in medina, one of the holiest shrines. the third explosion happened near the u.s. consulate in jeddah. u.k.'s ruling conservative party will balance its mps -- hoping to succeed david cameron as prime minister. theresa may has secured the most public endorsements and is a favorite. -- topped a poll of party members and gained the backing of boris johnson. the juno spacecraft has successfully entered orbit. the news was met with clapping. -- 500 million miles from earth. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. i am nejra cehic. this is bloomberg. francine: 12 days after the referendum an

let's get the first word news with nejra cehic. nejra. nejra: a peaceful demonstration in dallas, texas, turned into an ambush pierce clippers opened fire killing five officers and wounding others. arrested.le have been there are media reports that a fourth suspect who had exchange gunfire had killed himself. british prime minister david cameron heads to his first major summit since the country voted to leave the european union. in warsaw, he would make argument that britain is still relevant to its allies. he will pledge more than 3500 troops. some will be deployed in eastern europe. may says it issa time for her to make the case to the nation why she should be the next prime minister. she and andrea leadsom will face off in a battle to succeed cameron. ballot the second round nationwide. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. i am nejra cehic this is bloomberg. tom: very good nejra. commodities, two days in a row, a great fragility on what is clearly a better day. a lot of this waiting for t

here's the bloomberg first word news with nejra cehic. a out of japan shows a lackluster month for the world's third-largest economy. industrial output and exports fell. retail sales and household spending stagnated, and inflation fell 0.4% from a year before. manufacturers' confidence held steady. the latest official figures show china's manufacturing sector treaded water in june. the pmi fell to 50, the dividing line between improvement and deterioration. as for services, the sector continued to improve with the gauge rising to 53.7. the justice secretary michael gove is set to make his case to be britain's next prime minister. that is after he betrayed boris johnson who pulled out of the race yesterday. his sights are set on the home secretary theresa may, the early favorite, and three other candidates to head the conservative party and the country. global news powered by more than 2600 journalists and analysts in more than 120 countries, i am nejra cehic. this is bloomberg. talk about the bank of england. the bank has signaled a rate c

let's go to first word news with narrative which -- nejra cehic. ll go to buckingham palace to submit his resignation, then the queen will ask theresa may to form a new government, supervising the u.k.'s departure from the european union. meanwhile, the head of the opposition labor party got a big boost. jeremy corbyn can automatically be able to stand for election in the leadership. he will not have to gain the support. he recently lost a no-confidence valid. in japan, pressure is mounting on abenomics. the cabinet cut its forecast for growth and inflation. current fiscal year went from 1.7% to 0.9%. japan's prime minister shinzo abe has ordered his ministers to come up with ace the meatless stimulus package. now that bernie sanders has and/or salary clinton, the question is -- will his supporters follow? echoed some of his campaign pledges, saying she will fight bad trade deals and ensure wall street will never wreck of economy for ordinary americans. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 c

nejra cehic is here. good day, nejra.ejra: in a rare public speech, melania says -- she -- says he is tough when he is to be. inspiration from a surprising source, michelle obama. her speech strongly echoed the first lady's own words at the 2008 democratic national convention. the trump campaign issued a statement. reelecteds newly prime minister and his cabinet have been sworn in and camera. he reshuffled his team after the the ftseection when 100 bull run is heading for a reality check. uk's benchmark will end the year down 7% according to the bank itch is the most bearish says the promise of central bank stimulus will give way to harsher economic realities after voters decided to leave the eu. a teenager armed with an ax and a knife injured four people on a train in southern germany for .eing shot by police authorities say the assailant was a 17-year-old afghan but the motive has not been established. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. cehic.jra this is bloomberg. manus

there is nejra cehic. ies has agreed to buy nor tech, an american company that makes ventilation fans. 38% premium over nor tech's price yesterday. revised its smartphone business. now the south korean company may boost capital spending for its display and semiconductor units. samsung reports earnings tomorrow. shares were up 17% this year following the success of the galaxy s7 phone. the time high minister has agreed to a deal with a chinese group. berlusconi says the condition is that the buyers invest $444 million. that is the bloomberg business flash. thank you so much. american politics -- ian bremmer is with us on the latest follies. we all were riveted by james comey yesterday with the federal bureau of investigation with secretary clinton. does this derail a presumptive president? does it derail hillary clinton? it she probably would were running against a well and normal republican candidate. it probably does not against donald trump. if you do not like hillary because you find her in authentic, un

let's get to the bloomberg first word news with nejra cehic. nejra.he international monetary urging china to deal with its corporate debt. the issue is manageable is -- if the country moves quickly. executiveank of japan director says the boj will need to reduce the pace of its -- as it approaches the limit of the bond market. the sequel -- the central bank is aware of it. still governor harry vito corleone says he will expand stimulus if needed to reach his target.tion the ubs workforce is the right size after thousands of job -- thousands of job cuts in recent years so says the division president. he spoke exclusively to bloomberg. >> at this point in time, i think we are exactly where we face the to environment that we have, to face the regulation that we have, to face the forces that we have. now, at this point, our challenge is to execute correctly when we have in front of us. the firm is very much focused on doing so. nejra: the euro group is missing calls to proper -- to public money to prop up banks. burdened by 306 million euros of nonperform

here is they which a rich with the up -- here is nejra cehic with an update on the attacks. ime minister is declaring three days of national mourning after the attacks that killed 84 people in nice. the children's hospital there treated several children. the attacker has been identified by police sources. more details as they become available. china's economy stabilized in the second quarter after policymakers stepped up monetary and fiscal policy support. industrial output and retail sales for june beat estimates while investments slowed rate a -- it surge has i a new poll shows hillary clinton holding single digit leads over donald trump in four key states -- colorado, florida, north carolina, and virginia, according to a "wall street journal"/nbc news survey. the former secretary of state leads trump by six points in north carolina, nine in virginia. global news 24 hours a day, powered by more than 2600 journalists and analysts in more i am nejrauntries, cehic. this is bloomberg. we are thrilled to have with us robert hormats of kissinger associates, associated with the fl

let's get to the bloomberg first word news with nejra cehic.heir mark carney begin two-week pilot -- there today policy meet later. and are expected to cut that is the first time since 2009 according to a majority of economists. 30 of the 54 people pulled predict a 25 basis point cut to 0.25%. japan's chief cabinet secretary has denied a report that officials are considering introducing helicopter money. that comes after the newspaper said the policy is being mode and a boost to the economy. -- mode in a boost to the economy. the currency would weaken if japan took such a step. japan's biggest bank is quitting its role as one of the 22 binary deals -- dealers -- 22 primary dealers. it is the first financial institution to withdraw since the central bank introduction of negative interest rates this year caused yields to tumble below zero. saysse premier leader beijing can achieve its growth target of 6.5% through continuous reform and innovation. he was speaking at the eu china business summit. sownid chinese economy has -- shown great resistanc

i'm nejra cehic.nie: courtney collins has more from our newsroom. courtney: donald trump will expect the republican nomination for president. ted cruz refuse to endorse him in his convention speech, setting off a round of boos. >> i adjust the convention because donald trump asked me to. and went donald -- when donald did, he didn't ask me to endorse. three days ago i talked on the phone with him and set i'm not going to endorse you. he'sney: trump says if elected president, he would review whether the nato country had fulfilled its obligations to the united states. investigations are assessing the search for the malaysian jetliner that has been missing for more than 2 years. of the designated search area in the indian ocean has been covered. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm courtney collins. this is bloomberg. nejra? nejra: turning to the mornings ecb decision, mariota raw says he's ready to move in the -- mario draghi citi

nejra cehic, this is bloomberg.hank you for the comments in the quality of our those guestsne of has been olivier blanchard, formally with the lagarde international monetary fund, now with the peterson institute. on the markets, richard turnill has been wonderful. we appreciate your attendance. we have to talk about negative interest rates. if you are writing a sixth or seventh edition to your macro textbook, you would have to write a new chapter on negative interest rates. what will be the reaction function of chronic negative interest rates to nations like switzerland, germany, or the effect to the united kingdom? i have mixed feelings about negative rates. i think we understand that when traditional interest rates are lower it increases demand. people take more mortgages. we have learned the direct effect, which is the effect on loverofits, and the interest rate is the law of the profits. that does not imply that negative is the issue. we may become negative, the effect on profits becomes stronger. thanks have a

here's nejra cehic with details. tarting with the danish company that provides telecom solutions, one of the best performers on the stoxx 600 this morning, up 7% at the moment. this is after we had some headlines crossing the bloomberg saying that a firm is and thatd in buy, is possibly way we are seeing the shares gaining. one ofmonte paschi is the best performers of the stoxx 600. we know it is working with authorities on a solution for its bad loans. only heard today, and this is in a report in an italian newspaper, it aims to sell 10 million euros in a dea npl's. the plan was discussed on thursday and is to involve the new bank fund. we are keeping a close eye on that. airfrance klm. a few things will come out for them today; i suspect the stop loss could be down to the cfo resigning. he will continue in the job until november. what we also got from air france was total passenger traffic numbers up one sent, but then also i talked about the pilot strike in june, and that impact was about 40 million euros. guy: tha

let's get to first word news with nejra cehic. n capitol hill the house will vote on legislation next week that includes a provision to keep terrorists from buying guns. house democrats staged a 25 hour sit in. speaker paul ryan told republicans begun measure would be part of an anti-terrorism package. about 5000 syrian refugees have been approved to move to the ..s. according to jeh johnson he says another 6000 will follow if they passed security checks. republicans have criticized the obama administration's policy and say it would allow islamic state terrorists to slip into the country. the attack on the airport in istanbul has raised questions about security in the u.s. patchwork of state and local room -- police are responsible for security. he says the are -- agencies are understaffed and underfunded. i am nejra cehic. tom: with the new slow we have seen, there is no question the paper of the moment is by james bullard of the st. louis fed. each prison we have spoken to come including the former chairman is riveted by the pape

nejra cehic, you have been analyzing how the chart has been doing the last couple of decades. e have been talking a lot about the ftse 100 bouncing back over the last couple weeks but since the birth of the eu in 1993, it has underperformed some non-eu peers. indexg at norway's obx and purple, and in blue you have the stocks 50 index. the ftse 100 right at the bottom in what. in doll -- in white. in dollar terms, the ftse 100 has been underperforming since 1993 and it is up 85% since then compared to a 350% jump for the smi and a more than 400% rally in the kobe x. those -- inrencies the obx. currencies, though stocks have searched twice as u.k.or more than the index. guy: why is the ftse 100 on default? >> first and foremost, we had a devil of a banking crisis in 2007 and lost a couple major constituencies. secondly, the ftse is a very defensive index. it has miners and it and oil in it. of theabout a fifth index. staples and health care together make up around one third of the index. over the long haul, there have been sectors which do not necessarily provide that much excite

. ♪ nejra: live from london and new cehic.'m nejra vonnie: s.a.p.orded that their second quarter beat analyst estimates, largely based on the company closing more software deals. shares were up earlier today and the ceo spoke to guy johnson and caroline hyde. companysked how the avoided -- avoided the negative effects of the brexit vote. >> we saw double-digit growth in our software sales and operating income. very pleasing and sap is position like no other in our space. we look at the real-time information on the pipeline, we a very robust and ever-increasing pipeline for our technology. what is interesting about exit specifically, just like the greek debt crisis or the china growth issue, our software 10 to be very resilient and choppy waters because business executives start thinking a lot about their customers, their channel strategy, their inventory levels and supply chains, their financials and real-time data to make smart decisions. architecture is right in the center of helping them solve those problems, which is why we tend to be resilient.

let's get their first word news with nejra cehic. nejra, good morning.ejra: john kerry says the u.s. is awaiting a formal extradition request. state calledetary for evidence that would stand up in court and dismiss any accusation of u.s. involvement in the uprising as irresponsible. shares in arm holdings have soared after softbank has agreed to buy the company for 42.3 billion pounds. just connected devices in the home. it would be the biggest takeover for softbank which has become one of japan's most liquidity of companies. president obama has condemned the murder of three police officers and a shooting in baton rouge. a suspect has been killed but did not confirm the details. two weeks ago, baton rouge police killed and african-america man that set off -- african-america man that set off protests. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. manus: the turkish lira is rebounding. it has recovered 50% of its losses. that triggered the currency's steepest -- since 2008. stocks have opened lower. our middle east ma

abigail doolittle and nejra cehic.izon is now in one-on-one talks to acquire yahoo!. julie: verizon shares pulling back a little this morning, yahoo! is higher. as alex sherman and ed hammond have been reporting, verizon is now the lead bidder after that you have lose one-on-one talks. it's not a guarantee, but after looks likerocess, it we are finally nearing an end to yahoo! selling itself. as you heard from alex sherman, the timing could hinge on verizon's schedule report of its earnings on tuesday of next week. we should have more news in the coming days. we should mention that representatives of both companies were either not available or declined to comment. the other big story matches today, but this week has been earnings. tradingelectric shares lower even after the company's earnings beat estimates vary 2%, coming in ahead of estimates as ge continues to build on gains in its core businesses of energy and industrial. 2%, coming in ahead ofyou can see the shares are not benefiting this morning. also we are watc

let's get to the bloomberg first word news with nejra cehic. nejra: francine, exactly as you say, the race to succeed david cameron is narrowed to two candidates today. theresa may and andrea leadsom are the favorites. conservative party lawmakers vote in the second round today. the two contenders will face the parties wider membership. the new leader will be selected by september 9. germany's chancellor angela merkel says there can be no sustainable security in europe but without russia. germany and its partners the -- agree -- an offer to have a dialogue. merkel told lawmakers she plans to boost defense spending by more than $2 billion next year. in australia, prime minister to -- toting leads form a majority in parliament according to an estonian tv projection, he has one with 82% of the vote counted. a three-day truce and serious civil war appears to be holding. still fighting continues between syrian troops and islamic state forces. the justice department has made noofficial, there will be criminal charges against hillary clinton over her u

that is a back story and on the front story with bloomberg news is nejra cehic. t is the first test for the five people who want to succeed david cameron. or than 300 conservative party members will vote today and the candidate that receives the fewest votes will be dropped from the race. andrea leadsom finished first in one poll but bookmakers say teresa may is favored. saudi arabia is the latest targets in a series of terrorist attacks as a suicide bomber kills himself and for security individuals. two other bombings caused minimal damage. in baghdad, the death toll has gone up from the truck bombing. at least 157 killed and 200 wounded. islamic state claimed responsibility. minister hasrime opened a four-day tour of africa. netanyahu is trying to drum up business for israeli companies and will travel to kenya, ethiopia, and rwanda. angela merkel says a post grexit european union us be open to the balkan nations. it is assigned she is not giving up on a diplomatic push to stabilize the region. she spoke at a french conference on the balkan. powered spacecraft en

let's bring in nejra cehic on softbank in the deal it is about to go through with arm. what is the stock price reaction? nejra: you can see it tracking on this chart, the holds jumping , up 43% at the moment. there was a 43% premium to friday's close, a $32 billion takeover by softbank of arm, cash.ence per share in this will happen quickly, and you can see how quick the reaction happened as well. let me give you some context because this share price move today is the most on record for arm. i have taken us all the way back to 1998. short interest in arm holdings -- it was close to a six-year high at the end of less week. people short on this stock are not looking very smart at the moment. jon: with arm you get every mobile computing device on the planet, the chips that go into those devices. the other thing to get the deal through is low execution risk. onarly the market is trading a price that they consider to be low risk. they minister may says would move away from what she called a soft touch on one of the big deals. how do politics play into this deal? nejra: we ac

. >> i am nejra cehic. the republican national invention is beginning cleveland. support for donald trump will be from the business community. speak thursday. this morning, he sat with erik schatzker and described why he is behind trump. >> the world is shattered. it is at a tipping point. will we need is leadership. it is not being the best military strategist, not being the best at foreign policy. that does not lend well. vision, thathas a can inspire people, that can take that vision and make it reality -- what i will do is give a glimpse of what he has done in the past. and the character and integrity of the man inside the donald. you told me that your support for donald trump was not political. so why do this? because standing on stage and speaking to 2500 party delegates is a decidedly political act. tom: it is a decidedly active act. if you look at the world today, and you say "i do not want to participate," you are going to participate by it all being taken away from us. there is no good news anywhere in the world. no good news at home. you look at the soc

nejra: i am nejra cehic. you're watching "bloomberg markets."t is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. hasnior manager at hsbc been arrested in new york for his role in a conspiracy to rate currency benchmarks. thmarch off and as the first person to be charged in the justice department's three years investigation into foreign currency rating. igging. this is after five banks were found guilty. hsbc was not one of those banks. the unemployment rate in the u k has dipped below 5%. to british jobless rate fell the lowest since the third quarter of 2005. the number of people working rose to a record almost 32 million. that is your business flash. vonnie: let's head straight to the markets desk where julie hyman has the latest on some movers. julie: looking at some travel stocks right now. united continental is out with earnings, so we have been watching the shares. their hang onto a gain of 3% right now. second court of profits beating estimates. they saw a drop in operating cos

nejra cehic joins us. good morning. we are seeing that risk appetite continue in equity markets. the msci pacific index, gaining for a fourth day out of five since brexit. if we look at the yen, we can see there is more of that move out of the safe haven. yes, it is gaining, snapping a three-day drop. household spending also declined. it's actually set for its sharpest weekly drop since may, the yen. it soared to its highest since november 2013 last week after the brexit vote, but it has paired half of that surge. checking on sterling, it's pretty much unchanged. comments, alluding to a potential rate cut. this currency has recovered somewhat after dropping to that 31-year post-brexit low. interesting to look at the forecasts. only 30 out of 63 have changed their forecast for the year end. they say the currency will drop to $1.26 by the end of the year. the median forecast is for the pound to appreciate. we will see if that changes in the coming days. taking a look at oil, rising today after it had a 26% gain in the sec

let's get the details and find out what happens with nejra cehic.king've got the imap into the industry group for the stoxx 600 and how they are performing. financials are the worst performers at the moment, down 7/10 of 1%, closely followed by energy stocks, down 6/10 of a percent. betters of the performers, it is down and read across the board, health care up by 2/10 of a percent. a lot of risk aversion, meaning we have seen record lows again in bond yields globally, the japanese 20 year, and now let's look at the u.k. 10 year yield as the guilt markets open -- looks like we are down five basis points, 77 is what we are looking at on the 10 year yield in the u.k.. we are moving lower on this as well -- is at a record low? i will let you to check. let's look at the stocks we are watching today, starting very much on a u.k. commercial investorsocus, aviva one of the three companies that suspended trading in real estate investment funds. we are talking about 9.1 billion pounds and they are also hosting a capital markets day-to-day, and if the fundame

he spoke exclusively to nejra cehic. >> at this point in time, i think we are exactly where we should be to face the environment we have, to face the regulation we have, to face the forces we have. now at this point in time, our challenge is to execute correctly what we have in front of us. i think the firm is very much focused on doing that. baileylaries christopher -- burberry's christopher bailey -- despite the bexar result not being the one he -- despite the brexit result, not being the one he wanted -- >> it is not a decision that i wanted. and i am always a glass half-full and we now need to move on. a weaker pound helps in certain ways. burberry has always it done business globally. any trading agreement is something we will always work with no matter what happens. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. this is bloomberg. anna. .nna: david, thank you theresa may will succeeded david cameron as u.k. prime minister tomorrow, taking on the task of steering the country out of the european union. the pound of british stocks -- andrea let

let's get to nejra cehic. rose 25% of nintendo in tokyo.new pokemon go game has risen to the top of smartphone app rankings. the game lets people tracked down virtual characters in real-world environments. the american power generator southern company has bought a 50% stake in southern natural gas. $1.5ern state is valued at billion. it's the latest expansion into gas by utility at a time when demand for electricity is falling. airbus is close to a deal with worthia that could be close to $13 billion. a deal may be announced as early as tomorrow. that's the bloomberg business flash. in americanow politics, the backdrop was a horrific event we have seen and the sadness over the last number of days across this nation. a recent announcement in the last 10 minutes. mr. sanders is expected to join secretary clinton at a new hampshire rally tomorrow. that has been orchestrated to say the least. this is something that david kotok has seen over the years of cumberland advisors. and douglas holtz-eakin of the american action form. he was a strong su

i am nejra cehic. tom: let's look at our risk on data set. continue to advance.ear, change in the 10 call it 10 basis points. oil finallys and catches a bid after a week of saw guinness. the vix -- saw guinness. iness.g 12.92 is pretty done good for the vix. from 76 to 82 basis points, and sterling bid this morning before we hear from governor carney. francine: that is probably the most important news although people are saying because we have someone who we believe will be a good prime minister in terms of stability, it does not necessarily mean we have seen the lows for pound. there is a little bit of buoyancy in the s&p 500, and ,rude, i have a contango chart 45.41. tom: let's look at the bloomberg and the stock market, record highs have blown out to say the least. you have a 20 year and 10 year regression in red. we are even above the 10 year regression. on the green line, doing better than good. that is not inflation-adjusted. i sold right at the top. all in cash. the boat has left the dock and i am standing at the dock. francine: now that the pound is cheap