i'm oliver renick. scarlet: i'm scarlet fu. jonathan: on jonathan ferro. barclays chief u.s. economist is here with us now. says the potential implications of the brexit vote are not limited to europe. he slashed growth forecasts across regions. tell us what areas around the world particularly negatively affected. >> i think everywhere. we took global growth down by almost a percentage point in the second half of this year. that would be foremost concentrated in the u.k. ad in the eu we have shallow recession in q1. took a percentage point out of growth for next year. also a downgrade in japan and china in the u.s. uncertainty related in the u.s. but also less trade and less activity and the appreciation of the yen. no one was really spared. scarlet: uncertainty is a drag but in what way? on companies, on consumers? the shops to uncertainty which we would class of why this is one of those -- thisified this -- classify as one of those. labor markets are already showing signs of soft -- softness. at first we think it's a business shock t. that could become a

oliver renick is in the wings.the bank stocks versus the pound and volatility. ♪ it is time for our battle of the charts, when we look at some of the most telling charts of the day and what they mean for investors. you can access these charts on the bloomberg. kicking things off is oliver renick. i have a good one here, a big move today, probably the biggest in the market by definition. looking at financial companies down over 2% at one point. this was a shock to the financial companies that have had a solid run up the past couple of weeks. this is the move today, big move down. obviously very tight at the fed. people thought they were being the beneficiaries of higher rates. so much jawboning from the fed after the last couple of weeks, it seems like june and july are off the table. down here you have short interest on financials and put c alls on financials. neither indicating that anybody really expected it to happen, so that means some extra pain if you are long on financials today. and you can see that chart o

stocks things off is reporter extraordinaire, oliver renick. : this is a chart based on a story out today on bloomberg news basically looking at what is happening with chinese selling of equities. it has been a story in the past year or so about chinese officials selling u.s. treasuries. but what is happening from the equities standpoint, what we have learned is they are selling stocks. the shows the china remnant -- renminbi spot. this decline -- a little notification to remind me to come up and do the chart. i would move on to mark's chart. the fact that this was largely flat over the past year and you had depreciations in the yuan here and here, we are trying to assess whether they are going beyond the treasury market and selling u.s. equities perhaps offsetting that depreciation a little bit. a lot of selling their. check out the story online. vonnie: i learned something i did not know for. i thought it was really important today to have a snapshot of where the u.k. economy is one week ahead of the referendum, the day the bank of england kep

i'm oliver renick.of new homes in the united states ticked down in may. scarlet: the fed this week delayed another rate increase, citing mixed economic growth as well as other uncertainties. and radio are standing by with an executive who has been decoding the truth about the u.s. economy. we are talking about this notion for how data is changing the way that sales move across the economy. i'm joined by the vp at marketing adobe. is there one big 10 going? >> -- big takeaway? >> we are starting to see more deflation than people realize, in goods and services that are sold online. cory: then why am i so broke? this is one of the most important issues the fed is facing. we have an adobe marketing cloud that powers thousands of websites. what we are able to see is aggregated mass, real-time price through the transactions. we measure about 51 trillion transactions a year. we are seeing massive price millionevery day on 2.2 items. what that means is we can see prices in real time. certainare seeing is catego

oliver: i am oliver renick.as been rick saw sent the thursday resid vote, volatility has fallen uncertainty has not. i want to bring in vince cignarella, who covers kurds -- currencies for bloomberg news. your job as an interesting. currencies have been the focus. vince: absolutely. the more, the merrier. oliver: that makes sense. what are we looking at now -- we saw the big move in sterling, a rebound now, but what is the next chapter in the currency playbook? vince: really vast opinions, and they are really strong emotional opinions. the biggest lien is to the balance going lower. some going for parity. some think it is extreme. scarlet: over what period? vince: by year end, which is extreme, you would need to see volatility for that to happen but the emotion is strong. oliver: is there any talk about what sort of structural changes in the european economy will cause that? parity does not sell my something that will happen as a result of a rating downgrade or a news event. vince: the thought processes the euro

oliver: and i am oliver renick. here's what we are watching -- a ysh for safe havens pushing and gold to the highesten of the year. policymakers echo janet yellen. demand is hot for one job on wall street. bankruptcies are at a six-year high and that is creating a steady stream of business. we will talk to one turnaround expert later in the hour. scarlet: we are halfway through the u.s. trading day. the s&p 500 is nursing a sixth straight session of losses, sherry. ri: the s&p 500 is down .7%, with the nasdaq losing almost 1%. the s&p 500, we see it holding at a three-week low, falling as low as 2050. now recouping some of the losses and coming back down. map functionat the i on the bloomberg, you will see what sectors are losing the most. we are seen energy stocks falling the most right now because oil has now fallen for six consecutive days. now, another thing we are looking at right now is leasing companies. united rentals -- look at that -- fall of more than 6% right there. we are hearing data for may fractional

oliver: i am oliver renick. scarlet: i am scarlet fu.elcome to bloomberg markets it we have breaking news -- the ecb is said to weigh looser qe rules according to euro area officials discussion -- familiar with the discussions. the european central bank considering loosening rules for bond purchases to ensure enough debt is available to buy in the aftermath of the vote from last week. thatymakers are concerned the securities eligible have shrunk according to people familiar with the discussion. at governing counseling members favored changing allocation of bond purchases away from the size of the nation's economy to one more in line with the size of the debt, and if you look at the impact with the euro-dollar, this is an intraday chart. right now it is plunging. taking a leg off. session lows here for euro-dollar.

oliver renick is here with us now. ,e were watching this yesterday it is getting closer and closer but hit it, we pull back sharply. oliver: that level has been hard to get over. we are getting close and i think the question becomes whether or not the market is driven on some of the fundamentals that we have seen over the past couple of weeks with stronger economic data. a lot of companies beat -- butes but his visit is this a positioning rally? it is having to chase the market higher. there are lots of people who do track the amount that investors need to buy stocks that fall behind and i think it could be a leg up. but only talk about the election and political uncertainty, there is a question as to whether they will put a cap on things until november. so despite the fact that the june hike is out of the question, it is on the horizon still. amanda: monetary positive being stimulative, you would expect market to respond because the economy is strong but we got a mixed signal. why are stocks still rallying? oliver: it was an encouraging moment the past couple weeks where we had the ma

oliver: i'm oliver renick in new york.ry: i am shery ahn and this is "bloomberg markets." ♪ matt: we are going to new york to aspen in the next hour. here's what we are watching at the moment. u.k. stocks rebounded, gaining back all of their losses since last week's right to brexit vote. we will look at how markets are faring on this risk on day. oliver: carlyle group cofounder david rubenstein joins us later for an exclusive interview on the thought on brexit and the u.s. election and what it means for the market. shery: it is focus on farm a week here at bloomberg and we have an exclusive interview with the ceo of pharmaceuticals. oliver: let us start off by heading to the markets desk where julie hyman has the latest. give us the scoop. what is going on? julie: we continue to see stocks rally today and remain on the highs of the session. we have three major averages gaining with the nasdaq up 1.6% and leading the overall rally we are seeing. if you take a look at the bloomberg and the imap, energy shares have been perfo

julie hyman takes on oliver renick.t yet another measure of the wealth gap in the united states and people who are catering to it. we are looking at home sales of homes are about $300,000" that are below. this goes back to 2002. in general there are more homes sold that are lower than $300,000. in april 30 4000 of the 61,000 -- homes sold we are getting new home sales data for may coming out at 10:00. economists estimate that that number fell 9.5%. it is very interesting that buildings are catering to the high end of the market much more than the below 300,000 level. david: this is number of houses told. if you took the value, the blue line would be way off the charts. oliver, what do you have? at a way to think about valuations in the stock market. it's one of warren buffett's favorite ways to do it. he likes to look at the market cap on the stock market versus the gdp of the country. the s&p's market cap versus the gdp of the u.s. we have the peaks. what's happening right now, an interesting trend. seen -- we know the