cut.are boosting on a rate for more on all of that, we are joined by simon kennedy, edmund shing is also us. simon, when you look at the key message, we are still open for business, but we don't know who is in charge -- why du believe them if you are an investor? simon: you take the bet that george osborne and that the u.k. are fundamentally strong. they have developed financial services and certain things like that. you try and draw the battle lines and it will depend on the next prime minister and what her vision of negotiating with the eu is. does the next chancellor or george osborne need to cut taxes to make the island more attractive? simon: they did not get that great of a reaction. a lot of people saying, that is nice, but other things are more important. it is important to note that notge osborne will necessarily be the next chancellor. aiming at corporate taxes is one thing they can do to shore up support. tom: simon, you are covering this 20 47, when you are not looking at portugal crushing france in that small football match yesterday. what has shifted in the last three weeks

simon kennedy, overseeing brexit coverage for bloomberg news.ng fresh three decade lows this week, the pound sterling is getting a little relief, but forecasters are warning the worst is not over. the pound has delivered a windfall essential to tourists eager to snatch up goods and services on the cheap. if we put aside tourism for a second, how much the import and export at harrods and how will a weaker pound the fact that? guest: the vast majority of industry comes from europe, says 70% of the world's luxury industry is based in europe and the majority of that is for cards and electronics -- cars and electronics from germany. that may mean more expensive products for you. will you be upping your prices to offset the effect? guest: at the moment, we tend to buy long-term. already bought our winter collection which is going into the stores them as though everything has a pretty delayed action. give us a sense of the numbers since june 24th. guest: it's difficult to do it over such a short distance because a majority of our major spenders are fro

we also welcome simon kennedy who heads our brexit coverage. simon, let's kick it off with you.t is the first time we start a process with the tory choosing the next prime minister. there are five candidates and they vote and one drops out every tuesday and thursday. simon: one moves out every couple of days. francine: who is leading the wels at the moment? do believe them? you came on last week saying every favorite who wins tory leadership has never actually got it. cameron was not the favorite. last week we saw the one-time favorite, boris johnson, falter. [indiscernible] first few rounds of voting. nightergy minister last picking up boris johnson's endorsement. -- that was based on people contacting them rather than a broader poll. members put theresa may winning. theresa may is the one to beat. --an: once it is a two horse francine: once it is a two horse race, it is the party members to vote. do you look at their policies? do you wait on what mark carney will say? edmund: we focus more on the -- on what mark carney would say? july. at the beginning of taking polls at the b

and simon kennedy. we will be talking italian banks and janet yellen next.billion boost chinese equity markets are supposed to get. a new investor with very deep pockets. i will to you about that next. this is bloomberg. ♪ -- y >> the playmaker could announce the sale of up to 100 airplanes as 12.75 billion dollars early as tomorrow. the country is said to be in discussion with go airlines indio regarding the purchase of about 78 planes worth around $7.5 billion. airbus declined to comment. deutsche bank says it may lower the threshold for approval. a decision will be reached later today after parties involved examining technical issue. investors have until tomorrow to tender their share. euro zone finance ministers meet in brussels later ostensibly to talk italian banks and the situation. but the regions finance chiefs have been in a room together for the first time since the referendum. that is the bloomberg business flash. francine: let's get some final thoughts from stephanie flanders from j.p. morgan asset management. you spent a lot of time talking abo

simon kennedy is also joining us.all, we have written a lot, but there are two key positions to fill. and i the chancellor imagine the foreign secretary. he or she will come into play in negotiations. simon: of course. theresa may publicly said whoever gets the job under her would be someone from the pro brexit campaign which reduces the runners and writers a little. people, but not as many as are available for the other jobs. francine: what was it like working with george osborne and the eu? are the eu bunch quite emotional? do you need to come in with no animosity and wanting to play nice? rupert: i think it is totally different now than the previous five years. then it was trying to find a by day solutions to individual dossiers and now you have an extensive negotiation. i imagine it will be quite tense and there will be a premium on coming in with a positive attitude and a clear plan. francine: do you think there needs to be a brexiteers in charge? rupert: i think there does. you have a prime minister who is just

for more on this, let's bring in simon kennedy. head of brexitch bloomberg coverage of the moment.d her comments, they're essentially seems to be blaming the u.k. for the outlook globally. producedrlier, the imf a bit off the global growth forecasts. it did bigger damage to the u.k. forecast then certainly the rationale behind that is underscore today by the pmi reports that you saw which showed that big slump when you take manufacturing and services and for them together. nejra: that report is one of the first indications of the impact of brexit, not just on the u.k., but on the eurozone with the flash pmi we got. , isbig question here is that just a post-break the reaction, were a sign of further weakness? simon: we will have to see. the office of national statistics said it will take until august to fight out of the hard data is going to show a similar problem that we saw today. certainly, the confidence indicates they're the ones that come first do not suggest a great path of the u.k. economy. vonnie: what about the g-20? what kind of communiquÉ can we expect? draft obtained th

here is simon kennedy who oversees the brexit coverage at bloomberg. accelerates the british pound. 100 years of debasement it is not an eight day phenomena, it is 100 years. simon: if you look back over the last century, and the pound has been simplistically driven at times with a series of devaluations. 1960'scently in the late when the prime minister spoke about the pound in your pocket. again with the crisis. the pound has taken a series of overs in three decades. mark: good for our competitors? simon: the bad outweighs the good. basedcturers, tourism industries welcome the cheaper pound. we not seeing much benefit in the wake of a natural crisis when the pound tumbled down. not much effect on the u.k. economy in the way of positive growth. a deficit continues to swell around 7% of gdp. in a world where there is not much demand in the best of times, a weak currency might not be much for us. vonnie: the idea of a 15% business tax, how realistic is that? would that help? when the next budget comes around. if he is the chancellor, that would be a goal

simon kennedy joining us from london.he headline now -- andrea leadsom withdrawing from the prime minister contest. leaving theresa may to be be sole candidate. another big twist in a big race. david: quite a drama. i wonder what this might do about the timetable. and whether this offense is the entire timetable. to say there will be a prime minister sooner and we need to act? jonathan: theresa may herself said not until the end of the year. so if she is concerned as the prime minister -- and i stressed she is not that yet -- she is just the sole candidate -- you wonder but she said not until the back end of this year. that and you could argue the pound rallying is a reflection of that kind of movement in the markets. david: we will bring in dan moss now. this is right in your area. it does this mean, globally for the market? dan it is another example of a global economy that is expanding and taking some hits. course.not knock it off at the same time, there is not a lot of momentum there. it is really a question about who

simon kennedy, thank you, leading our leave country.s conversation all night extraordinary day for the gop yesterday. the senator from new hampshire, the younger, johnson noon it will join us on his chaos, his republican party. this is bloomberg surveillance. ♪ francine: tom keene is in new york and i am in london and this is "surveillance." >> the non-agreed to its biggest acquisition in nine years as they will buy white wave roots for $10 billion, quite wave based the best-selling soymilk brand in the u.s.. americans who locked -- lost their home and during the financial crisis will rejoin the economy, the number of foreclosures009, usually comes off a person credit report in -- they can apply for loans again but -- that could give consumer spending a boost. russia has emerged as a key investor in the transportation technology proposed by yuan must a card on rails from zero to 160 miles per hour in a little more than a second. that is the bloomberg business flash. , the newsf a sudden different, yesterday one of the most extraordinary

simon kennedy. coming up, we look at the s&p was billion despite recession.t chart, next. this is bloomberg. ♪ ♪ is "bloomberg markets." miller.t just minutes away from the closing, and i want to kick it off with the ftse, hitting a full market. the british stocks index in white hitting a bull market from low, but what is interesting is what is in blue. andve charted the ftse 350, this is a broader measure, and it is only 20% away from hitting a game, and if you look at the 350 after the brexit vote, it at it is the ftse 100, now below, so it took a harder hit, but it is a broader measure of domestic stocks. i am taking a look at the malaysian ringgit. i cannot not think we talked about it a lot this year, but we talked a lot about it last year with all of the emerging-market stocks. it is having a good year, the best-performing currency in asia. it is being held why perceived relative stability. remember, there was the big scandal. and it is up 4%, a pretty monster turn. you can see it versus the inverted or the jpmorgan asian index. : that is a pretty big c

simon kennedy overseas the coverage from london. simon, thank you for joining us.s this because, if you watch equities it has not looked that bad since the brexit vote. you are in the black if you are an investor. other asset classes are seeing real weakness? simon: you see it in the pound the most. the lowest in more than three decades. the dominoes are not falling, but they are starting to shutter. matt: what about real estate? it is like a canary in a coal mine. after the vote i was on the traders were and telling me about projects investors were pulling out of over concern that would not be as much need for office space. simon: you have a market that many thought was frothy in london before the vote, and now people are reevaluating the market for commercial property. you wonder if companies will invest, the companies that are here, will they stay here? all of that in a frothy market. you are seeing the panic button hit in some areas. shery: our people expecting a sawp a 40% like we in the financial crisis of 2007-2008? property?financial it is too soon to tell.

scarlet: let's get the latest from ryan chilcott and simon kennedy. simon, let me start with you.ow that theresa may has been in the background, coming up with the names that she wants to put forth as her team, as her cabinet. but she cannot make any announcements just yet. how quickly can we hear some names? simon: i think we will see some of those names tonight. the names will start to trickle out in the next few hours. scarlet: certainly they are key positions. ryan, you are outside of 10 downing street. david cameron gave his last speech is premised are. it was very emotional, wasn't it? ryan: it was. keep mind that's given mine, he has been prime minister for six years. it was not an easy six years. we had to clean up a lot of the mess of the financial crisis he led the country in two huge referendums, three, action but two big ones. thankfully for him, scotland elected not to leave here to but the other referendum is the european union. he campaigned for the u.k. to remain in the eu and he lost. he lost his job. that makes him the youngest prime minister to lose power in thi

simon kennedy, thank you as well.our, edward morris of citigroup. ♪ a tom: any excuse will do. credit suisse increases cost-cutting. is in --the clock francine is in europe. will the bank of japan send in the helicopters? for virginia does his best donald trump imitation. good morning, this is surveillance live. i am tom keene. it is a europe buffeted by challenges, isn't it? francine: i spoke to the credit suisse ceo. he says it is a good first step. there are so many challenges tom: we willead continue our interview with the executives at credit suisse. >> president obama made his most forceful case for hillary clinton. he offered endorsement in philadelphia. president obama: there has never , not mean,or woman not bill, nobody, more qualified than hillary clinton to serve as president of the united states of america. >> clinton joined the president on stage and they left to loud applause. michael bloomberg said clinton is not a flawless candidate, but voters need to select her over donald trump, who he called a dan

simon. >> i'm talking to you. >> bridge over troubled water, where is the bridge. kennedyfan, he said sometimes disagreement is good, no one did that tonight. they should have, i agree i think that senator warren should have buttered up the crowd for bernie sanders, she spent the time talking about hillary clinton or donald trump. i thought that bernie did a very good job of igniting this crowd, and three minute standing ovation showed how receptive they are to his ideas and his movement. interesting thing is, i spoken about her on my show on this network, dr. jill stein, the presumptive nominee for green party is in philadelphia, she is making an active play against hillary clinton, and for bernie sanders supporters, she marched with bernie supporters today, she is doing a out reach, i'm going to sit down with her tomorrow and talk to her. trish: we look forward to that, we did hear from supporters that connel was talking to, some saying i want him to go on, and he said he can't, she said, maybe it does not have to be democratic party, this is a movement that could exist,