stoxx europe 600 down by about 7/10 of 1%. close is minutes away. stay with us. bloomberg. ♪ mark: live from london, you are watching "bloomberg markets." i am mark barton. stocks finishing the monday session. this is our wonderful g mm function. global macro movers. this is the column i want you to focus on -- the equity boards in europe. major ones are down. u.k. ftse 100 one of those lower. stocks down for the first time in five days. the 24th, theom day the referendum result in the -- becameane apparent. at the close monday, the stoxx 600 fell 11% over two trading days. it gives you a feeling how the asset classes are faring. i want to look at the ftse 100. it is approaching a bull market yet since february 11 the cia, when the index fell to its lowest level in three years, it has rebounded 18%. seven percent last week. it has gained almost 4% since june 24 after sinking 3% that day. the top five performers on the , thisre anglo-american over producer chris mello, glencore -- the silver producer prismiller, glencore. of sterling boosting those sort of compani

the stoxx europe 600 is little bit lower.: we're seeing european stocks retreat from a three week high. e stoxx 600.th french stocks falling following that deadly attack in nice. let me show you how different industry groups are performing on the stoxx 600. keeping an eye on travel and leisure. they are some of the worst performers, down .9% at the moment. looking at individual stocks on our mrr function on the bloomberg we could see thomas cook down 3.8%. europe's biggest hotel company 3.3%. down. and easyjet down more than 3% as well. those travel stocks are seeing an impact from that attack. then, also, i wanted to look at swatch. there is concern over luxury sales slowing. that slowing being increased further after the deadly attack in nice. so, not a great day for swatch to say that first-half profit fell by half. the most in at least 15 years, as demand for his watches in hong kong, france and switzerland collapse. you can see this drop at the open. it stayed low. down 10%. the shares have hit their lowest since 2009, f

the stoxx europe 600 up by .9%.he ftse is gaining ahead of the .1%.ate decision, up by sterling is rising, up by .5%. 1.3214. everybody's waiting for the bank of england. will we see the first rate cut since march 2009? let's get first word news with nejra cehic. nejra: britain's new prime minister theresa may has announced a key member of her cabinet. boris johnson becomes foreign secretary. philip hammond replaces george osborne. david davis has been assigned the task of overseeing brexit negotiations. -- its lowest level since the height of the financial crisis. that is as brexit since -- brexit since it shockwaves across the u.k. frommped two -46 in june -35. that is the weakest reading since early 2009 at all responses were received after the european union referendum. ubs and merrill lynch have topped the banking industry topping more than $300 trillion combined. that is according to a study. morgan stanley dropped to number three. asset managers shrank at all three banks. credit suisse has changed the structu

the stoxx europe 600 down by .7% after rising for the previous four days. have a look at what is happening in the currency and bond markets. the pound and next in which measures sterling against major peers come is falling for the third day to a record low. thee friday, the 24th, daily announcements have been outcome of the referendum became apparent, the pound in excess fallen by almost 11%. sterling is marginally higher against the dollar. have a look at what is happening to the price of silver today, pricing above $21 for the first time in two years. still viewed as a haven in these uncertain times. as investors bet that the major central banks in the global will continue to lose policy. -- loosen policy could much more reason markets in the next half-hour. mark: welcome to this edition of the "best of with all due respect." it was a week in which both of the presumptive presidential nominees responded to the international developments -- the fallout from the britain vote to leave the european union and the deadly terror attack in turkey. john: at the sa

looking at europe, the stoxx 600, the rally is losing steam at it is down -- as it is down .4 of 1%. the commodity rally we are seeing today, where banks are areing lower, banks particularly hard hit. we are keeping an eye on sterling. it was rally in early. it is flattening after its worst two-week drop in more than seven years. let's see some other asset classes. starting with silver. i wanted to bring this up because it hit a two-year high earlier today, going above $21 an ounce for the first time in two years. gold has been heading higher as well on the bid for the safe haven. brent crude is holding above $50 a barrel on those reports of fresh attacks from nigerian militants. the spain-10 year government upd you up 3 -- bond yield three basis points. we will have more news and markets in half an hour. now back to "best of west." ♪ cory: i am cory johnson, in for emily chang, and this is the best of "bloomberg west." we bring you all of our top interviews from the week in technology. coming up, the brexit vote. we'll find out what it means for investors. plus, our exclusive sit do

stoxx 600. risk aversion in europe.he industry groups, the great majority have been declining the commodity producers down 2.5%. carmakers down 1.4%. the number of stocks we have been keeping a watch on, mrr, the best and worst performance. the best performance, jumped the most come up 21% at the close after the online apparel retailer raised its for your margin.- four year concerns over profitability. shares seen ericsson down. the worst performer, down 5.7%. more on this later. mess thoughwere a they announced more cost-cutting, investors not convinced. not huge moose but down more than 1% at the close after monsanto said that their latest offer of 65 -- their latest offer is financial inadequate and does not ensure a deal will be competed. -- would be completed. there will be further conversation. vonnie: dollar index. 97 for the first time. dollar, weaker by 1.4% after some easing. the kiwi weakening today. the lira, 1.6% weaker in the last few minutes. continued weakening. let's look at the broader index, the dow b

looking at european equities, we are seeing some optimism in these markets after the stoxx 0.5% on yesterday, up europe'sbenchmark. we've had some data out of the u.k. which you clearly outlined. it is a big day for corporate news. if we look and see how the different industry groups are performing, tech stocks leading the gains, up 2.2%. commodity producers leading the losses, down 1.6%. there are more industry groups in the green and in the red. s&ping at tech stocks, leading the gains. shares have it their highest level this year, 4.3% at the moment. this is after the company reported results that can't edalyst estimates -- that topp analyst estimates and closed her software deals despite political turmoil. european revenue growing strongly despite concerns over brexit. software licenses and cloud revenue surpassed expectations. good day for s.a.p. not such a good day for anglo american. we've seen it fall after it cut its full-year copper target. this is the annual target for copper output after heavy snow at operations in chile and the shares have slumped the most in three weeks. this is actually th

europe. i looked at the stoxx 600 bank index since june 24, thanks to the worst-performing industry group on 600, with a decline of 21% this year, banks at the bottom with a drop of 35% . in the last year, a plunger 43%, this chart shows the market capitalization of the stoxx 600 banks index, this is a gauge of 48 lenders. 2007, the stoxx 600 banks index have a market evaluation of 1.89% -- 1.8 9 trillion euros, today the market value of the stoxx 600 bank index is 804 billion euros, that means one trillion euros of value have been wiped away in nine years, in percentage terms that is 78%. in the last year, half a trillion euros of value has been wiped off the european banking industry since the high in 2007. monte dei paschi down. rbs down 97%, credit suisse down 90%, deutsche bank down 88%, ubs down 83%. half-full way if you look at things, the market cap up 350 billion euros on march the ninth 2009, above those levels but one trillion euros of value has disappeared in nine years. i am not sure that is glass half full, that is looking like a little tiny drop in the glass. one line that put

that has not happened in europe for two weeks. the stoxxriven up by a whole array of earnings. better than expected earnings from psa. stocks are rising and we are waiting the fed. look at what is happening in the currency markets. the victories of macro data is gdp rising more than expected in the second quarter, up .6%. that covered the brexit period. june 24 was the brexit vote. bloomberg and was say it could contract in the common quarter. ♪ hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. ♪olympics 2016, let me get you on my level. ♪ so you never miss a moment, ♪ ♪miss a minute, miss a medal.

europe, the rally on the stoxx 600 is losing steam. down .2%.on the ftse 100 -- because it is close to entering a bull market -- up some 90% since a february low. commodity producers are the best performers with the rally in commodities we are seeing today. banks are heading lower with italian banks particularly hard hit. let's switch of the board and take a look at what is happening elsewhere. silver has gone above $21 per ounce. it did that earlier for the first time in two years. gold also rally on the bid for the safe haven, and brent crude is holding above $50 a barrel, as you can see. we are keeping an eye on sterling, up ever so slightly after a two-week drop. dollar-yen, we are seeing dollar strength, yen weakness today. we will have more news and markets in half an hour. for now, it is back to "best of bloomberg." ♪ shery: you are watching "bloomberg best." i am shery ahn. them in drug pricing, and r&d pipelines -- this week we got unique perspective from the chief executives of the world's most notable pharmaceutical companies. this is

let's turn to europe with mark barton. >> appetite for risk has returned. stoxxtelow the levels we were the close on june 23. every industry group is gaining. asiness confidence sinking to foreign half year low in the days after britain's vote to leave the eu. is, we are nowhere near the lows we were at the height of the financial crisis. a big clothing retail reported its steepest drop in clothing sales. -- chief executive steve with cheaper prices and fewer clearances. -- ovaltine, all sorts of stuff like clothing, raised an earnings forecast because of the post brexit tumble in the pound. biggest gainer in europe, biggest gain for the company since 2000. jon: tomorrow, all of the attention on one data point, tomorrow's jobs report. indicating perhaps whether a shockingly low number was a signal of a labor market slowdown. joining us now is toni kroos enzi -- great to have you with us on the program. i remember the days and we are expecting employment to slow down. i just don't think anyone sub 50's.ome 50's -- tony: it is true that job growth is likely to slow

europe as well. if we look at the stoxx 600 it is up 3/10 of 1%. not massive gains but we are seeing risk.ok at the stoxx 600 and industry groups performing the best on the bloomberg it is technology stocks leading those gains up 3.6%. guess what? the biggest gainer among them is arm, this has jumped the most ever and hit its highest point ever today since 1998. a really big surge in the stock after the news that softbank has agreed to acquire it for $32 billion and a 43% premium to friday's close. interview isa tv all happened very quickly. we have seen the reaction happened very quickly. one thing i want to note that is quite interesting is that short interest in arm holdings is close to a six year high. whether these gains will last is another question. we are seeing a big move higher on the stock today. i wanted to look at sterling, we have had some comments of the bank of england saying that the weakness may not be as severe as previous recessions in the u.k.. he also said that to the bank of england should wait for further evidence before a policy change. we are seeing sterling exten

europe. third rising for the consecutive day. the stoxx is up, gains in london propelled by higher commodity prices. the dax in germany of by 1.6%. in paris, 1.6% higher. the currency board today, starting -- sterling was lower against the dollar ahead of the announcement that she is dropping out of the leadership race to be the next party leader and thereby prime minister. it got a bit of a boost, and sterling is down against the dollar, hitting record lows. the euro is up against the pound, big news out of japan, the ruling party had a good night were a good day in the upper house elections, which could pave the way for more fiscal stimulus in japan, and the euro is unchanged against the dollar. in the bond market today, a big week for the u.k.. bank of england set to announce its latest late. we see the first rate cuts since march 2009. the yield was at a record low, up by a basis point, as is the german 10 year, the italian 10 year, and the spanish 10 year. there is appetite for risk it today, boosting equities and pushing bonds margin

up onnk's index rally in the stoxx 600 here in europe., and london and beyond in the bond market, switch up the board quickly. record low yields from 10 to twenty-year treasuries. to 1.43%.nding lower what a week for the markets. alix: good stuff. let's check in with the bloomberg team for in-depth coverage of our top stories. ,ichael mckee is in new york treasury yields hitting historic lows. planning to cut bank's requirements. julie hyman wraps up with the stock market as we began the third quarter. mike, the moves in the treasury market are unbelievable. is this a risk in the u.s. or the surge in a bond market? >> it does appear to be a search for return. a 1.5% in the treasury, he was wrong. these are the lowest yield in the history of united states. my chart only goes back to 1962, but you can see the definite trend. there was a chart that goes back ix was sellingl girl scout cookies to alexander hamilton. [laughter] >>> why is this happening? we have the highest yields. if you're looking for yields, you are going to come to the uni

europe. take a look at how equities are faring. a second day of climbs for the stoxx 600. ftse is up today. more declines in germany and france, 1.8%. take a look in the currency market. sterling continues to hit new record lows against the dollar. lowest since september 11, 1985. the euro, highest since october, 2013, against the dollar. sterling continues its plunge against the yen. it is down by 18%. now at its lowest level, the pound, since december, 2012. take a look at the bond market. new record lows for the german 10-year, european 10-year. records in london and germany today. vonnie: records here as well. 10-year, 1.38%. earlier touched a low of 1.35%. there you can see the safety trade in the dollar yen. approaching its strongest in two and half years over concerns of political risk in the u.k. are spreading. fresh concerns about italy, too. with that long and coming down, you are seeing more flattening, although not the type that we had seen. yuan.the offshore strategists say there is more risk now that it weakens in the near term. tesla motors missed its foreca

let's check in on the markets with the declines in europe for the first day in five, the stoxx 600 isghly two thirds of 1%, the bourdais rise before today was all most 8%. market, and in the bond we had record low yields in spain and the u.k. on friday. unchanged, the german 10 year and change any pound index is down a 10th of 1% against the dollar and the pound is marginal higher against the dollar, 1.3275. , earlier topping $21 for the first time in two years, the highest in two years, investors seeking precious metals as a haven holding the brexit vote, the best-performing commodity in 2016, gold, rising for a fourth day to the highest in -- since march 2014. much more news in a half an hour, here is "business week." >> welcome to bloomberg businessweek. carol: we are coming in from inside the magazine and others. -- headquarters in new york city. >> the real cause for donald trump taxpayers. kickstarter gets creative. david: a scientific breakthrough. carol: all of that is ahead on "bloomberg businessweek." ♪ david: there are so many must reads. let's start in the finance section.

europe. we are seeing some affect on the stoxx that could be affected by this more directly.at could be affected by this more directly. -- ist is down by 2.56 down by 2.56%. by 1.4% thisdown morning. let us go to france now, our paris bureau. walk us through how the french state is reacting to what happened last night. there must be a sigh of relief seeome ways that we did not a terrorist attack at the football championships. people are asking themselves why did this happen given the elevated level of security that we saw during that event. >> the presidents of the region has been on tv quite a bit criticizing the security measures in place. he is from the opposition party. this shows the cracks that could emerge after an attack like this. the president was on tv yesterday for bastille day. he was going on about how successful they have been in preventing attacks during the championships. be state of emergency would allowed to expire. a few hours later he was saying that the state of emergency would last another three months. he has gone back on plants he had to reduce the nu

europe. this is the thursday session. first day of gains. group rising on the stoxx 600. helped in no small part by yesterday's fed meeting. still, the stoxx 600 is a low the close of june the 20th. this is the big piece of macro data. business confidence sinking to a four and a half year low in the days after britain voting to leave the eu. sliding to six in the wake of the record random -- referendum. the lowest level since december of 2001. the height of the european sovereign debt crisis. this gauge fell to -33 at the height of the financial crisis. the first negative reading since july 2012. let's focus on u.k. property. have u.k. property funds frozen withdrawals this week after four more joined the list. to dump realking estate holdings in the aftermath of the brexit vote. these are how asset managers and companies have fared. declines of 8% to 23%. be beingortugal might hit by eu sanctions. an unprecedented step to break budget deficit guidelines. this would be to enforce the rules to prevent another debt crisis. according to the european , he said both spain and

stoxx 600. this has been gaining, closing some 4/10 of a percent looking at europe's equity benchmark.iency despite geopolitical risk around turkey, the failed to over the weekend. we are ending higher -- the failed coup over the weekend. we are ending higher. looking at the grr function on the bloomberg. it is tech stocks that have been leading. 3.5%.logy stocks up some the stoxxt gains in 600. if we look at the specific stocks, it is arms holdings, up 41% after softbank agreed to acquire it for $32 billion. a 43% premium on the arms closing price friday. you can see this jump up 42%. the biggest jump on record for arms, and a record high today on that news of the acquisition by softbank. a lot of moves, largely led by technology. vonnie: thank you pay looking at some different indicators that tell us how things are looking in the u.s. indexx index -- the vix showing calm. in currency, weakening for the oda, which is a boon for kur and the ministry in japan. by 1.2%.0, weaker the lira today, some re-tracement of some of the from friday. stronger now by about 1.6% versus the u.s. dolla

europe. we have a jobs induced rally. stocks are higher and have been given a pursuit by today's job report. the stoxxeceived a boost with roughly half of those gains up since 1:30 a.m. u.k. time. gains in france and germany. we are still looking like we are going to finish lower in europe after a big rally last week at 3%. sterling was lower against the dollar and now it is up today, up a quarter of 1%. the euro is down against the pound and the pound is up against the yen. the yen is the best performing currency out of all the major peers since june 24. u.k.,e yield lower in the germany, italy, and in spain. it is one of those occasions where you see stocks rise and bonds rise as well. we are seeing stocks rise in the u.s. as the s&p 500 is up and the dow is up 9/10 of a percent. bloomberg proceeds new theories drive is showing the ultimate road trip throughout the world. we are showing the best route and the fabius cars that can take you there. here's a look at the perfect drive along the california coast. >> welcome to bloomberg pursuits: drive. to my mind, the scenic byways along california's hig

for the first time in europe, stocks rallying in europe, every single industry group on the stoxx 600ddition, some very strong guests including sir martin sorrell, the ceo of the bbb. >> we will talk

europe in particular. type in ea and set it to the stoxx 600 as i have. 182 companies have so far reported. sales surprised, slightly gloomy. just over the 50% threshold of positive in terms of a sales surprised. we are seeing 56% beating in terms of profit. let's have a look at the united states. we're seeing sales beats when it comes to the u.s. out of currently 500, we've currently got about 232 have reported. sales have surprised much better. 58% have beaten on sales. 81% have beaten on profit. give us your take. is the u.s. set to outperform that much more? why is it out performing? is it being helped largely by the dollar? >> i think it is being helped by the stronger u.s. economy. i hate to say i told you so, but i was arguing that the federal reserve were being too cautious. it is actually in good shape. some of the benefits of that economy are coming down in terms of higher wages for workers. it is not all coming through in profit. some of it is, but that filter through is good for u.s. consumption. to some extent, the u.s. companies needed to report better results, because they ar

europe. stocks are lower this year. this is a lovely chart showing the correlation between the euro and the stoxx 600. the brexit vote and concern about the strength of italy's banks has spurred a breakdown in the link between a weaker euro and stronger stops are in -- stronger stocks for the first time in three years. have actually moved inversely proportional to each other since 2013. they reached a negative correlation last year on a record basis as the ecb expanded stimulus measures, but we get the currency and boosted exports of -- boosted exports. we have final estimate for june, we are still just above zero, .1%. a far cry from the 2% level the ecb is striving for, in the last four months, we have been pretty much close to zero. mario draghi's preferred forward inflation swaps are 1.3%, very close to record lows. the ecb has a lot to do, julie, to boost inflation to that 2% target. week, the ecb meets. in 90 minutes, we are 90 minutes into the trading day in the u.s.. get over to the markets desk. julie hyman has the latest. was it looking like? julie: looking next. to fed here has a job increa

stoxx 600 and almost all of the industry group rising. we have not risen two consecutive weeks since may of the 27th. still, europe's benchmark is still 1.3% below the level it closed on on june the 23rd. what happensll you on june the 23rd of european stocks remain in love despite the fact they are very cheap relative to their peers and relative to bond yields as well. this is exactly what the chart tells us. bank of america merrill lynch tells us the european equity outflows for 24 straight weeks, last week, $6.2 billion out flow was a record. the s&p 500 50, you look at estimated -- it is at a record low. the bloomberg eurozone sovereign on index yield is much lower than the yield on the stock 50. that is a wonderful chart. you can check out ryanair, shares, they were hire earlier. discount,iggest surprising investors earlier by reiterating its 2017 profit forecast. under pressure because of brexit and terrorism. the chief executive has been boosted -- booted out the door after 6.5 years at the helm. the stock slump competition has intensified in the maker of --eless networking gear has 2.5%. up i-4t 6.5 years pe

stoxx 600. guy: is this something they have been toying around with for a while? aleksandra: for europeave been overweight. they upgraded u.k. shares after the referendum and they upgraded global equities after the referendum. guy: it will take time to correct. thank you very much indeed. to stick withoing you. coming up, mass psychosis in the bond markets. who is right in the discussion? ♪ caroline: welcome back to "on the move." let's talk about debt. bondsors who rushed into will face a hard time making money. market findse the bond rates begin to rebound. there is something of a mass psychosis going on related to the so-called starvation for yield. call me old-fashioned, but i don't like investments where you are right, you don't make any money. pimco is on the other side. the general return fund has increased its holding of u.s. government debt to its highest level in a year and a half. it now accounts for 39% up from 36% in may. the fact earlier on that it is the only area where we can find some sort of haven. u.s. yields are significantly higher than those we see in japan, german

mark: stocks in europe falling -- over 70st day companies on the stoxx 600 reporting today, down by one, credit suisse unexpectedly returning to profits last quarter. cost cuts and job cuts. divided a big surprise for the analysts. the measure of financial strength writing 40 basis points. shares have been out and down. ubs down 31%. credit suisse, 46% lower this year. lloyd bank cutting 3000 jobs. brexit is going to hurt its ability to move. this is one of the reasons why lloyd chairs have outperformed berkeley. first-half earnings beat estimates but frexit will hurt the amount of capital it will generate this year and it could hurt you to earnings. shares are 4% lower. the forecastsing for the fourth time this year. because of a boost the euro 2016 football tournament. england's chelsea football club -- what a time this company is having. handing over the reins to the former -- ceo casper. adidas up by 2.7%. mark barton, he is not a chelsea fan. i know that for sure. [laughter] greenspan -- alan take a listen to this. the human time preference, which is what drives interest rates, has

europe coming up later on today. in terms of where the analysts fit on the stoxx, we had 11 buys , 15 holds, and nine sells. down 28% year to date, versus the sector, down 29%. let's hear from the ceo of ubs, sergio ermotti. sergio: i'm very pleased with the strong quarter. if i compare it to the second quarter of 2015, we. -- we are up. very strong results across all businesses. manus: the first quarter, the phrase was paralyzing volatility. his 2016 going to be a year where we've got to get used to subdued activity? sergio: it looks like there is very little visibility about the near future on all fronts. the economic, geopolitical, and clearly this is translated by client risk aversion. we can measure it in terms of cash holdings. in the u.s., the declared cash holdings is up to 22%, which is the highest level we have been seeing for a while. it is a challenging environment. manus: what is holding the clients back? we had brexit, geopolitics, and negative rates. when you talk to client advisors, what is holding them back? sergio: you just said it in your question. all these issues are holding thisinvesto

stoxx 600 up .3%. the ftse 100 up about .5%. the cac40.wer, despite the geopolitical risks and be attempted failed coup in turkey. tech stocks leading the gains in europey, tom keene is going to sit down with managing director christine lagarde in an exclusive conversation from the new york fed. that is 1:00 p.m. in new york, 6:00 p.m. london time. a must watch interview. you are watching bloomberg markets. this is bloomberg. ♪ >> it is 11:00 a.m. here in new york. i am vonnie quinn. >> live from london. you are watching the european close on bloomberg markets. ♪ we will take you to istanbul and tokyo in the next hour. here is what we're watching. soaring on the news that softbank will acquire the company for $32 billion. the 43% premium pay. bank of america posted higher profits in each of its four main businesses. bond trading revenue increasing. we will get an analyst's take on the recent quarter. then, focusing on investment in turkey. failed coup attempts over the weekend. whether it is time to buy and sell amid the latest tmo

stoxx 600 down five -- .5%. see this heading lower to 8/10 of 1%. this is bloomberg. ♪ vonnie: i am vonnie quinn. left in are 30 minutes the trading day in europets. ♪ >> we will cover stories out of washington, brussels, and london in the next hour. fine. hits -- with a my interview with commissioner margaret coming up. donald trump's net worth has increased over the last year. we dive into the figures. we will hear from the ceo after swedish and networking gi

europe, the u.k. and market risks in turkey in the next hour. let's have a look at the market reaction given the ecb's decision today. in stock market you see the stoxxtty much unchanged. it's like that across the various indices. the dax up 3/10 of a percent. a bit of fluctuation in european stocks today. let's take a look at how some other asset classes are doing. we did see the euro rise while mario draghi was speaking. 996. the german ten-year bund yield touched its high in four weeks. down one basis point at the moment. again.y, below zero did go above zero earlier. 10 year spanish yield down four basis points. ♪ vonnie: from new york, i'm vonnie quinn. watching the european close on "bloomberg markets." ♪ >> we will take you from cleveland to paris and cover stories out of frankfurt and istanbul in the last hour is what we are watching. ecb president mario draghi signaling essential bark -- bank will consider --when it has a clear picture of the impact of the u.k. vote to leave the european union. the union pacific chairman us.ceo joins >> turkey imposing a three-month state of emergency

europe, i similar story. eventually a second week of gains on the stoxx 600.e a fifth straight week of games. the ftse up is about a third of 1%. this is a sterling story of bash at the moment. datall dig into that ugly out of the united kingdom and what that means as we go forward. and a commodity market, crude is pretty much stable. bonds are the belly of the curve, up about two basis points. we will get much more on where yields will go. for now, let's check in with our bloomberg team for in-depth coverage of our top stories. rick is in new york about general electric am also richard an wrappingexit, meg up the republican convention in cleveland. rick i want to start with you with ge earnings. i see now profit, that was up 300%, revenue up 2%, where is the issue? rick: investors are still feeling out how to interpret earnings this morning. they did beat expectations of both profit and revenue. but, that was helped by a gain the appliancesf business this quarter. you also have a decline in orders. i think there was some lingering concerns about whether ge ca

europe with mark barton. mark: stocks here are rising for a third consecutive day. the stoxx 600 is up.up is rising. big news breaking just a few moments ago. burberry is shaking up its management. christopher bailey will stay on as chief creative officer. but the chief executive of a french fashion house will take over as ceo. there has been a lot of pressure on bailey. he has been doing this dual role since may 2014. he will focus on the creative design. the new ceo will join the board in 2017. big rally in burberry shares. have a look at the ftse 100. if it closes at these levels we are in a bull market. it hit its lowest levels in february. since then it has risen by 20% led by those minors. thee is sterling against dollar. this is when andrea lets him ledsom stepped back from the tory leadership. sterling is trading higher against the dollar. jonathan: what a couple of weeks of what is politics. johnson moving away. now andrea ledsom doing the same thing. what's the message for global investors? the irony is that theresa may gave a speech earlier in the set out her stall. she's goi

stoxx 2014 peak. lower fort chairs are the second quarter. as trucking pricing continues to slide. let's head to europe>> i'm am looking at european stocks. we are now completely flat on europe's equity benchmark. we did see gains of .8% earlier. equity markets shrugging off concerns over turkey. these gains are coming from tech stocks. that is the best performing sector today. that it was led by arm holding. 43%.most the biggest jump on record. shares have hit the highest price on record. softbank agreed to acquire arm cash, aence a share in 40 3% premium. so a $32 billion takeover. shares are really jumping on that. and i wanted to take a look at sterling. the best g 10 performer against the greenback today. weekcurrency surged last after the bank of england left policy unchanged and today, it is up against the europe -- against the euro as well. david? david co thank you. we want to go to the big story in turkey. adt's bring in riyad hamade. riad: the main development today was the continuing wave of unrest that is going on in the it is thetor and first time that the stock market and the bond market

points,are soft, -14 over in europe, the dax, the benchmark in for inferred, germany, down by almost 2%. every single industry group on the stoxxs in negative territory. oil and gas leading a loss, switching the board and commodity in those markets. crude $45.96. $13.75.wo-year high at all-time low yields on a u.s. -year, trading at 1.33%. the market headlines outside of this, here is emma chandra. emma: thank you, jon. president obama has a clear that hillary clinton is "overwhelmingly qualified" to be president. in north carolina came shortly after the fbi found that clinton was careless and handling e-mail as secretary of state, but the fbi director said he would not recommend filing criminal charges. a congressional commission said there is plenty of problems at the u.s. veterans affairs department. two years ago, there was a tsandal over how long ver had to wait for health care. they say there are still profound deficiencies in delivering treatment. a spanish court has sentenced lee and no messy to 21 months in messi to 21el month in jail for tax fraud. the barcelona soccer star is unlikely to miss games. in spain, people

stoxx 600 is 2% below the close. love this chart, we have had 24 weeks of outflows from european funds according to the bank of america, merrill lynch. the stocks are not exactly popular in europe not popular, but in the levels of cheapness on evaluation basis. cheapest on records. the dividend yield on the stock 50 versus the bloomberg eurozone sovereign bond index, also the widest since records began. love that chart. ryanair today, shares falling as much as -- shares rising as much as 7%. it is europe's biggest discount carrier surprising investors by reiterating its profit forecast. it did warn that target has come under pressure because of brexit , because of terrorist attacks, shares up over 2%. this berg is stepping down. he has overseen a slump in the stock price after intensifying competition. he is in phase that he is facing investigations over his business dealings. john, alex, david. david: we're going to go back to that verizon yahoo! deal. alex sherman broke the story. you have been on the forefront of this and we have been talking about it, what is the latest? alex: we know theoretically official. you never know because the deal -- verizon buying yahoo! for $4.8