i'm tom keene. with me, francine lacqua. e go to london next week, is front and center today. francine: the countdown begins. get, "why do we care about brexit?" tom: i was guilty of that. francine: you were wrong. when you look at risk aversion, it is prevailing on the markets. let's save ourselves and get to the first word news. here is nejra cehic. nejra: thanks, tom. four new polls indicate the u.k. is on a path to leave the european union. the surveys have the leave faction ahead of remain. came out in favor of a brexit. the u.k. staysif in the eu, it will be dominated engulfedritain will be in a few short years by this relentlessly expanding german dominated federal state." the union is the most vocal opponent of president francois a liver's plan to make market more flexible. in northern france, a news agency says a policeman and his partner were killed by a gunman who claimed allegiance to islamic state. he reportedly was convicted of taking part in a terror cell. french police killed the attacker, but a couple's three

tom keene is in new york. tom will be making his way to london over the weekend, but we have a full eight days of brexit. but tom, the country still under shock because of the killing of this m.p., and for the first time, we are expecting the tone of the campaign to change. tom: well, i would say it would change, and, of course, the mystery is when it ramps up as we go to next thursday. certainly, francine, a somber tone that really resonates across america that has seen assassination too many times. it really puts a change to our discussion, at least as we go through the weekend. francine: it certainly does. let's get straight to news, and we have more on the brexit campaigning being on hold. >> in britain, the campaign over whether the country should leave the european union is still on hold after the murder of a labour party leader. police have arrested a man in the shooting of jo cox. cox was shot while talking to constituents in northern england. prime minister david cameron spoke not long after her death.

caroline hyde in london, tom keene in new york.stracted on this jobs day. i am going to bring this up without a banner. this is the number one thing you are focused on, the atlanta said -- the atlanta fed, the wage growth tracker. i believe this is moving in a higher direction. harm: it looks a bit different from the most closely followed labor cost measures. i think the reason is that the wage tracker is one of the few, the only one to the best of my knowledge, that is doing a good job in isolating the effect of demographic aging on wage growth. tom: watch yourself. paid babybetter boomers are retiring and being replaced by not so well-paid younger ones. because we have the baby boomers, the effect is getting bigger right now than it has been in the past, and that is holding wage gains down. there was good research from the san francisco fed a couple of months ago and the atlanta fed, which gave one of the better pictures for underlying wage growth. 3.4% here, and we are almost back to where we were before the crash. we are not ba

francine lacqua and tom keene. here is big ben. still ring, whatever the outcome of the vote, right? ♪ tom: when in doubt, we have a "surveillance" correction. francine lacqua turned to me and said, "for whom the bell tolls, it is in restoration." being restored and is quiet the summer. francine: i googled it. the 31st of may, 2017. tom: i am sorry if i offended the british. talking about the silenced big ben. here is nejra cehic. nejra: iran has made it official that it is buying airplanes from boeing. the deal includes a mixture of 737 and 777 jets. walmart is reshaping its operation in china. the world's largest retailer has taken a 5% stake in jicarilla myers -- in e-commerce giant j.d..com. of..com will take ownership -- luxury home builders in london may get a break if the u.k. votes to leave the european union. a brexit could lead to a cheaper pound, and that may tempt buyers back into the struggling market for high-end homes. deals in london have stalled in the run-up to thursday's vote. that is the "bloomberg business flash

tom keene and francine lacqua from london. he "morning must-read," with a "surveillance" disclosure. mr. dyson, sir james pushing against remaining germanic way. tom: sir james dyson, blistering in asking for brexit. andrew sentance is with us, and lord desai. what did sir james get wrong? meghnad: i remember when we had control of our own affairs before 1973. we did not do a great job of it. whether we succeed or not, it is not a matter of control, it is a matter of how the economy is doing. tom: what would margaret thatcher do? andrew: she would stay. meghnad: she would remain. she did push a single market, and then she pushed for enlargement because she did not want a strong federation. weake wanted this kind of confederation, with a lot of trade, goods and services, but she did one control over the u.k. is right now i think that that situation. it is a weak consideration, and we will give more -- we will get more of a common trait agreement. that is all there is. how will they do with brexit friday morning if brexit were to

i'm tom keene in new york. we have a press conference from mr. draghi and opec. ryan chilcote and the rest of the bloomberg team. right now to our first word news. vonnie: thanks, tom. closing off north korea's access to the international financial system. a u.s. proposal would prevent foreign banks from using their process financial transactions on behalf of north korea. u.k. labor leader jeremy corbyn that brexit would affect jobs and job security. prime minister david cameron will field voter questions in a tonight.v special residents of the canadian towns devastated by wildfires are heading back home. the wildfire began may 1. the blaze curtailed more than one million barrels of daily crude output. soccer superstar leonel messy is due -- messi is due in court today. the argentine star and his father are accused of failing to pay taxes on image right. -- image rights. global news 24 hours per day. painful for a man who is seen to be the best footballer in the world. not pretty to be messed up in tax issues. i want to talk yen. we saw it advancing significantly

i am francine lacqua in london with tom keene in new york. i think the conversation on brexit is continuing to shift but i'm looking forward to seeing whether janet yellen tackles this issue head-on or dances around it. tom: i do not think that is a small idea and i believe she has got to. i would be stunned if she did not directly mention it. day, michael mckee and i will do this at 1:00 p.m. this afternoon. francine: i wonder whether she will focus on domestic risks or international. let's get the bloomberg first word with nejra cehic. nejra: a new warnings from george osborne on the risks of leaving the european union. in a speech he will say that brexit would lead to a $42 billion black hole in the budget that would have to be plugged with higher taxes and cutbacks. the eu is june 23 and recent polls show the leave faction is ahead. hillary clinton has opened up a double-digit lead over donald trump in the race for the white house. a new bloomberg poll shows clinton leading trump 49% to 39% among likely voters and 55% said they could never

tom keene in london for the week. e wrapping up our coverage -- ramping up our coverage toward brexit and remain. tom: it is moving coverage. francine: it is time for my morning must-read. tom: please. francine: it goes back to risk and that we do not talk about china as much as we used to. 's risk suddenly dissipate and might it return? this is asking what has happened to china. nothing has really changed, does it all have to do with the fed? mike amey is with us. everyone was freaked out about china in davos. they add stimulus and then we forget about china. mike: i think there are two things going on. we had the great uncertainty, the devaluation -- nobody expected it. that put it center stage. more recently, i think the stability of the dollar is probably key. china comes into play internationally. the yen rallying hard. the dollar being relatively stable against the other majors is pretty good. unless they make a significant domestic policy mistake or move -- china is going to be there. china is going to be an iss

i am tom keene in new york. edwards is in london.n know where to begin other than the question of the prime minister of japan moving the end this morning. strengthening by more than 1%. a delayed reaction perhaps to what he had to say about perhaps delaying the sales tax increase. as: a very domestic speech well. he is not calling for a general election. we will have some of that within our "bloomberg first word news." vonnie: a new economic outlook warns that the world is slipping into a low growth trap. a think tank says the government bears the brunt of the blame. airbus and siemens are coming out today against england leaving the european union. a referendum will be held june 23. more labor problems in france. some rail workers have gone on strike, and up to 40% of high-speed train services may be disrupted. hollande -- strikes by oil finery rivers -- by oil refinery workers -- israel's prime minister, benjamin then yahoo!, is offering rare pay for -- is offeringanyahu rare praise for the saudi arabia peace plan. president obama

i am tom keene in new york.sation forward with the former governor of the bank of england, irving king. congratulations on "the end of alchemy." "thee are actually reading end of alchemy." i was speaking the other day with lord desai, and we were talking about his idea of an economics of equilibrium and disequilibrium. politicalclear this economic mess. is it through government policy? is it through the hobbesian idea of admiral spirits? -- of animal spirits? what is the idea to get the united kingdom back on track? lord king: the most important thing is to have a government and opposition. we have effectively lost both with the resignation of david cameron and the turmoil which is evolving by the minute in the opposition labor party. by september i am sure that will have been largely resolved. what we will then need is a clear statement by the government about the strategy toward negotiating the trade position with the u.k. with its departure from the european union. there will be various options for that. only

i am francine lacqua with tom keene in new york. tom: it is a quieter economic day after the festivities with janet yellen yesterday. give us some perspective on that better than good number. : it is better than expected but only a touch. first quarter gdp growth has been revised up, but i think what we worry about in europe is that we are becoming a little bit like japan, that we need to get used to this slower growth rate. we will get paul donovan's thoughts on that, but let's get to the bloomberg first word news. istanbul, a car bomb targeting a police video has killed 11 people. seven police officers are among the dead and no one has claimed responsibility. two new opinion polls show the u.k. referendum on leaving the european union is too close to call. the poll for the daily telegraph says 48% of those definitely planning to vote are in favor of staying in the eu, with 47% wanting to leave. another poll conducted by the times has the remain forces tiered, 43% to 42% hillary clinton now has enough delegates to claim the democrat

tom keene in london. berlin, caroline was with us 24 hours ago and she travels not only from a stunned london but to a stunned berlin and. i was shocked by the body language. what did you note in the chancellor's comments? >> amid the searing heat, she's trying to keep a level head. she's definitely trying to contain this desire to hurt the united kingdom and make an example, to stop the domino effect. she's trying to say, we need to remain calm and measured. of being germany in the u k economic ties together. pragmatic, trying to stop any rush to the exit. and the calls for the referendums. >> 35 degrees in berlin. that is 95 degrees. we have to understand that she is on centigrade. very hot in berlin. it thank you. it is bloomberg markets. by thee on the move, led lowest in over three decades. ♪ >> i believe, ultimately, it will be a good thing. scarlet: you are watching bloomberg. alix: this is your business report. prime minister david cameron resigns. a volkswagen executive is arrested as the emissio

i'm francine lacqua with tom keene in new york. i would suggest the markets want direction. politicians in this country just want direction. the european union is looking for a little bit of leadership. tom: i like what you did there with the end of the quarter. i do not realize that there is a republican convention in 18 days in cleveland. i do agree with you, we have almost lost track where we are in every institution. maybe we will have some clarity. francine: mario draghi has not lost direction. yes to look at inflation. -- he has to look at inflation. what central at banks need to deal with, maybe it is a little bit of the beginning that we are starting to see green. this is pre-brexit. first let's get the bloomberg first word news with nejra cehic. nejra: in the u.k., conservative candidates are making their pitches today to succeed david cameron at the party's leader. the next prime minister, you're seeing live pix of theresa may, one of the candidates. according to a poll, theresa may is the favorite among party members. 55% tods boris johnson, 38%. may is speaking li

i am francine lacqua in london .ith tom keene in new york there is a lot in the markets. e havens are under pressure. the yen at 103. we need to look at the banks, as well. tom: more than i expected 12-hours ago. this has been a massive adapt and adjust to the pageantry we saw yesterday afternoon at the yellen press conference. i don't know where to begin on the market interdependencies right now. it is an extraordinary morning. francine: i know you are looking at swiss. we have a great interview with this was -- with the swiss national bank president. let's get to the bloomberg first word news with nejra cehic. nejra: investigators found the main wreckage site of the egypt air airplane that crashed into the mediterranean. they gave images of the airbus' remains to authorities. investigators are trying to find the black box flight recorders, which may be the only way to find out what caused it to crash. president putin has a message for the european union. but's put you crying behind us and get back to business. he is speaking at the st. petersburg economic forum. he will

tom keene in london. there is a referendum, an important referendum. he polls started at 11:00 a.m. it until the polls close. tom: in america, there is a joke am a vote early, vote often. i guess we can't say that here. francine: can i give you a little bit of a timeline? tom: please. francine: the first results come in at midnight. at about 2:00 a.m. london time, we have results. 4:00 a.m. london time is the busiest. we should have a clear idea of the vote at 7:00 a.m. tomorrow. you are not capturing the majesty of this united kingdom. is it correct that the first results come in from gibraltar? francine: yes. we will make you a britt. let's get over to the bloomberg first word news. emma: the u.s. is defending its use of economic sanctions against venezuela. president obama says it is a way of responding to repression. the u.s. is trying to break an impasse between president nicolas maduro and opposition leaders. frankfurt is set for a makeover. it is investing $130 million in upgrades that include yoga rooms and a forest-like recreation area. the fbi has rated the office of a new

tom keene is in new york.siness flash. >> new-home sales in china rose last month at the slowest pace this year, up 33% in may. more than half of the increase in april. the chinese government has taken steps to cool off the market. alitalia is going on a charm offensive. an airline known for its serving service is training its employees to get nicer. fromf this is coming alitalia's controlling shareholder in 2014. the world's largest private equity managers expects to finish raising its largest eye out call yet. blackstone group's buy and hold strategy of warren buffett. will target companies that are larger and less risky than most eye out targets. that is the business flash. opec -- itut of the kept estimating for supply and demand and 14. markets will be more balanced. this is keith in new york. research happier blast joining us in london. great to have you on the program. this comes ahead of that all-important iea report for 2017. giving the final preview of how this year is looking, the farmers market is

tom keene will be sitting down with alan greenspan at 9:00 in new york. ation with the former secretary of state, madeleine albright, at 10:30 in new york. ♪ tom: good morning, everyone. ,rom washington and london simply, equity futures ketchup with what we see. we have futures down. just a real fragility and nuance bid right now. i can look anywhere on the screen and see the tournament -- deterioration. now with the bloomberg is this flash, taylor vicks. taylor: more fallout from the kurdish brexit vote. some may move operations out of the u.k.. that is according to the institute of directors. billionaire george soros was long on the pound before the brexit vote sent to currency plummeting. a spokesman said that soros did not speculate second time because of his generally bearish outlook, he could then if it after the vote. a huge chinese container ship has been the first to go through the newly expanded panama canal. they expanded the lots, doubling the capacity. that is the bloomberg business flash. francine? francine: thank you so much. we are looking

i am francine lacqua in london, tom keene in new york. we are seeing a clear risk aversion as the german bond yields are ever lower and the ecb buying corporate bonds. tom: we have some financial work with the yields lower. that began yesterday morning and it is grinding ever lower. we have the political news in the united states. francine: a packed day. it was a history making night for hillary clinton. she declared herself the winner in the race for the democratic presidential nomination, taking her the first woman to run as a candidate of a major u.s. party. tonight, victory is not about one person. it belongs to generations of women and men struggled and sacrificed and made this moment possible. shery: clinton won three of the six states that held primaries or caucuses tuesday, plus she has a big lead in california. meanwhile, bernie sanders says he is not giving up even though the math does not look good. he is said to meet with president obama tomorrow, who called clinton to congratulate her. another car bomb attack in turkey and it

tom keene is in new york. need to start looking at the implications of a possible brexit. tom: we are going to touch on that. i want to say thank you to all the people who e-mailed in about the new wants we gave to all the data checks. it is that kind of thursday and friday. francine: it all goes back to negative rates and the limits of monetary policy. let's get to the bloomberg first word news. >> president obama made it official. he has formally endorsed hillary clinton to succeed him in the white house. nbc'sinterview on "tonight show," he spoke. >> the main role on going to be playing in this process is to remind the american people that this is a serious job. this is not reality tv. i've seen the decisions that have to be made and the work that has to be done. >> president obama will campaign with hillary clinton next week. teams hunting for the missing malaysia airliner will inspect debris. debris may be spread out over 6200 miles. that plane disappeared more than two years ago. brexit wouldays a rock european stocks. european equities could lose a quarter of their v

. >> time for the morning must-read with tom keene. there's too much to read. tom: there is.around the world a little bit. terrific coverages but quite a photograph of david cameron looking shocked and dismayed. this is the wall street journal from saturday with the u.k. vote. i really want to talk to about is this one. the new york times this morning, post-war unraveling. they question whether there is something bigger going on than just the u.k. separating from the eu. if this is an unraveling of the whole structure of the world set up after world war ii. >> i think they said monday, there's a meeting. the bankingd of system in europe and the united states and overarching that is where you are going in your timecode. the european experiment. this wording, confederation. not the canadian confederation, are we so disjointed we would break up into odd blockages in spain, italy, france, etc.. entire wave of history since world war ii has been to increase international trade, increase unity. tried once in this country. there are real problems, friction problems for the confedera

this is bloomberg i am francine" lacqua in london with tom keene in new york. theave to talk about sadness of international terrorism and then we look at the referendum and the fallout. tom: we will go to is been bill -- istanbul later and speak to an expert. if you did not know it was about brexit and the eu, you would think it is about someone arguing about the summerhouse. francine: we talked about metaphors with the divorce but there has been quite a bit of anger especially in london where 70% of the people voted to stay in. emotions are changing and we saw an emotional david cameron yesterday. let's get to the bloomberg first word news. blaming islamic state for the suicide bombing at the airport and istanbul. three bombers opened fire and blew themselves up after police started -- saw them. 40 people wounded -- killed, 200 wounded. recent months, islamic and kurdish militants carried out bomb attacks in turkey. david cameron used his final european union summit to express regret over the brexit vote, telling final desk telling leaders you could have won th

anna edwards will be taking over in london and tom keene in new york. with the german economy minister at 1030. tom: the failure if not delay of -nomics. the markets are range browned -- range bound. we have draghi on thursday and the fed on friday. we consider the swiss franc as currency of last resort. this is bloomberg "surveillance." i am tom keene and new york, anna edwards in london. good morning to you. the meetings in

this is "bloomberg surveillance" with tom keene on this historic day. sthfs 2008, tom. tom: right. an extraordinary day. and to describe how the building went silent this morning as the prime minister esigned was just indescribable. what are you going to try to accomplish in the next few hours? see ine: i'm just going to tom: and as he said, we're just going to try to get through friday. francine:here we are with more results. >> thank you, fran. stay with with that historic vote. they voted the quit the european union after more than four deck decades. setting the u.k. up for years of bitter the divorce talks. and prime minister david cameron thread main campaign and said he is resigning and a new prime minister will be in office by october. >> i think the country requires fresh leadership to take it in this direction. i will do everything i can as prime minister to steady the ship over the coming weeks and months, but i do not think it would be right for me to be the captain that steers this country to its next destination. d another says the -- he promises there are additional m

economics editor. " is up next and tom keene will be joining me. about the emerging-market currencies on the back of that all-important fed chair janet yellen speech yesterday. look at that beautiful picture of new york, tom keene in one of those apartments. ♪ it,cine: clinton clinches making history as the first woman to become the nominee of a major u.s. party. yellen has been keeping the 2016 hike alive. europe's biggest energy company trims spending as it boosts production and cash flow. this is bloomberg "surveillance."

here is his conversation with tom keene and mike mckee.ntal issue is the fact that it has to a hold.ound we're running out of people and everyone is very pleased with the fact the employment rate is rising. that we needll us more and more people to produce less and less. that is not a prescription for a viable political. iswhat we have at this stage stagnation. i do not rank there is anything out there that suggest a recession but i do not know that. ,hat i know is the money supply which has always been a critical time,tor is for the first going up remark we steadily, six or 7%, almost a straight line. is tilted up in the last .everal months it has added one percentage point or two. i think -- the thing we should be worried about now, which we have given no thought to whatsoever, is that this type of economic environment ends with inflation. historically, it has always ended up that way. >> i will get a lot of letters from people saying what is he talking about, there is no inflation, futures indicators and markets see no inflation. how do

tom keene is in new york. tom will be making his way

jon: tom keene a bloomberg surveillance. you can follow tom keene on bloomberg radio.or this plug today in swiss franc spirit 7:00 to 10:00 weekdays with tom keene. david: it is opening day for walt disney's $5 billion thing kart in shanghai -- theme par in shanghai. what are they had planned for today? had an opening ceremony. thousands of people came in. it was rain, but it did not subdue people's spirits. we have seen crowds flocking to the rides and taking in the activities. we want to show off the castle behind me. it is the fastest -- it is the biggest castle. it is a big play for the chinese consumer. they don't think they will turn a profit this year. they don't think they will get the per capita income revenue they get in their other parts. but this is a long-term play to expand the brand in china and that is what the disney team are trying to do here. david: this is a really important play for the walt disney company. they had been opening parks on a trial basis. do they have any sense of the consumer response of this particular theme park? very interesting,

mark: that was -- betty: that was bill gross with tom keene and mike mckee. coming up on "bloomberg markets," walmart is holding its annual shareholders meeting. what will world's largest retailer say about the recent slowdown in the sector? we go to fayetteville, arkansas for. stay with us. ♪ mark: this is "bloomberg markets," i mark barton. betty: i am betty liu, new york. how the markets? mark: it's a similar story, a flight to safety in light of u.s. jobredibly weak numbers, which took everyone by surprise. i can say that, categorically. you look on the bloomberg and the most pessimistic forecast has an increase of 90,000 jobs. that was still way too optimistic, more optimistic than the actual final figure. down, we haveis gains in london, the first daily game this week, mainly because of an increase in mental and minors. at taxes lower, have a look -- the dax is lower. have a look at the industry group, basic resources are benefiting from the weaker dollar, the dollar slumping against a whole array of currencies after the week jobs jobs report.k in the e

tom keene is in london. he's getting ready. you will talk about currency, banks.e joined by the one calling time onceo's. can they survive the next few months? ♪ a francine: remain campaigning in the final days before thursday's referendum. surge.equities treasuries and gold slump. the reserve bank of india governor will leave in september. this is "bloomberg surveillance." i'm francine lacqua in london with tom keene. he joins us for a week of brexit coverage. tom:

i will be joined by tom keene. ♪ kingdom, this united 24 hours before the u.k.dum the markets that on remain. stocks rebound attach. markets in london brace for brexit fueled trades. janet yellen leads the fed and retreat and signals a high bar for another hike being one of the six seeing one move in 2016. i'm francine lacqua in london, tom keene in london, all in london ahead of the me

jon: i am blaming this one on tom keene's shopping habits. he really went long cable when he got into heathrow. the pound continues to move against me. david? david: we will turn away from tom keene's shopping habits and go to india. newsupee is falling on that the governor will leave his post in september when his turn -- when his term expires. was this an unexpected move? what caused this? definitely, this came as a everyone, andto you can see that it was invisible on the market. all other emerging markets rallied on optimism that there may be the possibility that the united kingdom may stay in the european union. the rupee was the only currency in emerging markets that was in the negative, and it is also because of -- clearly, this is a worry. worried about the policies that he had implemented and a result in keeping the rupee very stable. so with a 5% downturn in the rupee, it shows the position of investors. david: as if an indian central bank change in brexit was not enough, we will hear from fed chair janet yellen. our bloomberg column

scarlet: that was bill gross on bloomberg with tom keene earlier today.ght on the big plunge in the dollar following the jobs report, and what it could mean for the fed's next rate decision. is the me from new york head of currency strategy. nick, we've seen defend governor's sound a more cautious know, sing the latest data suggests that the labor market has slowed. how do you think janet yellen will adjust her tone when she speaks on monday? nick: that probably is the $64,000 question. it's going to be interesting. maybe she will add a note of caution, but i wouldn't expect her to deviate too much from what she said last week, which is that is a data dependent outlook, and it may be appropriate to raise rates in the coming months. my feeling the federal reserve is going to want to keep some flex ability with respect to its policy actions, and at least keep the idea of a rate increase over the next few months as a possibility. note about this particular report is it was extremely soft. it was rather disappointing. it wasn't a particularly clean report eit

tom keene is in new york. we have a very special interview.ster will be speaking in london. africa's biggest economy is on the verge of recession. they are desperate for funding. joining this is the former nigerian president. thank you so much for joining this. the economy is a very state. liable for what happened under your administration? goodluck jonathan: no. depends.my drop, itoil prices affects the economy in the country. potential government revenue , the oil prices come down and especially now because of activities. timeis not the first government has experienced a drop in oil prices. what happened to the rainy day fund? i just want to go through numbers. it was down to $2 billion from $20 billion? goodluck jonathan: there is a misconception about the excess crude account. a number of reports said that it was up for a rainy day. when i was there, i tried to make a special fund. it will not be easy for you to take. governor fore the governors would insist there is no place in our laws to say the federal government should take excess. th

tom keene is in new york. this is when it picked out for my morning must read.t is focusing on some of the political upheaval in the u.k.. this was a week ago, but nothing has changed. arguments are not getting through to the mainstream, and a group of undecided working-class women assumed the party was for leaving the you. the poll goes back to that was really sick days ago, saying almost half of labor voters do not know what the party stands on the referendum. how damaging is this? can the u.k. remain in the uv does not appeal to labor voters? -- it is extraordinary the amount of policies that has made available. but people do not want to read and find out, then they will not know. one of the most fascinating challenges is because there is lack of clarity about the economic consequences in a longer-term view, everyone is excepting the short-term kyle's. -- accepting the short-term chaos. this does mean that this has become highly emotional and sentiment driven. >> are you even more concerned? do not know what they vote on, they don't show up at the polls. >> m

we want to head back to that conversation with tom keene and michael mckee speaking to alan greenspanay good morning to all on bloomberg live. our guest now is alan greenspan . let's start with some thoughts on why we are here. michael: that's interesting question because back in march when tom and i last spoke with you, you noted at the time that there is something beyond the individual day-to-day news that we are watching. in thedeterioration standards of living that people have these days. that is around the world. it is global. that is leading to symptoms like what we are seeing in the united kingdom's that are not the cause of themselves. alan: well, i think the problems that we have come as i mentioned that it isthe fact often useful to start with the end result and go back with causation an in reverse. what we see is a desperate operation out there. we are seeing it in the united states. we see it during the election period. it's a fear. it's a desperation. they're are looking for somebody to come and help them out. this is basically what brexit is. we are seeing it in europe g

i'm francine lacqua with tom keene who has been here for the week. an interesting day. c day

queenhat was marvin speaking with friends in the pot and tom keene -- francine lacqua and tom keene.me to figure out. you get overshoots on the downside, overshoots on the upside. listening to him, he did not seem overwhelmingly concerned about markets. this is what he expected on friday on monday. the question is how long does it take to really shake out and is what we see on the screen today a sign of stability, or not? oliver: that is my question, whether or not this is a version convictedbeing -- mario draghi saying they will cut expectations for growth. these are the things that could continue to insert turmoil into the markets. shery: it is not just the months to come, but years to come. there was a very interesting op-ed talking about the next three years. what happens in the summer of 2019? the u.k. has regained financial some national confidence, but the fact is the u.k. and eu, the influence, -- we will have to see other countries take over the vacuum. the u.s. not keen on taking over more international responsibilities. we will see some thing called the g0 world. jon: that

jonathan: joining us is tom keene. -- we did not do this very often. uncertainty over the -nomics, and a down move for sterling-yen. you have concerns about a referendum. today, japan front and center. tom: it is stronger. you can look at it against any major pair but the idea is that we are not back to center tendency of what has been a stronger yen. dollar-yen, at 109, 106, 105 you get to see the tension clicking. jonathan: one thing you do really well is look at rate of change, and the rate of change to go from a 111 handle to a 109 handle certainly moves against kuroda. tom: and these are brutal moves. the acceleration in trend. some of the moves today and the strong yen maybe the idea of the covering of trades. i get that idea, but the fact of the matter is we are nowhere near where we need to be. jonathan: it confirms probably the worst cap secret -- kept secret in japan, the rate hike in 2019. it is a fiscal stimulus because he is not going to implement it but he clearly has a lot of work to do. what does it mean for viewers around the world and

time for our morning must-read and i will bring in tom keene.ning us from the city of london is richard jones. great to have you with us. the front page of a leaveaper is one headline " in britain." the sun backs. waynen the corner is that rooney? jonathan: that is separate from the brexit debate but significant for other reasons. is the best selling newspaper in the united kingdom and has a history of getting behind the winner. tom: this is mr. murdock, right? alix: he does, and the words were so strong. outside the european union we could become richer, safer, and freer at last to forge our own destiny as america, canada, and new zealand already do. if we stay britain will be engulfed in a few short years by this relentlessly expanding german denominated federal state. this has historical significance. buzz was it was the sign, what has done it -- the sun, what has done it. it is not that significant that way now because the readers of the sun are probably already going to vote leave. point, and rob hutton spoke to you about it, the sun has a

david: tom keene, joining us from surveillance radio.in for bloomberg surveillance radio with tom keene and michael mckee everyday of the week. alix: the brexit aftermath sinking its teeth into commodities, oil prices down about 5% in the past wk. despite today's relief rally, you still a stronger dollar and global growth spheres potentially calving upside. barclays think rises could fall to $40 in the third quarter. toning us is the man who has put money to work in oil, rob thummel. he has $15 billion in assets in energy stocks. we heard earlier the ceo of saudi aramco saying or supplies to europe are not affected. it's not the supplies we are worried about, it has to be the demand factor. mr. thummel: global demand is really important. we are still in the sweet spot for oil prices, and demand is really strong. it was really strong last year, well above average. still well above average forecast of for this year. next year, it is forecasted to be continued higher than average. alix: what helped as the stabilization of the dollar and oil

this is "bloomberg surveillance" with tom keene on this historic day.

next, tomnce" is keene and anna edwards will be kicking off the conversation with charles evans. ♪ tomng, the may report on the american labor economy. in this hour, we searched for rage growth in america. the brexit debate heats up the prime minister. he will attempt to get to monday. a conversation with charles evans of chicago. good morning, this is bloomberg "surveillance," tom keene in new .ork, caroline hyde in london so much going on. what would you look for in the brexit

madeleine albright weighed in with tom keene and michael mckee. >> mr.ery pleased with what happened -- mr. putin is very pleased with what happened with brexit. one of his agenda items has been to cause disruption within the european union to make sure that it splits apart. i think the important part is how nato will continue to function together and also what signals there are for the eu general. there's a school of thought that says nato will have trouble with security arrangements in europe because the europeans may not be getting along. another that says because they are not getting along and they don't know what's going to happen, they will rely more on nato and this could reinvigorate that organization. >> i think nato continues to be the stabilizer in many ways in the alliance that has helped together the land -- the longest. they will be looking to see how security arrangements can be strengthened. a lot of the issues are going to do with what nato is going to do in central and eastern europe. i'm sure they have to consider the entire security p

joining me to discuss it, tom keene, two days away from a referendum. -- thisbeen a catalyst has beenalyst. tom: black friday, doom and gloom. jonathan: let's look at what george soros had to say. the brexit warning quote -- they're specular forces in the market more bigger and more powerful. he is comparing this to 1992. they will be your to exploit any missed out relations by the british government or the british voters. a vote for brexit would make some people very rich, but most voters considerably poorer. , but a viewview that is shared among some of the financial elite. tom: one of them wonderful moments i've had doing "bloomberg surveillance," was a long conversation with george soros, about 1952. he was in the basement of a building at the london school of economics learning from karl popper, one of my heroes. he was generations in front of me. and george soros brings a heritage here that really needs to be respected. what's fascinating about his of thisis that age skew vote. you lived it, don't americans understand the polarity of age difference between young and old. here is

i am francine lacqua in london with tom keene in new york. we

irveillance is up next and will be joined by the one and only tom keene who is taking london by stormg until he is dropping. a conversation with paul to grow degrauwe. remains tooferendum close to call only two days before the vote with separate polls showing leads on both sides. now also warning of a slump in the pound should voters back the brexit. euro 600 gaining some 2.4%. 104.47 and you can see the volatility index down. "surveillance" is up next. ♪ okay, ready? whoa! [ explosion ] nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity. by switching to xfinity x1. rio olympic games show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. francine: a divided united kingdom, just two days to vote and the polls are split. the pound falls. a verdict on germany's , janetutional court yellen heads to

tom keene will be joining me from new york. brexit,be talking rbs, and the risks to the u.k.we also have an exclusive interview with the disney ceo as the company prepares to open its shanghai resort. beautiful picture in new york city. ♪ francine: super mario needs help. mario says he will do his part to the ecb stopped buying corporate bonds. googler easing continues as the brink of korea surprising -- bank of korea surprises. and labor is missing from the referendum campaign is almost half of the party voters do not know the site the party takes.

next withnce" is up tom keene.talking about the world bank report that they expect growth to be slower than they thought. that is coming up next. ♪ francine: clinton claims vick three, hillary becomes the first woman to run as a presidential candidate of a major u.s. party. mario draghi's ecb buys corporate bonds as the world bank cuts its growth outlook. the german 10 year hits a low. shareholders are expected to $70 millionceo's pay package. i am francine lacqua in

tom keene joins me from new york.ring you an exclusive interview with former nigerian president goodluck jonathan. that is coming up later on "surveillance." ♪ francine: your move, yellen. the friday move drives down numbers. can she get away with a summer hike? the pound feels the pain. the sterling tumbles and volatility jumps. china must improve monetary policy communication, says jack lew. this is "bloomberg surveillance." tom, look at the u.s. jobs report on friday.