malcolmheard from turnbull.ded more uncertainty, now we have a cliffhanger in this election result. we responded to australian politics, but we see the drag on the australian dollar. are we in for more volatility? >> i think we probably are in the next couple of days. i would stress i think that volatility will be relatively mild. you might see some further falls in equity prices, the dollar. this could be short-lived. the u.k.'s experience with the recent brexit vote is a good example here, because it was a surprise to the markets, as is the astronomy and federal election result. -- as is the australian that a election result. but they regain composure quickly, and after a week, losses have been reversed. we will see something quickly like that in australia. whether there is reaction in a few days, things calm down. we realize when it comes to the economy at least, nothing much is changed. yvonne: so you think about the economic implications that could be, you it will not be that big of an impact? not dealing w

will not comparable the forced -- will malcolm turnbull the forest -- that of course governing in a minority is bound to lead to more confusion, uncertainty, and jockeying and horse racing. how did the prime minister get into this position in the first place? turnbull took over in september promising to give economic leadership to the nation as he transitioned out of a mining investment boom that as the months progressed, businesses grew frustrated that he was putting major economic reforms such as an overhaul of the taxation system into the basket and he got criticism from groups. there was a sense of frustration amongst many voters that he was not embarking on a more socially-progressive agenda that

we are seeing political limbo, malcolm turnbull falling short of a majority. stocks expected to take a dip. we are seeing japan futures

leader called on prime minister malcolm turnbull to resign. knock him turnbull responded saying he would say that, wouldn't he? he will push on regardless. angie: paul allen, thank you so much. we are waiting for the australian government officials to release its latest trade data. that is due in about 20 minute'' time. we will take a more detailed look at the rba's decision later in the show. we want your opinion so please tweet us your thoughts. we can check it out and share. take a look at some of the other stories we are watching. here is heidi. the u.k.'s ruling conservative party takes the next that towards finding a new prime minister today. all 330 tory members will be balloted to the five contenders hoping to succeed david cameron. each have outlined different ways to manage withdrawing from the eu. secretary may has received the

yvonne: how much of a blow has this been for malcolm turnbull?ister going into the election, his support base had collapsed in the early part of the year. he was faced with a difficult decision, either to call an early election or to wait until the end of the year. he faced a difficult senate. the cross bench senators were in no mood to negotiate with them so it did force hand to go to an early election. that has not played out well. he clearly thought he would be able to ride the election into government, albeit with a reduced majority. that has not played out. he has been severely punished. the opposition has outperformed expectations. the media commentators, and some members of his own party. these economic policies, it is quite limited when it comes to the differences between the major parties on fiscal issues. what is going to be the ultimate deciding factor? aspects to that question. what will be the decider in terms of forming a government? the cross benches tend to lean toward the conservative side of politics. the new members of the new

he spoke to prime minister malcolm turnbull on the phone sunday and, turnbull was quick to claim victorycount is not finished, but 76 seats in the 100 fifties feet parliament -- 150 seat parliament is the majority. there's a possibility that the numbers may change but they will probably change, in the coalition's favor. there was a feeling that the coalition could get to 77 feet -- seats. that happens now is turnbull will renegotiate the coalition agreement with the national party. they may have another seat around the cabinet table. next week, he will go to visit the governor general, and there will be all the pageantry being sworn in as prime minister again. that is the slimmest of majorities, and as we have been discussing in the past week, that means a weak government and probably why deficits going forward. angie: and also challenges with australia being put on negative credit watch last week. though, it doesn't seem that the market cared about it too much. reporter: no, the story on the bloomberg about this today about the s&p negative watch was greeted with a jan by the markets, p

turnbull took over in september promising to give economic leadership to the nation as he transitionedut of a mining investment boom that as the months progressed, businesses grew frustrated that he was putting major economic reforms such as an overhaul of the taxation system into the basket and he got criticism from groups. there was a sense of frustration amongst many voters that he was not embarking on a more socially-progressive agenda that many expected him to do including pushing ahead with legislating for same-sex marriage and tackling climate change. our voterse seen moving away from the mainstream and the same sort of backlash that we have seen across western europe and the united states with populist parties, the main parties -- labor and coalition -- have seen their primary votes drift lower and that has allowed a smaller independent party to cut through advocatese party that more protection for australian industries. >> we'll see how it plays out. you can get more on that and the rest of the news at our brand new digital destination tailor-made for the middle east, with in-

turnbull and his coalition will form a government.hether or not it's a minority government or a majority government of one or two states, it is clear they will form a government. so i have spoken to mr. turnbull earlier this afternoon to congratulate him and lucy and to wish them my very best. >> reporter: it has, of course, been a long wait for bill shorten and malcolm turnbull who acknowledged in his news conference the close nature of this result. mr. turnbull flags that some of his ministers moving, a minor shuffle will be on the cards but nobody seriously expects that the former prime minister, tony abbott, will be included in a new turnbull ministry. during the prime minister's victory speech, he was joined with malcolm turnbull clearly relieved that after a long eight week campaign and a week of waiting for results on top of that he can now move on and actually continue to govern. >> this is a day of thanks for many people to thank. the most important people to thank are the australian people because we have resolved this elect

leader billon shorten calling malcolm turnbull to concede defeat.er was cloud to accept and claim victory as well. if we look at the vote tally as coalition now leading on 76 seats, and that is more than half the seats in the there is some speculation they may even make it to 77 seats. it took a while to get here, almost eight days before the result of this election was known. andolm turnbull saying he bill shorten both discussed the possibility of electronic voting in the future. malcolm turnbull, he has gone through a lot to get here, but also in for a tough next three years, right? week when allst the uncertainty was circulating, ,e was talking to independents and he has a couple on board to help him. he said you try running a government with one vote up your sleeve, so it will be a tricky three years for the prime minister. the s&p has responded to this, the feeling that it will mean a lack of reform and whiter deficits. yvonne: they put australia on negative credit watch last week. it made headlines, but market seemed to shrug it off. why? conc

the situation for malcolm turnbull is improving. he picked up one more seat.t gives the ruling coalition 70 seats and the opposition labor party 67. those postal votes still being counted, all 1.1 million of them. we should have a clear picture toward the end of the week. malcolm turnbull has reiterated that he is confident of forming a majority government. at this stage, you would have to say minority looks more likely. he will have a couple of challenges there, not only piecing together support from smaller parties but quelling some unrest in his own party after what many feel was a poor campaign. angie: politics really threatening that aaa credit rating. paul: yeah, that is right. the rating agencies warned about it on monday. there had been warnings today that the premier of new south wales warning the aaa rating is under threat. mr. castillo was in the media saying a minority government will find it extremely difficult to make progress on the budget deficit. it looks good at the moment. $37.1 billion small when you consider it to the rest of the oecd. it

malcolm turnbull and theresa may having a phone conversation on saturday.ster described it as very constructive. theresa may said later that she is determined that britain will ,ake a success out of brexit and one of the key parts of that plan is to strike trade deals with partners across the globe. >> in some respects, a trade deal would be going back to the history books, right? remember when i was just a little boy when britain joined, meaning terrible times in this part of the world. exports plunged 90%, a similar story for other soft commodities as well. ands like abandonment betrayal got kicked around in this part of the world, so a free-trade deal would be something of a renaissance of that old arrangement. can they really do to get things moving then? paul: it takes a long time for get putade deals to together. the one between australia and china took about 10 years. malcolm turnbull saying that even though britain won't be out of the eu for several years, they need to get working on these new arrangements quickly. malcolm turnbull and theresa may w

also concerning here is malcolm turnbull. victory, a lot of people saying, calling an early election here was a huge mistake. -- is he under threat and self here -- himself here? paul: yes. some of the journalists on the campaign said they were only making one or two stops per day. while the opposition leader was working tremendously hard to get votes for his party. just forcriticism not that but also for failing to deliver on that promise. back in september, promising to deliver victory, and he did not do it. he will not only have difficulty forming a minority government if the numbers fall to his side, but he will have to quell the rebellion in his own ranks as well. angie: thanks for that come alive out of city. pushing ahead with ipo despite uncertainty. we'll take a look at what could be the biggest offering in the world is here. why traders are betting the company known as the craigslist of china. ♪ >> the truck exploded in a mostly shia neighborhood. the area has many closing restaurants and cafes. the streets were fil

go into the back room dealing with the independents and minor parties, but the risk here is that turnbull will be forced to form and it will call political paralysis. and simply indications for the aaa credit rating. so the markets taking it in their stride. similar story for the local dollar, as well. did come under pressure, but came back off the lows. i think you will see a fair bit of volatility over the course of this week until the final count comes in from postal ballots, et cetera. all in all we did see improvement today in equities in our rimg on, but it really is a low conviction, low energy up move given the fact that the markets are closed and u.s. participation remains low. back to you. >> sri, good to see you. thank you very much. yes, good morning, happy fourth of july. many of you writing in with precisely those well wishes. gary, good morning to you. keep your e-mails coming through. street signs europe at cnbc.com. >> and twitter, as well. @nancycnbc. >> and @louisabojesen. >> our live blog will update you all the good stuff going on. after the break we'll be talking hig

australians had to the polls as prime minister turnbull pleads for continuity.go to sydney next. this is bloomberg. ♪ anna: welcome back. this is "countdown." let's get the bloomberg first word news with rosalind chin. the bank of england has signaled a rate cut within months as it tries to shield the u.k. economy from the shocks of leaving the eu. governor mark carney says he won't hesitate to act to shore up the system and is considering what he termed a "poster measures." >> it seems plausible uncertainty could remain high for some time with the greater drag on activity than we previously projected. the fact will likely be enforced by tighter financial conditions. massind: and massive -- a of data from japan shows bad luck for the world's third-largest economy. retail sales and household value stagnated. nceufacturers' confide steadied. the latest official figures show china's manufacturing sector treading water in june. the pml fell to 50, the dividing line between improvement and deterioration. as for the services sector come it continue to improve with the

malcolm turnbull will have to work very hard to make these for his own party as well.here is concern that a weak government is going to mean week policy and wider deficits. that could weigh on the aaa credit rating. yvonne: you mentioned the aaa credit rating. s&p putting that on negative watch next week. it made headlines, but markets just need to shrug it off. in political circles, a great deal of fuss. markets did not seem to care. a lot of things at play. low inflation, low wage growth, the prospect of a credit rating downgrade really seemed to rattle investors in australia's bond market. we take a look at the asx today. we are up nearly 2% there. one expects that is less to do with the end of political turmoil and more to do with what happened in the u.s. on friday. it goes to prove that what happens domestically is only a small piece of a large puzzle. you are quite right. the markets shrugging off that warning. yvonne: thank you so much. tosion funds are about become multibillion dollar stock market players. that is part of a plan to boost yields for a pension s

malcolm turnbull is closer to victory, but there is growing concern the indecisive election could hit country's credit rating. as rating agencies warned that aaa status could be at risk unless the budget deficit is reined in. paul allen is falling all of this in sydney. what is the state of play? paul: malcolm turnbull had some , the seatlast night of gray had fallen to the coalition, taking them to 70 seats, the magic number being 76 to form a majority government. have improved. the prime minister was also in television offering a mea culpa for a disappointing campaign. a lot of his colleagues are unhappy, but he did get support from john howard coble who said nobody should be "lifting their throats at the results." -- slitting their throats of the results." australia's aaa credit rating could be at risk. australia's if deficits get wider, and that is guerin teed to happen with a minority government because we will be in a situation of policy paralysis. there won't be policy reform, deficit grows bigger, and that's when aaa is at risk. angie: thank you for that. plan top, samsung's s

that was in september when tony abbott was ousted by turnbull.re some in the conservative party wing that wouldn't mind seeing the back of turnbull. certainly there were anomilous reasons. kevin was seen as someone not suited for prime minister. julia had a minority government to work with. that was never going to end well. and nonetheless, there has been that revolving door. so, there will be plenty of people predicting michael turnbull may struggle to see his full term as well. >>> japan's prime minister has claimed victory in the country's parliamentary election. shinzo abe's coalition regains a 2/3 majority. for more, we are joined by andrew stevens live from hong kong. japanese prime minister shinzo abe, appears to have won big. what could this mean in terms of participation in future world conflicts. >> it's a very significant vote and victory. basically it allows the ruling parties, shinzo abe's party to start drafting changes to the constitution. shinzo abe has made no secret of the fact that he doesn't believe japan should be bound by a

australian tv says turnbull is short of the majority he needs to form a government. korea and the u.s. have agreed to deploy a new anti-ballistic missile system. south korea says it is in response to a growing missile threat from north korea. opposed to thes deployment and urged the two countries to reconsider. news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm courtney collins. vonnie: happening right now, u.s. attorney general loretta lynch said to deliver a statement on the shootings that killed five police officers and wanted others at a demonstration in dallas last night. you're looking at live pictures of the department of justice where we are waiting for the attorney general to come out. you can stream her comments on your bloomberg at live go an hour live channel event. bloomberg.com/live. jpmorgan's jamie dimon says the brexit decision could be reversed. he says there's nothing wrong with changing her mind. as the town becomes this year's worst currency performer and u.k. consumer comments plunges the most

matt: it was also a turbulent week in australia are prime minister malcolm turnbull promised an electionould give his government a platform to deliver political and economic stability. but, the results were not as conclusive as he heloped. the results are not as inclusive as he had hoped. >> the estrogen election delivered no clear result over the weekend. a hung parliament now the second near certainty. whenever you going to see an idea what the next government is going to look like? >> it could be a minimum of at least 13 days before we know any results. it could be longer if the recount is affected. we are in a state of flux here. if we look at the current state, we have the commission on 67 seats. the opposition labor party on 71 uric malcolm turnbull is confident he can put together a majority government, but a lot of things have to fall his way. we have a situation where we are in a complete state of flux. they have opted for total policy paralysis. that could mean widening deficits for australia and possibly a risk of a aaa credit rating as well. >> australia's central bank in the

turnbull reshuffled his team after this month's narrow election when. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. bloomberg. guy. guy: juliette, thank you very much. theresa may will chair the first meeting of her cabinet. simple.ctive is don't let this administration be defined by brexit. in a statement, she said it will be the responsibility of everyone sitting around the cabinet table to make brexit work for britain. stephen king is the senior economic adviser. he joins us as our guest. is that wishful thinking that the whole thing will not be defined by brexit? >> it will be a challenge over the next three years. in terms of divorce, it will be a certain. there is no precedent for us. you get three ministers who were brexit tears through the campaign whose a job it is to try and extract the u.k. from the eu. we do not know exactly what the eu will want from the u.k. there is no precedent. -- deficit that u.k. has which is going to be difficult to fund over the next two to three years. many foreign companies d

malcolm turnbull, the current opposition leader have led politics before.he game has been historically long. they asked for a double dissolution. he asked for both the house and the senate seats to be vacated two months ago now. we have what seems to be an in terminable campaign. and voting stopped just 40 minutes ago. the polls closed. and the results are coming in. of course it's far too early to tell what the trend will be. the last poll showed a slender majority as opposed to 49.5. malcolm turnbull, the prime minister, needs a stronger victory than that to assert his authority over the party. and of course the opposition leader will be hoping for any sort of victory because there are already rumblings about his latest ship should he fail in this task. >> so when you talk to -- when you hear from voters about this election, high stakes. what is the sense among people? >> the sense here is uncertainty about economic conditions. and i think this is, you know, a global phenomenon in western nations at the moment. there's been so much change, economic turmoi

and to tell us all about this great adventure we have live via skype charles turnbull all the way from new south wales, australia. my first question is what about that american book by steinbeck inspired you australians to do this? >> all of us really, really like that book and perhaps we just wanted to hop on a bike. we thought that was the perfect space to travel to america and just find out if that smalltown american generosity and compassion still existed. and we very much found that it did. we couldn't have completed this trip without the people we met along the way. >> what sort of help did they give you? >> people nice enough to bring us in and give us a shower. they fed us once we left the solar panel and a guy drove it to us out of his way. >> do you guys have massive calves now? >> our backsides were probably a little sore and more well developed. it was pretty growling. >> did this adventure romanticize the book even more or ruin the book for you? >> no. not at all. i thought it might do that, actually. but i couldn't believe how accurate it was and how those science are sti

mayolm turnbull and theresa will be there.ll be several years before britain is out of the eu, but he wants to get working on new arrangements quickly. yvonne: the u.k. decision to leave the eu is putting asian markets in a favored position. we will talk about their picks, next. this is bloomberg. ♪ kiwi dollar is falling after weekend than expected inflation -- after weaker than expected inflation decrease the odds of a rate cut last month. see grahamist now -- citigroup is betting there will be low interest rates for longer than previously expected and has reduced its forecast for net interest margins. the margin will be about 2.9% in the second half, five basis points below the previous forecast. is 70% drop in its net income last quarter. -- the company says it is committed to the one billion goal but it will take longer to achieve, that is because of a drastic reduction in the windows phone business. back.e we were talking about how asia, a better position after the brexit vote. where in particular? we are seeing bull mar

as we know, these deals take a long time to iron out, so malcolm turnbull says britain will not be outeu for several years, but it is time to start work now. angie: we are expecting the latest chinese property prices to be released in the next couple of minutes. we will give you the day to live as it crosses our terminals. this is bloomberg. ♪ get ready for the rio olympic games by switching to xfinity x1. 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. ♪ angie: top stories trending this hour, the turkish lira has regained half of its losses following the failed military coup which solve the currency tumbled by the most in eight years. the government says 6000 people arrested with more than 100 coup plotters and 190 civilians killed. oil and gas are flowing unhindered. search saying exxon mobil has made a superior offer for ,ts take over targe

malcolm turnbull made a last minute appeal for continuity. liberal national coalition is tied with the labour party. the campaign is focused handle the australian economy. on the lynch has moved controversy over hillary clinton's e-mails. -he will accept the decision - she's marked a firestorm when she met privately with bill clinton. she addressed concerns she could exert influence over the case. global news 24 hours a day, powered by our 2400 journalists in more than a 150 news bureaus around the world. vonnie: puerto rico is being rescued by its staggering debt burden. it is trying to avert a financial collapse. with a safety net, puerto rico's government will default, one of the largest ever. michelle is here, michelle congress passed a bill and it got signed yet puerto rico is defaulting. why? michelle: the governor said that you have the money to pay for essential services, things like health and safety and schools and also pay investors. puerto rico -- $2 billion. vonnie: does it impact to the oversight board? michelle: it does not aff

political campaign that has left a question as to who will control australian leadership with malcolm turnbull. paring gains00 after it lowers its australian outlook to negative. the fews been one of bright spots in global mergers this can -- global m&a year. our asia deals reporter has been crunching the numbers. is this sustainable? that is the real question. we have been talking for the first half of that year about how we were going to hit the records. we hit the records. so we have been asking m&a wenkers and experts, perhaps are reaching some kind of plateau or peak. the answer being yes, actually. there is a real sense that maybe this china outbound wave will start hitting some speed bumps. will remain high, good momentum, but perhaps we are looking at some kind of plateauing. angie: where are the regulatory challenges? >> at home and abroad. at home, we look at the expense has been determined to monitor those outflows. privates, they have been delayed because the batches of currency that need to transfer are received. in europe and the u.s., even europe perhaps a little bit less friend

prime minister malcolm turnbull it looks like a victory for his coalition. according to an australian tv projection, he has 173 seats with 82% of the vote counted. has won 73 -- he seats with 82% of the vote counted. grains, dairy and meat were higher. global news 24 hours a day powered by more than 500 journalists -- point 400 journalists and more than 150 news bureaus around the world. vonnie: we are going live to washington where james comey is about to give his statement before lawmakers. elijah cummings, the ranking member of the house oversight committee which is hearing this which is in- relation to the outcome of the investigation into the hillary clinton e-mail server usage. at the time, james comey has said that even though it was extremely careless, there was no clear evidence of an intention to violate laws. that's why there are no criminal charges being recommended. the house oversight committee called the hearing. it is about to take place. who pled guilty last year to intentionally and knowingly compromising highly classified information. the

. >> when malcolm turnbull sees the prime minister's office, he promised to explain to our strains whydecisions are needed to get the budget back into balance. a key measure was a cut to the company tax rate, intended to promote jobs and growth. strong gdp and employment figures have helped his campaign. polls show both parties in a virtual dead heat. it is likely the malcolm ,urnbull government will return making reform difficult. right, economic data out of japan. the survey was marginally better than expected, but it was the inflation figures that put an end to the boj reaching its target. we have yields for japanese record lows. to ♪he five-year ♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin this evening with the terrorists attack in turkey, three suicide bomber is injured over 40 people and injured -- killed over 40 people and injured over 1200 people -- 200 people. the prime minister ahmet davutoglu said that isis was responsible. >> these three people captured just before one of the blasts tour through the main airport. and one attacker is capt

malcolm turnbull has been sworn prime a second term of mister of australia.was the narrow winner in the july second election. his government will have a majority of just one seat in the house of representatives. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. it is just after 6:30 in new york. paul allen has a look at the markets in australia. paul: a rather gloomy sydney harbor may set the tone. up and running for 30 minutes and up -- often about a fifth of a percent. a similar story in australia with a modest rise of just a single point. one of the stocks in focus today is woodside, due to report second-quarter sales any moment now. it's not expected to be great. it is due to weaker oil prices and brent averaging $47 as opposed to $63 for the same time last year. on the watchc after slumping the most in three years on tuesday. i'm paul allen in sydney, australia. emily: this is "bloomberg west" i'm emily chang. the republican national convention is underway and r

prime minister malcolm turnbull is losing. his party has won only 66 seats in the parliament.>> five people were killed and two two dozen injured in a bus/tractor trailer injury in florida. both caught on fire, making it hard for first responders to get out those who were injured. >>> the blue angels will be back in the air this weekend. the u.s. navy pilot team returned to the skies today in be michigan one month after win of their team members was killed while practicing for an air show. the navy is still investigating the cause of that crash. >> it is the b. hour. if you are just joining us, hillary clinton faces the fbi as the e-mail investigation heats up. the presumptive democratic nominee was interviewed for hours as investigators try to determine if she put classified information at risk. today's meeting sparked new information on whether hillary clinton will be charged and the republicans were quick to respond. the rnc released a statement. otherses have lost security clearances and jobs and gone to jail for doing far less and clinton needs to be held to the same stan

. >> us rally in stocks for gains on monday after malcolm turnbull claims election victory more thanter the polls closed. the votes are still being counted. the result looks clear now. it does. the australian electoral commission is not going to declare a final tally until july 15, when the deadline closes for postal votes. the government has been returned with a slim majority. if we look at the ruling: shannon, their leading in 76 seats, the opposition labor party on 69. the government may get to 77 seats. >> putting australia on negative credit watch last week. it made headlines. it seems the market shrugged it off. >> compared to the rest of the world, australia looks good. u.k. had ad downgrade, they still like those bonds. look at japan, they have negative yields. current tea, equity, bond markets -- all unconcerned. >> swift and both economic measures after winning a convincing victory in the upper house. does the election put abe in a position to move forward with the stimulus plans? >> it certainly puts him in a stronger position, heading for a two thirds majority in the uppe

turnbull saying that the election votes have been counted and 3 million votes will be counted over thet few days. really marking that we will not likely get an answer until the next couple of days. he reaffirmed his promise of a coalition free of rancor or division. he does remain confident that he can put together a majority in parliament, but of course reforming the government still left to be counted with 70% of votes counted so far. still 30% to go. it is all politics, disenfranchisement was key in this election, as well as it was with brexit. let's continue our discussion with cosi i'll of truth market capital. distant -- aa disenfranchisement but also anger that globalization. these are things that the average voter is feeling very angry about. .obias: absolutely he said thing is if you vote for brexit, it does not go away. ,f you look at globalization look at european example, there are many things wrong with europe. stepping out of europe is not takes --ou can -- it it doesn't work to turn your back. angie: we are already looking at fractured eu, regardless of what anybody says

malcolm turnbull still confident he can put together a government but a lot of things have to followcomplete state of flux. complete policy. >> australia's central bank stood still in the midst of rising uncertainty today, holding rates at record lows. how much is dependent on us as we get an election that is inconclusive. the heavyard to do lifting. they have been front and center in economic policy. given the situation with the election, that will continue. treasury,australian they say now is a time for supply of the after the outlook country's aaa rating. >> they did not flat out credit, but it is a sound morning. >> it is not beyond the realm of probability. the treasury has been trying to put a positive spin on it. they said it is a one in three chance it could lower if the government cannot legislate savings and they agreed the economy was strong and banks were strong. the treasurer said ratings could stabilize. he said it could reduce deficits. that is a clear signal the political gamesmanship has begun. whoever forms and, he will say the coalition is responsible and anyone wh

stocks looked at more gains after prime minister malcolm turnbull finally claimed election victory more than a week after the polls closed. postal votes are still being counted and it is not clear if his coalition has enough seats to form a majority government. line has set its ipo pricing at the top of the range. shares will be offered a 3300 and -- yen. that would see japan's most popular instant messaging service raise more than 1.3 billion dollars. global news 24 hours a day powered by more than 2600 journalists in more than 120 countries. this is bloomberg. surged egyptian stocks by the most in four months on signs that it may devalue the pound as early as tuesday. for more, here is our emerging markets editor. yesterday, we were talking a little bit about the devaluation prospects. now the market giving us additional indicators. what is your take on this? sam: yesterday, we talked about what we expected from the markets in the week ahead. it was quiet across the middle east. in egypt, stocks up 4.7%. more than 2.5 times the 20-day average. we are seeing a lot of local institutions

australian prime minister malcolm turnbull is pressing australian leaders to agree on legislation thatould allow for indefinite detention of terrorism suspects. under the legislation, people convicted of terrorism would serve their sentences and then be sentenced to periododic revis to determine whether it would be safe to release them. opposition leaders s said they needed more infoformation about the law w before voting. an employee of the w world's largest hedge fund, bridgewawatr associates, has filed a complaint, calling the fund's working environment a "cauldron of fear and intimidation" and he also says he was a victim of sexual harassment by his supervisor. the complaint describes an atmosphere of constant surveillance, high security and fear of retributioion for steppg out of line. bridgewater manages more than $150 billion in assets each year. are some of the headlines. ,his is dedemocracy now democracynow.org, our two week special, war, peace, and presidency. i'm amy goodman. juan: i'm one gonzalez. aswas an historic evevening hillary clinton secure the democratic party pres

malcolm turnbull is vowing to push on. yvonne: all right. thank you so much. let's check in on some other stories making headlines. is sent to be in exclusive talks with the french carrier, iliad. aswould increase competition a tally of tribes to combine. they are hoping to win approval for the merger. largestn china's a lo property developer have slumped in changeup for a second straight day. they resumed trade for the first time this year monday following a six-month halt as its biggest shareholders fought for control. of the company has announced a near $7 billion share sale in a bid to end the battle. uk's ruling conservative party will ballot its mp on the five contenders to replace david cameron. theresa may has the most thersements, and meanwhile decision to leave the eu may not be final after all. thousand people want a second referendum, and there are indications that the remain campaign would win. a senior official in brussels says the u.k. could stay in the bloc if it changes its mind. the recent rally in precious metals has push the price of gold a

still have got the postal ballots to be assessed and counted but in the meantime the government, turnbull is very confident with the risk of the minority government. the kingmakers are the minor parties in the independents. i want to talk about stock specifics. it has been a day of high drama. the hong kong listing and the a share listing. let me start with a share. they rejected an attempt to oust the board. investors responding positively to that. a-shares went down by almost 10%. it resumed trading after a six-monday hiatus pending restructuring. broadly, if you look at the overlay, it is positive. we have seen a recovery post brexit. you really haven't seen that behind it. let me put it that way. it has been a low conviction, participation, energy up move. given the fact there is still a lot of caution out there. none theless, it looks as though asia, if you look at safe havens is the least dirty shirt p let's face it. when you look at corporate debt, when you look at em, asian sovereign debt as well, there is a fair degree of yield that can be had. we are witnessing some rotation int

malcolm turnbull is confident it is going to be in., should he be right, is not going to be terrific. navigating through a minority government will be challenging the jobhat when he took from tony abbott, he promised to deliver political victory. he has delivered complete chaos. 48 hours after the election was over there is already rumblings about possibly replacing him. anna: what does that mean for the economy? we will discuss that next. we have a chart here showing rate expectations. they will probably cut rates to 1.5%. as with so many other players, it adds a layer of political uncertainty onto the already uncertain economic and macro environment. it is not surprising that the market is moving the way it is. it was interesting to read a gaslight piece talking about the hung parliament. it doesn't have any bearing on whether there is a great deal of political direction. productivity gains were made. are you able to separate the politics from what is happening in the underlying economy? .uest: it is the uncertainty rating agencies a

. ♪ >> an election too close to call, malcolm turnbull remains confident, but business leaders say uncertainty result. uncertainty in the u.k., top rm says brexit cannot happen without a vote in

isn't that the specific point of evidence that turnbull gave, lord turnbull gave to chilcot? >> i'm dealing with findings of chilcot. the inquiry considers that there should have been a collective discussion by a cabinet committee, or small group of ministers on the basis of advice senior level between officials and a number of decision points. that is pain 58 if it helps the honourable gentleman, paragraph 409. >> [inaudible] >> i answered the honourable gentleman and perhaps i give way later. >> [inaudible] >> i don't conduct debate with people yelling from sedentary position in disorderrerly manner. the honourable gentleman does not want to do that. if the right honourable gentleman wants to give way later he will and if he doesn't he won't. we'll see how long he goes. mr. salmaon. >> i we have the report as it is concluded not on individual pieces of evidence but the conclusion of the chilcot inquiry itself. and that is why the things were undoubtedly right to describe this in the way they did as blair's private war. in terms of what this place and this place is collectiv

rights activists accused the government of ignoring the issue for years, but prime minister malcolm turnbullenied that and insisted there's been a cover-up. >> the real challenge now is to get to the bottom of what has happened. we need to know what has happened, why it happened, why it was able to happen, what is the culture that enabled this to occur, what lessons we learn from it and how we can ensure it never, ever happens again. >> sreenivasan: the abuse was detailed in a documentary by the australian broadcasting corporation. it was filmed largely in darwin, between 2010 and 2015. back in this country, a federal judge has given initial approval to a $15 billion settlement over volkswagen's emissions cheating. the deal gives owners the option to have the company buy back their cars. but they can also opt out, and pursue their own lawsuits. volkswagen still faces billions in fines and penalties, and possible criminal charges. on wall street: stocks struggled to make headway, for a second day. the w jones industrial average lost 19 points to close at 18,473. the nasdaq rose 12 points, and

her words seem to reflect the same words of the first lady during the 2008 -- turnbull reshuffled hisr this much -- this months narrow win. 100 is headed for a reality check according to strategists at hbc -- at hsbc. the most bearish of seven surveyed by bloomberg. the promise of central-bank stimulus will give way to harsher economic realities after voters decided to leave the eu. nintendo's market value has pushed past sony after the mungo fueled a rally -- after you mongo fueled a rally -- after pokemon go fueled a rally. on friday, the company set a record on the most shares traded daily in japan. global news, 24 hours a day, powered by 2600 journalists in more than 120 countries. manus: let's get to juliette saly. what has caught your eye? not a chance. there has been a big pop coming through on nintendo's share price. that is as we continue to see this yen boost -- japan was closed yesterday when other asian markets rallied. apart from that pop in japan, where seen quite a bit of weakness coming through in shanghai here in hong kong and the chinese stocks listed in hong kong sn

week after the weekend election, but it is starting to paint a picture that prime minister malcolm turnbull's will be resuming to government. we do have a few that we have been watching peter we have seen a couple of these gold miners ramp-up. that's watching. we have seen a couple of these gold miners -- watching. we have seen a couple of these gold miners ramp up. thene of the rare gamers in tokyo sector, nintendo jumping 11%. take for the pokemon game . it is the top get downloaded ame in the u.s. manus, maybe that is something you can do on weekends. manus: spend, spend, spend. haidi lun, thank you very much. bending --is asked this seven funds have been suspended across the united kingdom in the wake of britain's decision to leave the eu. ryan, good to see you. aberdeen giving investors more time to reconsider their orders. it is a very institutional style response to retail issue -- to a retail issue. could whatly aberdeen is doing is saying if you can do that on monday. what has changed is they are going to propose a 17% exit penalty on the investors who were in the fund. that is why t

prime minister markham turnbull has declared victory in australia's elections.the more than a week after voting, it remains unclear if his liberal national coalition has enough seats to form a majority government. the nation has been paralyzed politically since the july 2 ballot failed to produce a clear winner, and officials are still coming through postal votes to determine the final tally. nintendo shares have soared after the success of it pokemon go smartphone game. the company has added more than $7 billion in market value since its launch last week. the augmented reality game that lets users tracked on virtual monsters in their vicinity is the top downloaded app for apple in the u.s. and australia. portugal are the football champions of europe. the visitors had to overcome the loss of cristiano ronaldo to a first-half injury. and goal from the substitute in the 190 minute broke the deadlock, and portugal held on to win the first major men's title. it was their first win over france since 1975. global news 24 hours a day powered by more than 2600 journalis

in australia, malcolm turnbull has been sworn in for a second term as prime minister.row winner in the july 2 election as government will have control of just one seat in australia's house of representatives. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. turkey's highest education authority has asked university faculty heads across the country to resign. the council of higher education seeking the resignation of 5000 deans at state and private universities nationwide. we have been following this story carefully. we knew the central bank was meeting today. they cut interest rates. >> this is the real story. for beingthe reason cautious on turkey going forward was not the coup per se, but the backlash to it. the attempt by her to want to consolidate power further -- e rdogan to consolidate power further. peoplea further purge of suspected of not being friendly with the government. you see the market reaction instantly investors not liking the way this is going. the turkish

australian tv says turnbull is short of what he needs to form a global government. -- to form a government24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries, i am nejra cehic. this is bloomberg. tom: it is jobs day, and folded into this is an extraordinary discussion about the economic and financial times we live in. we have been talking about the idea of raising rates with willem buiter of citigroup and seth masters of bernstein. you have an important option -- you had in a port and observation during the break that we have been here so many times, our statistical count of what to do has been remarkably small. seth: it has never happened before that a significant proportion of all the sovereign bonds in the world are at negative yields. now it is a most $10 trillion worth. and that actually goes out to 20 years on the yield curve in major countries. tom: you mentioned 37 and japan. even back then it had not happened. the evidence, while there is not much of it, suggests the opposite because in 1937, when normalized,s were it hurt. and in japan it