wilfred frost joins us this morning from london.fr wilfred. >> we are waiting for prime minister david cameron to make his final fair well. he is expected to be accompanied by his wife samantha. and his three children. it will be his final point to leave 10 downing street as you already discussed. in parliament he said i will miss the roar of the crowd referring to contests in parliament. he said he was willing all of his fellow politicians on and said in the end the public service and the national interest is what it's all about. nothing is impossible when they put their minds to it. that's some of his words in parliament. his final statement due any moment here at downing street. at the age of 49, prime minister david cameron is the youngest prime minister to depart office for 121 years. the last one to do so. and at the age of under 50 and his successor, 10 years his senior, teresa may is 59 and she will be coming of course later today and make the short trip, 2 or 3 minute drive to buckingham palace. he'll go down to buckingham

wilfred frost reports on the twists and turns from lo >> reporter: a week is a long time in politics. just six days ago former london mayor boris johnson oversaw an extraordinary victory as the leave camp won the brexit referendum. many people thought that would sweep him to power and make him the next uk prime minister. however, this morning he surprised everyone. speaking on the topic of who could be the next prime minister, he had this to say. >> my friends, you who have waited faithfully for the punch line of this speech, that having consulted colleagues and in view of the circumstances in parliament, i have concluded that person cannot be me. >> reporter: so boris johnson not a contender, but there are five candidates now to be the leader of the conservative party, and with it the next uk prime minister. the favorite is the home secretary theresa may. she had this to say. >> brexit means brexit. the campaign was fought. the vote was held. turnout was high, and the public gave their verdict. there must be no attempts to remain inside the eu. no attempts to rejoin it through the ba

. >> wilfred frost standing by at 10 downing street. wilfred. >> reporter: michelle, thanks very much. yes, theresa may just arriving here. she's the 75th british prime minister, the 13th of the current queen. and as we well know the second female prime minister. she's 59, 10 years older than her predecessor. and she's come in to say that the true legacy of david cameron's government was not about the economy but about social justice. and that is something she wishes to continue. she stressed very clearly that the name of the party is the conservative and unionist party. and she described the bond between england, scotland, wales and northern ireland as precious, precious. so important she repeated the word. and also said that that precious bond existed between all citizens wherever they're from. she said she'd do everything to help people go as far as their talent can take them, whatever their background. in relation to pulling out of the european union, he said she would forge a bold, new, positive role for the united kingdom in the wo

i'm wilfred frost alongside susan lee for sara this morning. >> look who is back. >> i am back as well. fee feels good to be back here in cnbc's headquarters. let's take a look at the market this morning. all three of the major u.s. embassies up over 3%. they are looking like they're going to give up gains today following some losses we're seeing in europe. the dow by 90 points. flirted with 100 a few moments ago. let's look at the 10 year hitting a record low falling 1.381. even though we saw a really in equities last week, the move for bond deals globally has been in one direction throughout and that has been buying of the bonds pushing the yields lower. >>> let's check in on the asian section. well, asian stocks stumbling breaking the five-day winning streak. rising to an 11-month high in june. you saw shanghai. maybe more military spending to come. across the woboard to europe no we're looking at steep declines for the german dax and france cac. and will italy is a focus because there are some real concerns about a possible italian banking crisis underway hence the losses down. >>

i'm sara eisen. >> i'm wilfred frost. very good morning from me as well.utures higher to the tune of 80 or 90 points for the dow. 80.99 to be precise. nasdaq by around 30 points. dow has continued the march higher. s&p closing yesterday with losses, but very small losses and on low volumes. in general the u.s. equities on a geed streak. european equities performing well this week. today is a strong set of numbers. in fact they've extended gains in the last hour or so. the ftse 100 relative lag up. only north .40%. asian performance today a little bit mixed, but in general positive as you can see. hong kong up 1%. japan and shanghai were just bl below flat. >> that was good. let's show you the broader market picture. even oil is getting a lift. oil prices have shed 3% over the last few trading days. wti still below. brent up half a percent just below $47 a barrel. it's wednesday. we'll get the government stockpile data. if we see that, that would be a ninth week in a row. as for the bond market action, yielding taken a bit higher there. nothing extreme. int

i'm sara eisen joined by don chew sitting in for wilfred frost this morning. let's get a look at global markets. thank you to our own peter for this stat, the dow has been riding a seven-day up wave. that is the longest streak. >> it hasn't been on that much volatility. we haven't seen crazy moves up, crazy moves down. just every day seems like we're on the verge of another record. >> the past of least resistance. >> is up for right now. >> supported by earnings in the economy, would you say. >> only because the economy yes, the data points are coming up perhaps a little more positive on balance. maybe a little too early in earning season to say whether or not those earnings are going to affect the overall market. i will say this, a lot of traders we're talking to these days say the market yes the path of least resistance has been up, but it's been going up for quite a streak here. maybe a little bit of a pause. yesterday we did see weakness in the markets and we still set a record. >> we are seeing rotation in certain sectors. technology, materials had a good

. >> and i'm wilfred frost reporting live from london. good morning to you all. >> good morning. it is the friday before independence day. we're wishing america a happy birthday with some of best usa themed songs today. let's get straight so the markets on a friday. let's show you what u.s. futures are doing. under a little bit of pressure after pretty giant rally. the dow climbing more than 200 points again yesterday. giving back about 48 on the session here. s&p future down. nasdaq down 14. the first half of the queer nye officially in the books. the dow and the s&p 500 up nearly 3% for the year, but check at the nasdaq, it is down by the same amount. six sectors are positive here today led by tell kom up 21.8 pjt. the worst performer the financials down 4% for the year. as for the ten year treasury note, we have seen another strong week. buying a treasury sending yields lower. down to 1.41. they are down again this morning. just stunning to see pressure on yield's worldwide especially in the uk. >> absolutely right and the yields in the uk hittingrecord lows again. >>> the maj

thaps for sitting in for wilfred frost. >> great to be here. >> investigators searching forrancfo forranfor answers on the gunman who killed three police officers and injured three others. >>> and then a deadly military coup attempt in turkey has failed over the weekend. thousands have been rounded up and arrested. a report from istanbul coming up as well. >>> first, a lot of geopolitical uncertainty. global investors shake it off. >> we're green across the board mod erately speaking. the dow jones industrial average up 37 points and nasdaq, 9. yes, green, again, but not crazy to the outside. ten-year treasury notes currently yielding 1.5, 11.8%. let's take a look at what's happening in europe because we're seeing equity market strength now. we did see a little bit flatness but the german dax, flat again. they're all ratcheting back a little bit. of course, powered by that arm holding deal. the ibex 35 in spain fractionally to the downside, sara. >> that's what happened in aovernight. the japanese nikkei finished higher. home prices there moderated potentially weighing into the trade. now l

. >> and i'm wilfred frost. very good morning from me too. it's new music friday. it's justin beeber to start your morning off right. >> a lot of market earnings to get to this morning. first, if you didn't stay up late last night for the democratic convention in philadelphia. here is what you missed. hillary clinton the first woman to lead a major political party's presidential ticket formally accepting the democratic nomination, her daughter chelsea took to the stage giving her mother a heart felt introduction. >> i hope that my children will some day be as proud of me as i am of my mom. i am so grateful to be her daughter. i'm so grateful that she is charlotte and aidan's grandmother. she makes me proud every single day. and mom, grandma would be so proud of you tonight. >> an emotional bill clinton father looking on. during hillary clinton's acceptance speech she made a point to contrast her campaign with republican nominee, donald trump. >> that's how we're going to make sure this economy works for everyone, not just those at the top. now, you didn't hear any

. >> i'm wilfred frost outside the house in london. >> we can hear it, we can see it. it is throw back thursday. we're throwing it back with old school songs changes in honor of your prime minster. let's show you what's going on with the global market this is morning because that bullish momentum continues. stocks closing at a record high. the dow and the s&p yesterday. didn't take much. we managed to do it in a big move higher in futures this morning. check it out, dow futures up 1.12. this would be the fifth day in the a row of gains for the dow and s&p. the 11th for the nasdaq which is still a few percentage points away from a record itself, but really caught up here. 10-year treasury note yield, there has been some demand on and off for this treasure amid rally in u.s. stocks. the 10-year is back below 1.50. there was some buying. strong auction of the 30-year debt yesterday. the current theme of buying bonds and stocks has sort of held up. as for the early action in europe. the bullish momentum there continueses as well. the german dax up 1.3%. sit the standout. t

. >> and i'm wilfred frost in london. last night's attack in the coastal city of nice marks the third terrorist attack on french soil in less than two years. it comes just eight months after the rampage in paris. we'll have the latest on horror that took place on france's bastille day in just a few moments. >> another difficult morning wilfred, but first let's check on the markets for you. u.s. futuring giving back some of the gains. we have gone on though for five sessions in a row. closing at another record high for the dow and s&p. little action in the futures action. dow futures down five. s&p down three. nasdaq down three. a heavy data dump in the u.s. marked by retail sales later this morning. as for the 10-year treasury no yield. we have seen them move in the complete opposite direction this week. that has pushed yields up into the 1.50. we're sitting at 1.53 this morning. >> let's check on the markets in asia. the figure showing china economy going 6.7%. slightly better than analyst had expected. the reaction as y

. >> and i'm wilfred frost live from london in 10 downing street as the uk prepares to welcome theresa may as the second british female prime minster. >> it is an exciting day. we're glad to have you there though i miss you here. let's just check on the global markets wilfred. owe closed at record highs for the s&p for the second day in a row. this time for the dow as well. s&p futures flat to up. the nasdaq by the way closing at the highest level of the year and going into the black for 2016. after the record rally that sent yields to record lows, we've seen a reversal this week out of treasure yields higher. they hit 150 on the 10-year yesterday. backing up a bit. we'll keep an eye on it for you. european equities losing some gains. they have rallied sharply. got a little back. a limit action this morning. the german dax is flat. france is in the green. ftse 100 barely moving in anticipation of the any prime minster. the italian banks suffering the worst. new data out of china this morning. june exports and imports both falling a little more than forecast. still we did see green ads

. >> i'm wilfred frost. we're back. back together. it literally feels like months. >> it has been. >> what great stories to cover. >> absolutely. we'll show you what they're doing this morning. u.s. futures under pressure after a selloff yesterday that sent the dow down a little less than 1%. dow futures down. s&p down 7.6. nasdaq down 22, but all the action has been in government bonds. a massive rush in into this safe haven treasury debt. look at that 10-year treasury note yield. we are in record territory. i think japan's long-term bond went to zero this morning. it is unbelievable. >> record bond buying across the board particularly out of uk. that out of fear, not confidence. i wonder when we get a moment that we think this is crazy. >> every time you think that, it continues. it's the trade everybody has been wrong about. >> the reason we don't see it sell off is we're not seeing inflation. i wonder if the uk will be the first one, not immediately, but with what you're seeing in the pound, do we see inflation pick up and if you

. >>> i'm wilfred frost. sara, i'm disappointed.just got back from the uk and you bought -- where is phil lebeau reporting from? >> farnborough. >> maybe phil will pick it up. farnborough. >> that's what i get for mocking you on almost every pronunciation. >> she's been mocking me before the show went live. let's check in on the markets this morning. futures after a fantastic day on friday, the jobs number coming in much better than expected. markets in line with the economic data as opposed to reacting to the rate hikes -- we're basically fat in the pre-market. the dow expected to open 12 points higher. the s&p just below fair value and the nasdaq expected to open up about 7 points. we gained about 1.5% all three of the major indices on friday. >>> last week, we hit a record all-time low. 1.375% right now. >>> after that big rally on friday from wall street, you're seeing the overseas international markets respond. let's show you the early trade over in europe. green at least for the german dax. up about half a percent. for france

i'm wilfred frost with susan lee. good morning, susan. >> good morning.d to see you as always. >> great to have susan with us. let's get to the market action. futures at this hour are pointing to a slightly positive open. but as you can see, it's essentially the s&p higher by 0.2%. the dow just below flat. the nasdaq just above flat. we did hit all-time highs last week. gains for the week, more muted. the s&p and the dow up less than hf half a percent. tech was the best performing sector after notable earnings. >> the ten-year yield, a tight range last week in and around 1.55, 1.6% and we're in that range again now. 1.587. >> volumes for the week, hopefully coming back from vacation -- let's get the top corporate story. verizon set to announce to buy yahoo for around $5 billion. reports are that yahoo will no longer be an operating company. instead, it will be a holding company for stakes in alibaba. >> yahoo says marissa myer not expected to stay on after this deal is completed. >>> at last, we think we have the deal and the announcement to come. >>> the

wilfred frost joins us with all the details. good afternoon, wilfred. >> good morning, julia. yes, indeed. as we wait for the minutes from the june policy meeting, offering insight into the federal bank thinking. saying policymakers can be patient in raising rates. including britain's vote to leave the union. saying the brexit vote is among the clouds on the horizontal for the u.s. we'll find out who else is taking a cautious approach due to brexit and other head winds later today. we're down about 60 points on the dow. we lost two-thirds of one percent yesterday. energy leading markets lower. financials remain the worst performer of the year. yesterday smaller caps getting hit fairly hard and record lows across the curve. >> thanks wilfred. >>> now continuing on, we've got director of bk management in new york. good to be with you. >> hi. >> we've been hearing about hedge fund and it's been a wet month for many of these hedge funds, are you still continuing to be optimistic on u.s. markets at this stage. >> u.s. equity markets, no. i think we're in a stage of risk right now.

. >> and i'm wilfred frost. good morning. it's throw back thursday. we're in the mix of the first official heat wave in new york. i have to say i don't like this one. the weather has been very, very warm. >> you don't have summer in london. i was there last week it was freezing and raining the whole time. welcome to summer. >> this is too hot the last couple of days. >> it's extreme. >> let's check in on the markets whether they're hot or cold this morning. the dow was down over 100 points, but rallied. all three up again this morning. the nasdaq by 10 points. the 10-year note once again hitting another all-time record low 1.32%. we're at 1.385. yesterday we also hit record lows in the german 10 year and the uk 10 year. >> let's look at the action in european trade that has been difficult in the last few sessions. green today. looks like more than 1% gains for the german dax, french cac. >> today month depash, the one that has been in the eye of the storm, they extended the short selling ban by three months. that's helped the banks to rally in the sho

wilfred frost joins us from london. i liked the discussion earlier about the cat, too. >> absolutely. larry the cat. it will resident cat and staying, not going with the prime minster. stays at downing street, but let me set the scene on some of the other slightly more important points of the day. the front page of the telegraph going with david cameron's farewell message. as i leave today, i hope people will see a stronger country. where as the front page focusing on the first items on theresa may's agenda which will be appointing her cabinet. not only britain's second female prime minster, but expectations of a heavy female cabinet as we well. may's women on the march the headline there. going to parliament for final appearance. that will take place in under one hour. he'll then return here to downing street. the final photo with his entire family. his wife, children and then make it away around 12 eastern time to buckling ham palace. then see theresa may go to the palace and return here as the new prime minster. very

. >> i'm wilfred frost. very good morning to you from me as well. >> it's throw back thursday. we're throwing it back with a girl powered theme today. i hope we have some spice girls coming up. >> anything to get the spice girl sboos "world wide exchange." >> let's get straight to the top news. a ton of earnings this morning. if you went to sleep early last night, here's what happened at the democratic national convention in philadelphia. president obama taking center stage in prime time vouching for hillary clinton and making a point to say she would protect democracy from home grown demagogues like donald trump. >> no matter how much people try to knock her down, she never, ever quits. that is the hillary i know. that is the hillary i've come to admire and that's why i can say with confidence there has never been a man or a woman, not me, not bill, nobody more qualified than hillary clinton to serve as president of the united states of america. >> vice president joe biden also targeting trump in his address. >> no matter where you were raised, how can there be pleasure in say

. >> i'm wilfred frost. good morning from me as well. >> looks week we're building gains globally. dow futures up a nice 83 points in hour. nasdaq futures up 26. the buying continues despite the wall of worry. first the chinese currency, then plunging oil prices, then the brexit, and yet stocks making new highs. as for the 10-year treasury note yield has been the trade for the last few sessions. that continues and pushing up the 10-year treasury note yield into the 140s. where were was last week, 132 a record low. so you're seeing that reverse just a bit. still historically low yield. >> overall, we've seen buy pg of both assets. that does suggest although we've hit record highs on the s&p 500 it's not out of conviction and confidence moving forward because we're seeing buying of bonds as well. >> or it could be that yields have gotten so low in the u.s. and around the world that there's nowhere else to go. you have to go to the s&p 500 which many stocks are still yielding a lot more. of the year though, it's utilities, it's telecom, consumer staples, dividend paying stocks. >> yes

and for it we're going to go now to the phone with wilfred frost. >> hey, tyler, we have the results of the first round of voting in the leadership election to be the next conservative party leader and with it prime minister, resounding result for theresa may, she's the favorite. majority despite there being five candidates, strong second place from leave campaigner andrea leadsom, liam fox came fifth, he's now eliminated. he was also a leave campaigner. we'll see where his 16 votes go next. looks like may is certain to make the final two now. the race is onto become second. the next vote will be on thursday. and of course the members of parliament of which there are 330 continue to whittle it down to just two candidates. at that point it goes to a vote of the wider conservative party membership of which there are 140,000 voters. the final decision will be the 9th of september, but strong showing by the favorite theresa may just now. >> all right, will, thank you very much. wilfred frost reporting from london mpkts the yield on the 10-year hitting record lows and rick santelli is tra

wilfred frost taking a look at who exactly this person is. wilfred, we heard from theresa may. >> she's confirming she will be. the current uk prime minister, david cameron, has confirmed she will take over for him on wednesday evening. of course development earlier today, andrea ledson, the orr account pulled out of the leadership battle. here's what cameron had to say earlier. >> i'm delighted that we're not going to have a prolonged conservative leadership election campaign. i think andrea leadson has made absolutely the right decision to stand aside. i'm also delighted theresa may will be the next prime minister. she's strong, competent, more than able to provide the leadership our country will need in the years ahead and she will have my full support. >> so who is theresa may? she was born in october 1956. she's the only child of an anglican viker and his wife. educated oxford university and worked for a while at the bank of england. she's married to a banker, though the couple are unable to have children, she also has type 1 diabetes. be

wilfred frost is on the phone with more on the developments of who will be the next prime minute officernd when david cameron will be stepping down. >> david cameron has confirmed he will be re-signing his position offering his resignation to her majesty the queen on wednesday and the new prime minister will be in place by wednesday evening. this follows the development that he is the only remaining challenger that pulled out of the race early this morning. the certainty of the new government would come sooner but would cause slightly more pro-european and she made it clear that brexit means brexit and the focus will be the break down of her cabinet. >> thanks so much wilfred. nbc news reporting that david cameron will do the question time wednesday 7:00 a.m. eastern time and we'll follow that of course when it happens. >> meanwhile a push for higher rates from a fed official. steve has that story for us. >> a well-known hawk and also a voter this year saying she supports raising interest rates gradually. you'll remember she had descented for much of the year and then did not descent at

." >> i'm wilfred frost. very good morning to you from me as well. it's throw back thursday. we're throwing it back to some summertime classic. business morning ahead. >> this is old school. >> this is old school indeed. we have a busy morning. let's start with the buzz out of cleveland. ted cruz steel lg the show. he failed to endorse donald trump. the live report from cleveland in just a minute. all i will say is given he was a candidate, sounds a little bit like a sore loser. different if it came from mr. ryan or many continental. he had been a candidate. >> he certainly overshadowed. >> be positive. >> he certainly overshadowed governor pence who is the running mate. >>> after another record close for the dow and s&p 500. u.s. futures little change to slightly lower. so could change over the next hour or so. we'll keep you apprised. dow futures for the moment down 24. s&p down less than 3 points and nasdaqless than three as well. check out the japanese yen. on the move and rising. the dollar is weaker and the japanese yen is stronger. that is a result of media reports jus

wilfred frost is looking at the bounceback of uk's top stock index. that doesn't tell the whole story. kate, let's start with you. these real estate funds getting slammed. >> absolutely, michelle. seven british real estate funds have now suspendsed investor cash redemptions in the wake of brexit, citing ill liquidity or difficulty selling their assets to return those funds to investors in a timely manner. the real estate funds in question are run by the likes of standard life insurance, which was the first to take action on monday. henderson global investors and aberdeen asset management. together they control billions of pounds in commercial real estate investments that include office towers, malls and other properties that can be very tough to sell on short notice, even in better times. morgan stanley analysts estimate that real estate accounts for up to 5% of the assets in the uk mutual fund industry overall. so not a huge proportion, but a significant one. the property funds have come under pressure since the surprise outcome of the brexit vote tw

and wilfred frost is live outside of 10 down iing. od morning, wilfred. >> yes, we are awaiting outgoing prime minister david cameron's departure from 10 downing street, and he had the final appearance in parliament as prime minister, and asked questions about brexit, and this is what he said about the importance of staying in the single european market. >> what we have seen in west midlands is 173,000 more people in work under this government than we have seen of a manufacturing particularly in the auto the motive sector some of which is in the black country, and it is vital for that industry that we have proper access to the single market, and he is right, this is with one of the things that we have to absolutely focus on. i want automotive and aerospace, and the high quality manufacturing firms to go from strength to strength in our country, and making sure that we get the vital access to europe is going to be vital. >> and of course, keeping the access to single access market is ap top the agenda of the brexit negotiation, and that

i'm wilfred frost

wilfred frost the here to tell us what to expect. >> i've made it. i hope i can come over there for the rest of the show. >> you are. you have to sit in andrew's chair though. >> sounds good. conversations on various trading floors, helps us uncover insights. insights that help investors predict market closes, well before markets close. you know, your analysis has helped us improve our predictive accuracy by over 500%. 550.2, to be precise, but we can always do better. i like your attitude watson. . . . >>> writ ibritish companies are becoming more pessimistic over the brexit leave. by the end of last week, the ftse was at the best level since when? >> ten-month high. >> the old tie high? >> up again today. the pound is falling. if you look, the pound has been the great gauge of uk-related brexit fallout that has hit another 31-year low. >> this is going to usher in a recession for the uk. why does that make sense when the pound is so much cheaper? now, your saying it is obvious why it is happening. >> it is good fort ftse 100, which has a lot of int

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wilfred frost has the results. >> it was as expected.io, the crucial measure, going to negative 2.5%. in the adverse scenario. so quite extraordinary how poor their capital position was and that's why there's been this pressure to secure the private bailout which they did do earlier today and confirmed by the ecb and the board of bmps. if they hadn't, we would be see all hell break loose on the stock and probably other italian banks, too. uni credit didn't do particularly well. fourth worst and 7.1% and not a terrible position. below 8% as a leeway area and not the 5.5% which used to be the barrier of a pass/fail mark. who deteriorated the worst from the starting point to the adverse scenario, after bmps, allied irish. they were on 4.3% and not very good and not a huge bank in that sense. rbs and barclays, they saw big deterioration of standard positioning to the adverse scenario being applied ending up on around 8% and 7% respectively. so not fantastic. but again. that's the adverse scenario. bmps worst and then austria, spain, uni cred

speaking of wall street, ahead on monday, wilfred frost has an exclusive interview with j.p.organ chairman and ceo jammie dimon. >>> still to come, is there a doctor in the house? not literally, but we need one for the stock market because the biotech stock down 70%. it is your disaster du jour. we'll tell you who and why coming up. americans are buying more and more of everything online. and so many businesses rely on the united states postal service to get it there. because when you ship with us, your business becomes our business. that's why we make more ecommerce deliveries to homes than anyone else in the country. the united states postal service. priority: you (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. >>> yeah, time now for your disaster du jour. this is one of the biggest ones we have seen in a long time. look at shares of seres therap

>> wilfred frost used that same poll i was just quoting and he's english. >> so wilfred was wrong on that particular one as well. >> all right. i'll tell him. >> you're right in the case of the poll of polls. i'm just talking about the individual poll that we ran. but basically i agree with what you're suggesting that one must look at the results of brexit as having an impact on the polls here. and the impact on populism here. >> sir martin, we didn't get to talk about advertising and what's happening out at alan company. but it's good to get your take on brexit and everything else. london is a bubble, but what a great bubble as we both know. maybe i'll buy some real estate now. >> yeah. >> well, i think that's -- it's good timing. it's remarkable that the pound is at the lowest level against the dollar since we started wpp about 31 years ago. which when you think about it is a truly remarkable thing. i think you will see a number of people start to purchase assets in the uk. i think the next problem we'll have is the people in britain will complain about foreigners coming in and buy

wilfred frost is live in london. wilfred, that is a surprise to say the least this morning.ot from the boe. >> reporter: it was certainly a big surprise for markets. scott, i would like to think it wasn't a big surprise to viewsers of worldwide exchange after the discussion this morning. also keeping the stock of qe assets at 750 million pounds did surprise the market. the pound rallied more than 1% immediately after the decision settling around 1.33 handle. the market had been expecting a quarter point cut. the bank of england did hint at such a cut in august. but many had expected it to come in july as you said. the pound has been up significantly over the last week or so. that of course much more down to political developments in the new prime minister theresa may not wasting time appointing her cabinet. it's almost completed. she's been very bold. that's really the headline. not just on the appointments, on the departures as well. the former chancellor osborne the most profile name to get the chop. also michael gove. we know the headline, the biggest surprise, that was b