up 12 points in italy and 16 basis points in spain. back to you. >> thank you, simon. and now we go the courtney reagan for a news update. hey sh hey, court? >> here are is the news update. fire crews in california is battling a fire that has burned 80 homes to the ground and another 1,000 homes are in immediate danger and under evacuation, and powerlines and phone lines are down for 30,000 residents. >>> residents in dallas have been treated for burns after the motivational speaker encouraged them to walk on hot coals. five people were taken to the hospital, and the hot coals were spread outside as part of the seminar "reach the power within." >>> and there are searchers going through the rubble to look for survivors after a tornado hit 500 miles south of beijing. >>> pope francis is landing in armenia to mark the slaughter of armenians that francis himself has called a genocide. that is the cnbc update at this hour. john, back to you. >> all right. thank you, courtney. and now, stocks in the u.s. are continuing to struggle, and former fed chair al alan greenspan join

we have an election in spain this weekend. you have referendum in italy in october f thing goes further off the rails, that's where it's going to happen next. >> so i'm not wrong to look at the falls and think that maybe people are worried about a threat to the euro? >> exactly. that's how you think this would be trans transmitted out and becoming a europe problem and then to a global problem. that would be the path. i think at least in our view we don't expect that to be what happens, however. >> so does that mean 12% decline in italy is a buy or at least a trade? a one day move like that can sometimes -- >> does it seem to be -- force. >> it does seem to be an overreaction us to. i think if you imagine what the perspective might be like in spain, if you were trying to determine how you were going to vote this weekend, if you see what is happening in your own stock market, perhaps that gives you pause f anything, it encourages the vote more on the conservative side, more stable government and government that is more pro e.u.

joe: you mention the political risks, spain has elections, the u.k. vote is not a eurozone thing but still a fax economies. that's still defects at economies. , ayou have some different mixed picture from one country to the other. inflation is low with its own banking sector province in particular which the italian prime minister is trying to address. if you put those countries aside, i would say that spain despite this difficult context is doing well. , including fiscal policy, is also helping, and that is something that has been overlooked. policy is -- we will be right back. ♪ uber is taking $3.5 billion from a saudi wealth fund. let's get more. that values uber at $62.5 billion. extended a round to take in more money at the same valuation. this is the biggest single investment for them. it is a huge move. the managing director of the saudi wealth fund on the board of directors, something that they have not been eager to do. they recently added the head of the huffington post to the board , said they have been expanding their board recently and t

. >> both spain and france have independent talks with scotland. ourier i spoke to correspondent in brussels and asked her how the other members the union were coping with the prospect of a brexit. >> the e.u. leader and president eager andmission very vocal about the fact that the e.u. should invoke that article 50 as soon as possible. as you know, it's been talked about all week. article 50 is the only legal means to get out, to withdraw from the european union. and when they do trigger that, as we've seen from francois hollande, they will not be sort of alcart treatment. donald tusk said that, as well. yesterday, the head of the party, theople's biggest group in the european parliament, said there will be policies of appeasement for the united kingdom and the e.u. would no longer represent london but rather 440 million other european citizens. what the 27 did agree on often-- and they squabble -- but today they agreed on one thing. that this brexit should serve as call and that radical reform is needed. they put a date in their direy reform,off

some 319,000 of them live in spain. our correspondent is on the costa del sol tonight. >> good fretching the port of decatur, this port probably wouldn't exist if it wasn't for e british expatriate population. we've met quite a few of them over the last couple of days. everyone we have spoken to voted using the postal vote system. referendums -- this referendum will have a difficult, personal result for them. there are around 1. million brits living outside the u.k. but somewhere inside the european union. most of them enjoy the ex-pat lifestyle in sunny spain. all of them can work and own property in their adopted country and enjoy access to health care and pensions. if we vote to stay in the e.u., those rights remain. if we vote to leave, they'd no longer be guaranteed. according to international law, british ex-pats will be able to stay put but only those who began ex-pat life before this. after a vote to leave, it would depend on new arrangements made between the u.k. and its neighbors. depending on the nature of th

he will have to pull in for a nato summit and will add a stop to spain in july 9. he will meet with the acting prime minister and sit with the spanish king. of americans support legalizing marijuana according to a new poll from an attack university. 54% -- from quinn impact -- quinniapac university. medicallyt the use of prescribed marijuana. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. taylor riggs. mark: hsbc is overhauling it investment banking unit. the new unit will be called andorate financials multinational banking group. this is a move to cut costs and boost revenues. shares of the bank have declined about 70% this year. joining us now is bloomberg's stephen morris. tell us about the structure of the investment banks. this is the latest change we have seen. comes underhat unit pressure to reduce costs and increase performance. they brought in a guy called matthew westerman from goldman to run the products line of this. hsbc tryingected of to win more market share, more wallet share from their cl

which party depends on coalition which didn't happen in spain. >>> government officials and corporate executives in japan worried about the impact from the referendum. gene otani joins us from the business desk with more. >> leaders from the japanese bank held emergency meeting over the brexit vote. he instructed to take any financial ventures by cordiating with g g7 members. prime minister pointed out reaction has shaken stocks and currencies. he says stabilizizing the marke will be important and cited lingering uncertainties and concern over risk. >> translator: we have to strengthen our cooperation among g-7 countries and deal with any kinds of risks that hold back global economic growth. japan is ready to lead that effort as the host of g-7 meetings. >> abe also stressed the need to prevent the damage from spilling over to the real economy, including small businesses. the bank of japan's deputy governor spoke to reporters after the meeting with the prime minister and stressed that the central bank will continue to thoroughly monitor the situation and will respond if necessary. >>

nancy: moving on to the lionel messi trial in spain. the football star appeared in court in barcelona on day three of his trial for tax fraud. he and his father are accused of using tax havens in belize and and 2009.tween 2007 messi says he never looks at the contracts he signs. he faces up to 22 months in prison if found guilty. reporter: flanked by his father and brother, lionel messi arrived at this barcelona court to cries of "thief." the five-time world football player of the year once again denied all knowledge of foul play. >> the truth is that i know nothing. as my father explained, i was devoted to playing football. reporter: the case focuses on the player's image rights. messi and his father are accused of using a string of six companies -- fake companies between 2007 and 2009 to skirt paying taxes on earnings amounting to some 4 million euros. in court, he admitted to signing contracts protecting his image right, but said he had no knowledge of any tax evasions. >> i signed them because my father told me to, because i trusted

spain's prime minister is claiming the right to form a new government after his conservatives won the most seats in parliament. election in six months does not give him enough votes to claim a majority. star striker says he is retiring from international football after argentina crashed to defeat chile in the finals. coming up, the pound slums to a new 30 year low against the dollar as the market turmoil over brexit continues. we will have the latest in our business update. we will be talking to spencer stone and the american heroes who helped take down a gunman on a french train last summer. first, our top stories from paris. leaders from around the european union are being very hard-line and their reaction to the british referendum. & prime minister material and the. we will have more on those talks later, let's ring in sarah harmon in berlin. what you tell us about the meeting -- what can you tell us about the meeting? >> when they sit down for their working dinner, what is going to be on the top of the agenda is the speed at which the brexit must occur. as you know, the u.k. has n

. >> today customers have come from spain, to find items for a new american tv series. it takes place in the 17th century and the set dressers are searching for some suitable saints. >> nice that we can use it for our film sets. because it's very difficult to them in a church. >> it's true. it is very -- in spain we have a lot of these, but it's very unusual to be able to -- >> to film in a church. >> and to rent it. >> replenishing his stock is easy for harald peters, as many dutch have turned their backs on religion. harald peters: we are cleaning out a church. we're starting to empty it. it's a lot of work -- about a week's worth with 5 or 6 people helping. >> over the last four decades, peters and his family have cleared out 51 monasteries, 26 cathedrals, and 81 chapels. in 2016 ad, churches are a dying breed. like many others, this abbey church had to close its doors for financial reasons. dealers can often acquire the contents of these houses of worship for a song. harald peters: it hurts to remove the confessionals, because they really belong here. but if they ha

. >> spain is home to that cr new blue wine. if it would be a hit here in the us. ue sitting outside on a summer night and having a nice glass oa wine is the best. this year depending o on where you live and travel you have new options a company in spain created this blue wine a blend of red and white grapes produced in spain about 11 dollars a dol bottle so far it is a big hit there. but would wine lovers here drink a blue wine? >> i'm not so sure any of my friends would drink a blue wine i don't think that blue would really be something that i wouli lean towards.ds. >> i don't think it would be appealing to me but i would tryy it. >> we are going to have to wait to try out the blue wine.e. no word when its making its waym here to thake us. what we do have the row say and theyer trending. >> it's fresh and easy to drink. owns serena's wine bar and on the upper east side how many of the road wine how many cases doc you sell, not only is row say delicious by itself it is a popular in creedian in cocktails angry crass.an >> i said why don't i do row say. >> as for me

it is supposed to take 90 hours an airport in at spain. the pilot had -- the pill it -- the pilot will have to take -- the pilots will have to take short naps. a major slap in the face for italy's prime minister. bigfive-star movement when in local actions in rome. also getting its first female mayor ever. campaigning gets back underway three days before britain votes on whether or not to stay in the european union. the murder of labor mp jo cox could impact that vote, and some new polls bring the vote back in favor slightly for those wanting to remain. the number of refugees around the globe has reached a new record high. a recordr has reached 65.3 million last year. time now for our business news with stephen carroll. you are starting on the markets for the latest polls on brexit, actually the cause of some cheer. stephen: this is the issue dominating the markets not only this year but in the past few weeks. the markets are pretty much tracking the polls. itsaw the markets fall, and is the opposite picture today on the european markets,

a brexit would isolate this territory, which spain ceded to 1913 -- n controversyina and over the exclusion of the country from a list of emerging markets. stephen: it is a bit like not being picked for a team at school. msci for the third year running has declined to include china in its emerging markets list. msci made the decision because onrestrictions china places the stock market. a spokesperson for china's we saw thesays -- shanghai markets finish up around 1.5% after that news. some more business headlines for you now. and profits have risen in the first three months of the year. both says are and -- net sales of company stores rose by 12%, while above expectations are u.s. authorities have charged a former ibm employee with stealing tax secrets for the chinese government. the department of justice says he was a developer at a u.s. tax firm which took source codes. 28 american companies have signed a pledge to address gender inequality in the workplace. pepsi, amazon, and delete. -- promised to belle: finally, something proving that even the best laid pr plans sometimes do not go ri

i was in spain, what it means to spain, what it means for italy. but i'd have to say, you know, the biggest story, which i would describe as the fed running out of tools, running out of influence, the fact that the fed was very dovish and the equity market didn't get much of a bid. emerging market currencies didn't get a bid for more than half an hour before it went south again. i thought that was going to last with me longer, or at least if the u.k. votes to remain in the european union, that's going to be the big thing for me for the rest of the year. tom: set up the yen for us. we're going to dash to japan here in a moment and give us a briefing kit before we go to brian fowler, on the idea of how japan responds to janet yellen, to her presumed dovishness. how do they -- how does japan respond to that, or are they so independent they don't have to ook at it? kit: they will look if dollar-yen goes under 100, and i suspect there's going to be pressure for that to happen. in this super low yield environment, the success of the japanese driving thei

you are in an interesting paradigm peerless talk about the election in spain. spain needs more of the same policy -- anna: david cameron was saying forget about the polls. that they don't understand the bosa they give you some idea about how uncertain the outcome is on the 23rd of june or the outcome will get on the 24th of of course. political not just in the eu referendum debate also this spanish election, the round of elections on june 26 just the weekend after the eu referendum after we got inconclusive elections in december. the acting economy minister for the party that has been in charge of the spanish economy in recent years defending reforms of the people's party and a live television debate last night. the number two in the polling calling for investments in spanish industry if they do better in this round of elections. a lot of the questions about what spain's attitude is toward .he euro and membership of it that was a hotly debated or avoided topic just another story that highlights political risk around here right now. manus: i will see you in 25 m

spain is a perfect example. poses big issues, particularly in a country like spain where you have the -- you can find mirror images of that dotting around all over the eurozone. that is going to add to the level of uncertainty, thereby more onus on the ecb to continue supporting. really they are the only game in town. the political trap -- political backdrop. manus: those balloons are the only game in town. i don't like the word bubbles, with that in mind, if the bunds are the only game in town, what does that do to bond spreads? bonds.ing junk rated is this an extreme move? does it shift how you look at the corporate and sovereign world? charles koch without a doubt. -- charles: without a doubt. you are faced with an inappropriate allocation of capital. getting the system and looking at how policymakers are going to dictate how our prices move. terminology, your you cannot say the two basis points are going to value, they are not. the reality is if the ecb is the only game in town, we could see them become a lo

not spain. for this tournament, germany, spain, they are all adidas, and the interestingly, the favorites france with a lesser known brand >> so to the point i have named a global iconic soccer teams with nike? >> well, they have spent a lot on it. >> and they have are spent like crazy to get it. >> so what? >> well, the name of the game is to make money doing it. >> and to get the same amountt of sales as wilfred said. >> and nike is a much bigger company than adidas, and so the 2.2 billion in annual sales for adidas is a much bigger percentage, and impacts the bottom line more. >> thank you. i look forward to watching it. i know that you will as well. and now, coming up, we will look at the experts in the auto sector, and do they agree in the call of the day? as we are going to the break, look at the halftime leader portfolio board. and we have a tight one at the top, jon, jim, and joe. there's the trades. we are back after this. we were born 100 years ago into a new american century. born wit

on that note hosts france go off as fairs at 3 twun followed by germany and spain. and england are --. and check out austria and wales. wales 80 to 1. both performing very well in the qualifying with strong defenses and one or two attacking style play ores like adidas's --. france versus romania is the first game today at 3:00 p.m. julia. but i know you will be tuning in tomorrow at 3:00 p.m. when england kick off against russia. >> i was writing that down actually because i didn't even know. who do you think is going to win overall? >> i can't look past germany. i france are the hosts but germany is very good and they always deliver in the soccer pitch. >> as wilfred said and it is interesting. france may be the current favorite according to the bookmakers but a recent survey suggests current champions germany are set to lift the trophy. ian bryant joins us now. we were just talking about this off camera. great to have you on this show. germany's favorite according to 9 out of the 13 countries that you surveyed. tell me what's going on here. >> yes. well when we ac

olympic canoe and kayak team will leave tomorrow for the world cup competition in spain and france. they will come back to our area for more training before heading to rio in august. which is getting closer all of the time. >> yeah. >>> so help us out. we're trying to make weekend plans. sound like tomorrow is the better day? >> i think so. i had somebody -- having their mother's 80th birthday party tomorrow and wondering about the rain. >> yo >> i'm not canceling -- 80 years old. you have that party. should not be too many issues tomorrow. i think sunday is the better day for storms, however. tomorrow is the better day for getting out and about. i think we'll see some rain tomorrow but not all day rain. take a look outside right now. we did see very heavy rain earlier this evening. now not bad at all. it is warm and it is definitely on the muggy side. the dew point is at 70 and this t will be soupy the next couple of nights here. next couple of days, too. 72 at leesberg. 73 at quantico. 71 over towards clinton, maryland. and a warm night. we did see the rain come through earlier. a

you know, one of those would have to be starting a foreign languages, learning languages from spain, france, germany and china. [ laughter ] and you know, people say i love china. i mean, i love china. i mean, i have so many terrific friends in china. [ laughter ] but i took spanish and let me just tell by the way it was fantastical. muy fantastic. thank you president obama. i'd like to start off by thanking the great hard working teachers of thomas middle school. [ laughter ] and i know that senator sanders agrees with me. yes, i do agree with the secretary. [ laughter ] and hello, thank you for allowing me to speak to you today. let me start with the lunches. they're delicious! [ laughter ] things like pizza and tacos and chips, you name it. and some of the best cinnamon rolls i have ever tasted. i do have one improvement for them though. we need to make them free! >> alex, i think jack wins. i think he takes -- and the ease with which he goes from bernie to hillary to trump, oh, my god. >> we'll see him in the entertainment world. class clown wins. good job. thank you very much, l

vote to leave the eu. -- it should spain's fragile economy. fore are going to fight europe where social rights are a reality and obviously, we are for europe and for the people in europe. reporter: in the end, the message proved most persuasive. it urged continuity and a safe pair of hands. no use unless the party can form a government. and so the context negotiations begin. -- complex negotiations begin. jane: today the supreme court made a major ruling regarding abortion rights in the united states. it struck down a texas law imposing stricter regulations on abortion doctors and facilities. the decision comes as deep divisions have been revealed in many states. oklahoma will open its first new abortion clinic in more than three decades. name of the father, son, holy spirit, amen. reporter: outside his abortion clinic in wichita, kansas, protesters are praying for the women going inside to change their minds. >> amen. i trying to stop women or men who may be bringing women in or friends from bringing them in from telling their babies because

next, elections in italy and spain. good morning come of this is "bloomberg surveillance" and we are live from headquarters in london, francine lacqua is with me. what was it like last night? people sayingt of that they cannot believe this happened. certainly the market did not believe it could happen. they thought it would remain, then that shock announcement that the u.k. was leaving. tom: in the years i have done this, i have never seen more people this morning talking in shock than i have ever seen. even in 2008. francine: it was telegraphed, we should have been prepared more for it psychologically good -- psychologically. tom: we have a lot of research notes, a lot of charts to give you. let's begin with an update. here is a month contract -- emma chandra. emma: voters in britain sending shockwaves around the world, leaving the european union after more than four decades. believe campaign had 52% of the vote, setting them up for bitter divorce talks with the eu. and a new leader, because david cameron who led the r

her children were staying here in spain. i don't think they are closable, but they will make it so difficult across and free movement across the border that it might as well be shut. geraint: what about to the tension out here? it is pretty subdued out here. back to you. tom: thank you. we said over the last hour or so that we are now literally hanging on every result from london because that may give us an indication whether the remain is turning out in enough force to counter the effects of places like the northeast, which are quick -- which are clearly in large part for leave. -- >om larger majority are for remain then -- then we might've expected. that encapsulates the problem. way of kind ofny getting a sense of whether the majorities in london are big enough or you haven't shifted from the 50/50 position you were in a while ago? i think that's right. the london does have an impact on the overall pattern. even in scotland, because although scotland will vote for remain, it has voted remain by a less large number of vote

telefonica in spain. telecom all theia. and the insurers are following through from what we saw yesterday. insurers in a broad base rally and rising. meantime there are still parts of the uk market that have been pummelled and remain in very depressed state. so you may see house builder taylor wimpey up it's still down 30%. those property stores office stocks concern that big companies could leave, for example the financial center in london. today that stock up is 7%. after two days of rises still losses a fifth of its value. fascinating day. the message for a second day in europe is one of rebounding equities. guys, back to you. >> up next, a key player in the greek debt cries. we'll look at the global implications of britain leaving the eu. charles dallara will be with us. >>> good morning. i'm sue herrera. by a 68-32 vote puerto rico debt relief bill has cleared a critical hurdle in the senate. the vote comes 48 hours before the island is expected to default on a $2 billion debt payment. final passage is expected by tomo

spain italy down. these are some of the weaker members of the european union and if the european union were to fall apart those are the countries that would suffer. we heard that from the former prime minister of italy just this morning. also the u.s. futures. dow futures down 50 5 50. lowest levels are down about 730. so we're off the worst levels but also off for the strongest measures when we were only down 450. s&p futures down 80. >> you said you were trading from the desk right now are you buying any of this. >> absolutely not. what i was doing before i came onto the show is sterling was trading around 139ish and i thought america is going to wake up. they didn't stay up all thiegt. not everyone like i did and decided they wanted to sell and that is what happened around the 6:15 turnover when everyone sat it a their desks and i took profits because we're on the show right now and i can't be catching -- >> -- how this effects the u.s. economy. europe is already slower. maybe the gets a little slow

truly this whole experiment and on its way to unwinding the euro, i would be going after italy and spain. uk stocks which derive most of their earnings from abroad, will benefit from a weaker currency. you're probably buying european stocks on brexit. >> or before brexit. >> what did you see today? in the middle of the day, you saw the dixie spike. the s&p sell off. i would guess that would be the knee jerk reaction if it does happen. to tim's point, i guess a lot of this is priced in. what guy was just saying, maybe the european banks have signaled that they thought this poll was going the way of brexit. >> let's get more from chief investment strategist. holly, welcome to the show. >> thanks for having me. >> how are you positioning for brexit, if at all? >> we've been factoring this as a risk factor since the beginning of the year. we're not positioned specifically for brexit. we still think there are fairly low odds of that occurring. but we are positioned for a number of event risks including brexit. one of the things we've been doing is end of cycle planning and ahead of the key ev

has flown across the atlantic ocean, it took 70 hours, that is a long flight, live from insuring to spain. next up for the plane is a trip back to abu dhabi where around the world journey he again last year. >>> and a new crash test study just released overnight points out descrepancy when it comes to safety protection in small suv. as correspondent everette lawrence tells you the city find some drivers and passengers are are not equally protect. >>> madeline gomez bought her honda crv based on safety record. she had no idea there might be an issue for passengers. >> i think of other people shopping, women, my friend. >> new crash tests conducted by insurance institute for highway safety, show a number of small suv's, including honda crv may in the offer same protection to passengers and drivers in certain types of frontal crashes. only 12016 hyundai tucson passed with a grade of good in tests involving right corner of the the vehicle. the 2015 toyota rav4 received only poor rating, institute says safety structures on the driver side are not always the same on the passenger side. >> we wa

affect people's minds when they were casting their votes in spain today. erik: what does the winner do because he does not have enough to form a majority. is it more of the same? is the fact that he picked up some support -- does it mean he can break the political gridlock? reporter: it depends on how the numbers stack up. to have a majority government, you have to have 176 seats. that is one possibility you could get a minority government with the people's party. --ibly together with cu ciudadanos. possibly along with the socialist. if they cannot do that, and if the leftists do not have enough seats to get a government together with the regional parties, then we could find ourselves going towards a third election. spaniards or the the leaders would relish that and certainly not the market. erik: it just means that spain's economic problems continue without a firm grasp on leadership. 20% unemployment. second biggest budget deficit in the eurozone. one of the fastest-growing countries in the eurozone. growth this 3% year. unemployment did come down from 2

in spain, the incumbent fortified his position. in sacramento, california, 10 people were stabbed and beaten when a group of white scuffles with protesters. hillary clinton has released a new television ad blasting donald trump for his position on the price it vote. -- brexit vote. it shows the likely republican nominee at his golf course and scotland. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. i am taylor breaks. this is bloomberg. much.ne: thank you so we just had some breaking news over the last couple of seconds and minutes. the town weakening beyond the friday two-year low. you have to look at the correlation. of course, it is a different correlation with the euro. let's get back to affects and also back to politics. this is something that pours johnson wrote in the telegraph. he is really good person in the spotlight after winning this brexit vote. he has not really spoken to the people, the citizens of the u.k., that much. says, that those who voted to leave ou

>> on friday i was nervous about spain and elections that happened yesterday. you would have thought this would galvanize less mainstream political movements. the spanish vote went the other way around. what does that do for donald trump in the u.s.? who knows. we look at france presidential elections next year. an important event for eurozone political movement. there are sect issues we have to be mindful of. >> thank you for joining us this morning. nearly time to wrap up here from london for "worldwide exchange." >> final thought would be to watch this sort of regret movement. the signatures on parliament reaching 3 million. a lot of folks including former prime minister tony blair says it's very much unclear how they're negotiating this exit if at all how much will be walked back. >> focus on david cameron's speech today and brussels tomorrow where i'll be heading. that's it for "worldwide exchange" from london. "squawk box" picks up from new york right now. and a parade rained on the sales team's parade. and they still made the meeting, without actually go

and spain and they've hired this time warner book group ten years ago. >> you are headquartered now in new york. >> yes. >> all major publishers are. do you want to know why? >> go-ahead. >> we had to think about this because recently we moved offices. i had to think, we could be anywhere. any business could be anywhere. why are all the big publishers in new york? i read some history's about it and the reason the big biggest publishers were in new york historically was because of the erie canal. there used to be publishers in boston and philadelphia and new york is the cities were about the same size. when the erie canal was completed, the cost of getting books from the inland market to new york was so much lower that it was profitable to them and they could offer more money to authors and sometimes a bigger audience. new york became the place authors came. that's why they used to be in new york but the erie canal isn't in business anymore. i thought about that and publishers are in new york because of marketing opportunities and media. their first job is to get their books heard. ther

because spain heads to the polls again on sunday. another fragmented parliament could be very likely. spanish assets might continue to underperform. that is what you are saying antonio. we have the second time they are heading to the polls in six months. four parties. do we think old school spanish politics are the name of the past? we're looking at a situation now where even if rajoy runs off with the majority win again it is going to be very difficult to form any type of government still. >> i think you are right. polls is signaling fragmented party. four large party system. the difference i think this time around versus december is that there will be a pressure for a coalition to reform, a government reform. i will not expect another six months of political impasse. at the latest by the end of the summer we should have a government. >> you don't think the spanish people they now are becoming used to almost not having a government? >> well you will be amazed. belgian a few years ago. the country can run without politicians. will ge

gets show no single party close to the majority in spain. ausallia, shaabat claimed credit for an attack. global news 24 hours a day, powered by our 2400 journalists in more than a 150 news bureaus this ishe world. bloomberg. tom: let's look at the data. australia later this evening. a huge divide between what is called regular stocks and banking stocks. one-daystocks had a bear market yield, a higher yield over the last six hours of 21.46g friday from 1.49 -- to 1.46. like 2008, look 2007. a mystery on monday. for those of you on radio, i put this on bloomberg radio plus. the to send spread did not flatten. this is a huge deal of what did not happen on friday. francine, what do you see? francine: i want to pick out a chart that shows the brutality in the pound. poorly made to the chart for me. this is a 10 sigma deviation. they peter doff a little bit. i do not know what monday will bring. i don't know. i won't speculate. but watch out. let's head to westminster. half the labour party senior team will resign. this is a coup with them labour

unfortunately for greece, spain, italy and france that are socialistic they are running out of other people's money and that's one of the reasons the british people said we don't want part of this anymore because we are being dragged down. >> also a huge wakeup call for politicians. who many are saying this is a movement, it will play out and get back to working as normal. david cameron campaigned hard to stay in the eu. here he is waking up to i'm sure a lot of shock. not seeing this happen. and we were talking earlier about how similar the sentiment here is in the united states. i know you are helping with the trump campaign. talk to us about that and what this means, even here at home with people watching it play out in the u.k. saying if it happened there an you see it playing out here, there's a real possibility we could see things totally shifting gears here in the united states. >> i think what is happening around the world, especially in the areas we are talking about, europe, the united states and britain, there is a similarity, you get the political ruling class that wants

david was talking about spain there. and they have got an election, haven't they in the new parliament. >> and the country's center right party is expected to be the big winner, but spant -- spain's anti-aw start -- austerity party. voters are hoping to avoid a third round of voting. >> they have got a problem about scotland as well. if scotland goes ahead, you can expect katalan to go back. first, we have some of the other news of the day. >> hello, everyone. the death toll has risen in the state of west virginia. president barack obama declaring a major disaster there. at least 24 people have died. that number has risen by one in the past couple of hours. this is the deadliest flash flooding in the united states in six years. you can see what it has left behind. downeds trees, power lines, all kinds of trees and mud. the pga has canceled a major tournament in the area because of all what you are seeing. you can't play golf there or think about it with what all the people that have their lives disrupted. it came on so f

a company in spain has created this blue wine. it's a blend of red and white grapes produced in spain. it's about $11 a bottle. so far, it is a big hit there. but would wine lovers here drink a blue wine? >> i'm not so sure any of my friend or i would drink a blue wine. red wine already stns mouth and teeth enough. i don't think that blue would really be something that i would lien towards. >> i would try it anyway. >> reporter: we're going to have to wait. no word on when it's making its way hear to the u.s. what we do have are pink wines, the rosas and they're trending this summer. >> fresh, very light. easy to drink. it's a night re nice taste. >> reporter: how much of the rosa do you sell each week compared to say, the red wine. >> ten cases. >> reporter: red how many cases do you sell. >> close to five. >> reporter: it's double. >> right. >> reporter: not only is rosa delicious by itself. it's also a popular ingredient in cocktails and san grias. >> i said why don't we do a rosa? we did it. my clients a little got great feedb

., spain and the u.s. and -- >> host: and your head corners now in your? >> guest: yes as all the offices are, you wonder why? >> host: go-ahead's. >> guest: well we had think about this as we recently moved offices. we could be anywhere, wire all the big publishers in your? and? and i've read histories about it, the reason that biggest publishers were in york historically is because of the erie canal. there used to be publishers in boston, philadelphia, new york, they were about the same size because cities were about the same size. the market was growing and when the erie canal was completed the cost of getting books from the in the market to new york was so much lower that is more profitable for them, they could offer more money to authors, they could offer and promise them a bigger audience and new york became the place that authors came if they wanted a massive publication. so that's why publishers used to be in new york. but it's not driving up business anymore so what i realized what i thought about where we needed to be was that publishers are in n

one of the bottles quietly bobbed its way on the sea until a fisherman off the coast of spain plucked it out of the water then wrote tara a letter. >> at first we were really surprised because we were like, wow, spain, that's far away. then we looked at the ocean currents and it makes sense how it goes. >> the fisherman also gave tara his e-mail address, too, saying it would be a faster way to communicate. that's true obviously, but not nearly as fun, dean niece, right? >>> a woman's new refrigerator broke down before the warranty expired. >> she wasn't getting anywhere with the service calls so she called "nbc 10 responds." harry hairston fixed her problem and got her kitchen back in working order again. >> oh, my goodness. >>> this is not the place for a fear of heights but i went up there, anyway. we're showing you what it's like at the top of the new comcast tower coming up on nbc 10 news at 5. spent more than 30 years in the public schools. we're retired, but we like to stay involved. you think he's going to learn to fly? we're just as busy now as in our teaching days. the same g

there was a team on the runway apparently waiting to be deployed in spain but they sat there on the plane for three hours and instead changed their uniforms three or four timesbecause they didn't want to offend bolivians . >> this is one of many indications in the report that concerns about diplomatic niceties may have prevented an adequate rescue mission from taking place. the fact that they were worried about entering libyan airspace and would not deployed air force until the state department cleared that with bolivians. that kind of reluctance to go into ben ghazi because of political concerns in the context of the 2012 elections, definitely raises questions about where the white house priorities lie be seven and when you think about this to our meeting they had around 7:30 p.m. and you think about the differences about what was going on in ben ghazi and in washington dc at the exact same time, you had americans fighting for their lives. you had an ambassador missing at the time. this while we had people sitting around the table including hillary clinton here in america talking about t

. >> i say -- she's from spain. >> you can't be doing that. >> i've been to spain, so i know. >> july 31st, 2015, los angeles, california. carlos vasquez is l.a.-born and raised, his folks legally immigrated from el salvador in 1986. it's the day before carlos' 24th birthday and the family is celebrating by going to one of their favorite restaurants. >> it's been a tradition for my mom to go to an i-hop for our birthdays like me and my mother's brirt dirthdays. >> translator: as we were called to our table a woman appears, she began speaking loudly, shouting that english is spoken here. if i'm talking to my family in my language i don't know why she was offended. >> i interrupted her and told her, don't wait, speak to my mom that way, she speaks english. she hut me up. she said you're from the mexican mafia and you like to kill people. that's when i got offended. >> you can't say to to my parents, they speak english, not perfect, but they speak it. i was very angry inside. i didn't show it or express it. so i thought the only way she's going to understand me is if i speak to her in a

spain, this weekend, that is the first worry. how is that going to factor into spain selection? looking further, it is what people in europe will be most worried about, the italian politics. they have a constitutional referendum later this year. over this result in britain. then you have france. , the eu is less popular in france than in britain. there is a lot here that can go wrong. this is quite a shock to the european system. they are going to attempt to form an election in the tory party. we might have two new heads of the two major british parties who are going to have to try to put the economy back together in some way. treaties,of trade deals, agreements. describe the challenge for whoever it is who ends up running the tory party, how big is the economic challenge? >> it is huge. britain has been in the system for 45 years. it is woven through the british legal system. i've seen part of the complaints . , it is immensely bound up with the european system. it isn't just a question of renegotiating a trade deal with europe. britain has to renegotiate trade deals with all i

spain has not been half governed for half a year. how to make sense of the bond market next. ♪ caroline: welcome back to "on the move." a rather jury berlin -- a rather dreary berlin. the best day on the dax since march 2015 today we can be a little more cautious. janet yellen, will she be more dovish? >> thank you. france's largest insurer plans to increase possibility to 2020 by seeking 2.1 billion euros of cost cuts and intensifying digital investments. the company wants to tap growing demand for policies protecting savings in health after targeting and adjusted rate over the next four years. thetions have arisen about space to expand into china. it held its shareholder meeting. >> we said our mission is to connect everyone in the world and china is a part of everyone in the world did we are learning, study -- the world. where learning and studying about the chinese market. we'll see what happens. tidjanet suisse ceo sete -- tidjane thiam says the company's share prices are being hurt by a high level of short positions. funds we

spain and portugal. even if you get a very close vote, which it looks like it's going to be, we could just be looking at the beginning of spain saying, you know what, maybe we want to have a vote like this. portugal, maybe we want to have a vote like this. you could see the spreads widen out. that would mean risk off for the rest of the markets. >> we've seen the move pretty sharply lower, when there was a brexit fear. what happens to the deutsche banks of the world? >> they've had a rally over the last week as well. i would look to reshort some of those. i have a core position short on that, but i would look to reshort bigger positions in deutsche bank, and suisse bank. >> peter is here with us on set. peter, great to have you with us. >> thank you, melissa. >> to brian's point, what happens if the vote is in fact close? does that bullish thesis on europe, is that challenged? >> i think if there will be a brexit, and periphery as you said, brian, is selling off, i would aggressively sell the periphery.

he went into spain. thre then he went from spain into threatening north africa and then when they thought they had to face the roman army, they sent word and said you must defend us. he said you can handle that. he won't overthrow you, but if you call me back on never get back to italy again and we've lost the war. they still called him back and they lost the war. ranks >> from power, ambition ambition and glory, in the ranks of corporate leadership, a crucial mistake is attributing the success of the company solely to the skills and charisma of one individual, the ceo. >> yes, thankfully there's thankfully there's a whole body of new literature coming out now, especially with big companies and that's that one person can't do everything.an do an effective leader recognizes what he or she can do best and is able to assemble teams to come in where you can't do it. >> there might be a particulary' job that you can do better than the person who's doing it but is that the best use of your time? >> one of the

it is not loose for italy or spain or portugal. betty: there could be room for even more of a loosening of the policy. david, on the european corporates, earnings have not been able to really repair themselves among european companies because inflation is so low. are we going to see a continued deterioration on earnings out of european countries? growth, kindl gdp of a proxy, is edging higher. i don't think from here it gets worse. but really, when you look at the forecast mario draghi was talking about, it was a slow grind for a marked improvement. graded the unconventional measures since they were first announced in january of last year. how successful have they been? how successful will they be? david: that is a good question. what other central banks have -- youif you do have to do it for quite a long period of time. success,een tentative figures were not bad. there needs to be an ongoing assessment. it will work, but it will take sustained effort. mark: economists we have surveyed to just more stimulus, possibly as early as se

greece,ity lie, spain. it was interesting, yesterday, the president of the european counsel as well. to the irish prime minister, the italian prime minister, to mark ritter, the dump prime minister. all of them to reassure them the steps and measures he would take. how britain handles it, maybe it will want be david cameron managing it. it seems unlikely. how the european leaders handle it together is going to have a direct implication for what other countries may call for their own referendum on this issue. there has been, you know, heard rumoring, that perhaps europe would want to send a tough message to the british and other countries, by setting tough conditions as they negotiate their way out of the union. will it be a longer, slow process, the early indication is, let's take our time and play it carefully, and watch for the fractures and divisions. put our fires in other places. >> calm and collected, describing the reaction she hoped to see across. >> the dow fell 600 pointeds t is the worst day on w

. >> i've trying to imagine how those men in spain must have been itching to get into that battle and save lives, trying to do their jobs that leon panetta, the then secretary of defense, wanted them to do. >> exactly. he said deploy. we asked him specifically if he had to get clearance from the president. he said no, he had already told me to save american lives. so when i said deploy, that's all i had to say. so he was very confident in his decision. unfortunately, either he never asked anybody if they had deployed or nobody reported to him that they had not deployed. >> let me ask you, i'm not no washington so i don't know how this stuff works. when he says flow, who then prevents that? is it the state department, is it the president? how does that work? >> i think when you say deploy, the fact that the marines, the team in rota, spain, the special in croatia, i think they did begin to deploy at that time. the problem was they didn't have airlift. there was no equipment there. the special operators, their planes had left them in croatia because there was a training mission in rota,

the german 10 year yield is down a basis point as well as spain's and italy's. up for the indices are tenths of 1%. the dow up 73 points. the nasdaq up just 3/10 of a percent. we also have a look at yields that gives us a barometer of where things are heading. the 10 year yield is going nowhere. it was down from 150 earlier. as you can see, the vicks is below 16 once again. the dollar index also getting weighed on slightly. have gold. ind futures are coming $13.17 an ounce. mark: looking at some of the biggest stories in the news. south africa is announcing its biggest trade. machinery and oil fell as well as precious metals, stones surge. interview,lusive south africa's minister of finance noted there were other reasons the nation is attractive to investors. >> if you take a long-term view, south africa is an excellent place to the end. these things are all relative. when you have extreme uncertainty like other political developments in the european context, we actually look relatively stable and in a good place to be in. mark: he said it is unlikely that south