inexpensive defensive stocks on mainland europe. if they are in the u.k., there are more global companies were things are answered. in your noteked about the selloff on friday and monday being orderly. what could turn it into a disorderly move? >> i think we need to see the reaction. i am not sure we have seen it yet. whether that is retail investors only money out of european etf's or hedge funds, there are a lot of risk parity funds that have a systematic methodology for reducing risk when volatility spikes. so there is a lot of selling pressure that i think still has to come. be market for now seems to taking comfort in the idea that central banks around the world will be accommodated and there is a little bit of scuttlebutt that the brexit could be reversed, which i think is remote, or at least the consequences can be softened with the negotiations in the coming weeks and months. the perfect prompt to bring up our world interest rate probability function. in the u.s., according to this function, it is more likely the fed will cu

saw stock indexes on mainland europe dropped 8%, 6% for germany. banks, which are really the barometer of this whole affair were down by about 10%. john h.: as someone inside the financial markets, going into monday, the weekend is going by. no major news will occur. people will absorb what happened. what happens on monday? how do the markets begin -- what is the mindset, the psychology of the markets? speaking with someone who is been in the market for decades, made a lot of money, speaking about the markets today and he said people do not know aw strongly -- it was disappointed but not worse than 2010. he actually said that this afternoon. the results, the eu bond trader, he said it is the storming of the gates by the finance. he said it would probably end in yields. john m.: at some point, he will keep going down? once you look at the problem at the british economy, without people wanting to invest there. vonnie: this is the short-term. in the immediate term, it is about how fast they can get it done which is probably not fast at all. pound-wise

the big carnage was in mainland europe you the dax down 6.8%. the biggest one-day drop since 2008 and the biggest one-day drop on record for the european banks. at a 99ar-yen yesterday handle at one point. a big stand out the bond market and i will whip you through. down 14 basis points on bonds. francine: the problem is that there are so many angles. we have to look at the european union. how or if they are negotiating. we heard they want to kick out the u.k. and the political turmoil. jonathon: listen to european leaders. >> i regret the vote of the united kingdom but i respect it. it is a matter of democracy. we have to think about the consequences and conclusions. in the european union framework, we have to organize the exit of the european rest of the united kingdom in order and buy the rules from the treaty. >> if it is possible for the raised on article 50 or informally. but we need to start as soon as possible to avoid possible crisis. >> i do not think great britain was setting an example for europe. listening to our own population, i t

that was my take away from the price action on friday, what was happening on mainland europe in the spill over economically and politically -- >> in particular, we were highlighting how the financials will get hit. what is the health of the spanish-speaking center, this will be a big story that europe will be paying attention to does that carry on? if so, that is a problem for mario draghi. david: if you look at the market they reallyyork, took a beating. took a plunge. 50 sell the lease. >> let me pick up on that. you need to base this stuff in a single currency. if you compare it, and look at it, it looks like it did not fall as much. and it iso adjust it what took a really hard hit on friday. >> it is really interesting. 70%-80% of revenue earning sexy comes from abroad. this will not be so bad. majority of the revenues is part of currency. that was part of the story. the other thing i would show is versus the 250, those who don't have that foreign revenue, they got hit, and hit pretty hard. tomorrow, join bloomberg for an hour-long conversation with alan greenspan. the conversati

vonnie: mainland europe has been pretty attractive to a lot of strategists, including yourselves. is it more now to the fellow or less attractive because it is feeling the pressure more than great britain's markets? julian: there is no question we are in for a time of uncertainty , whether it is european politics or of course politics in the u.s., which will keep things upwardly biased, but volatile. there will be opportunities materializing in europe, and ultimately, as things work out, and we do think they will, europe will be an attractive place. look ahead to the november u.s. election, do you see this as a fundamentally different campaign? julian: it is. regardless of the outcome, we are going to get change. not necessarily a policy point of view come a because that is an open question. we will likely get a person with virtually no political experience, or the first woman president of the united states. from that perspective, we look at past changing elections, where you had generational changes or third-party candidates that have really provided a challenge. the marketsd is

you saw stock indexes on mainland europe dropped 8%, 6% for germany. not as much of the ftse 100, but banks are really the barometer of this whole affair, down by 10%. john h.: as someone inside the financial markets as we head into monday, you are thinking about, the weekend is going by, no major news is going to occur. people are still absorbing what happened last night. what happens on monday? have the markets begin, and what is the mindset the psychology of , the markets? vonnie: people will look for opportunity. speaking with someone who has been in the market for a decade, literally speaking after market close, he was disappointed people just didn't know how strongly people felt in the likes of liverpool. like with china in 2010, not so much, but he was talking about stocks this afternoon. if you are talking about growth on bond at managers, this would make you feel like this indicates a finance by the populace. he said the lows are close to 1.25%. john m.: don't you feel at some point it will keep going down voter once the british begin, once yo

they also have this image of muslim migration and the terrorist instances on mainland europe will come across. but above everything else is the project run by elites -- in quite a decent way. one of the reasons why the european union was set up, it was set up a by elites who are terrified by the problems of the 1930's. charlie: how is the difference between the way britain treats guns and the united states treats guns? john: in or miss. if you own a gun in britain, you register with the police every two or three years. it is a complicated procedure. they check if your same. if i need a character reference, i could use you. [laughter] it might help. and then you have to use a repeated -- do it repeatedly. assault weapons, guns are designed to kill people are much less popular. the police do not carry guns. it is one of the oldest argument's. what is interesting in europe is that the orlando shooting seems to set that off again. it is another thing that is strange about america to date. charlie: thank you so much, john. ♪ atrlie: law professor harvard from 2009 to 2012. he worked for t

europe are running under the certificate of the british easy jet. now that certificate will no longer be valid for all those other ones after brexit takes effect. so every company is at the moment analyzing, including our own, analyzing what is the effect once brexit finally takes place in, say, two or three years time. what is my brexit downfall if you like, as a result of that. >> richard, thank you. a lot to digest. markets find some stability following friday's dramatic losses. a closer look at what to expect from investors in the hours ahead today because they're pretty unsettled. >>> global markets beginning to stabilize following friday's turbulent reaction to the brexit vote in the uk. wall street futures are lower but nothing like the 600-point loss we saw in the dow on friday. here in london, the ftse 100 continues to lose ground despite the finance minister's words of reassurance before the start of trade. markets in paris down 1%. let's go to nina on the trading floor. nina? okay. no nina. but as you can see, the markets are down substan

the big carnage was in mainland europe. the dax down 6.8%. the biggest one-day drop since 2008 and the biggest one-day drop on record for the european banks. the fx market, the biggest they drop of all time to a 30-year low. the dollar-yen yesterday at a 99 handle at one point. a big stand out the bond market -- a big stand out in the fx market. get to the bond market and i will whip you through. down 14 basis points on bonds. spreads down on the periphery. francine: the problem is that there are so many angles. we have to look at the european union, how they are negotiating, if they are negotiating. we heard they want to kick out the u.k. and the political turmoil. then you look at the markets. jonathan: listen to european leaders. francois hollande: i regret the vote of the united kingdom, but i respect it. it is a matter of democracy. we have to think about the consequences and conclusions. within the european union framework, we have to organize the exit of the united kingdom , but we have to do it in good order, and in accordance with th

, not as much but slightly because the political instability in the uk is impacting mainland europe because many people now are wondering what are some other countries, such as greece, such as france will consider exiting the eu. >> save one of those nice places for me. >> i sure will. >> thank you very much. >>> there's a lot more ahead tonight. >>> next up, stock shopping. "mad money" man jim cramer's advice on what to buy and when. >>> plus, the billion dollar buyer. a man who runs businesses big and small on what he's betting on to beat the brexit. ♪ ♪ the big hilton world sale is on honors members save up to 25% on brands like hampton, doubletree, hilton garden inn, and waldorf astoria so stop clicking around. book direct at hilton.com now that's satisfaction. >>> brexit causing money mayhem around the globe again today. investment strategies and retirement plans take another blow and brexit hits in unexpected places proving that no one is immune. don't panic. this cnbc special report continues with sound advice and valuable perspective. now here are tyler mathisen and sue herera.

europe than what we are for some of the stocks in similar sectors here in the uk. and what that goes to show and whether or not people are questioning -- or they are questioning already whether we have to go through this once again with other countries in the eu. with regards to the auto sector, also selling here across the board. bmw down 8% or so. same for daimler. vw down 9%. fiat. psa. others off more than that. 10 to 15% in broad terms. and the eu retailers off somewhere in the region of 10%. eu retailers fairing a little better than that. del hayes off 3.5 percent. these are really big trades we're seeing. so what is the flip side to. this there are safe haven trades out there. and we are seeing pockets of green. -- up 11%. spot gold hanging on to gains as well. as we've seen overnight up 5%. popping 1314. it was higher er8ier. gold still hanging onto the safe haven trade. the big move in sterling this morning. down 7.3%. that move continues. incidentally also a lot of speculation about what this is going to do to emerging markets and how all of this repositi

. >> but we're going to start actually with atika who's in berlin because all eyes on mainland europe now, right, atika, because they've got to find some sort of solution to get through this? >> reporter: absolutely. it's all about the reaction here on the continent. and what we have today is foreign minister walter stein mire. he's meeting with, as becky noted, the founding members of the eu, the foreign ministers there. that would be germany, france, belgium, italy. this is really the core group of the eu. and their number one priority today is how to make sure this does not happen again, that no other eu member is even thinking or taking steps toward leaving the union. and so that really means two things. one, they're going to be discussing how the uk will leave the eu as swiftly and as painlessly as possible. and the other is how to reform the eu from within, how to make it a more flexible union so that if one member doesn't want what others do, can they negotiate some sort of a better deal, more flexibility? those are the two issues they'll begin discussing today, but it really i

europe if there's an exit. euro clearing is based in the u.k. how the european union would allow the clearing of its currency to happen offshore. that doesn't make sense. guy: i think we have seen the case taken by the ecb, which was lost by the ecb and won by the u.k. it's been great to see you. up next, wti crude has pared its biggest weekly decline more than two months as the dollar extended its retreat. we are going to check in on oil, next. ♪ guy: 15 minutes past the hour. let's check in on the markets to show you what is happening around the world. in europe, a risk on sentiment is being generated. we are actually up a little bit more than the futures earlier indicated. we are up around 53 points. the dax is still below 10,000, but we are seeing banks on the front foot. writ large across europe, banks are well bid. here's the bloomberg first word news with haslinda on an. haslinda: both sides of the u.k.'s eu referendum debate have suspended campaigns for a second day after the killing of an mp. died po

one come in the invasion mainland, europe and what to do about the atomic bomb program. it is here where the first discussions move forward, that the americans will take over and the british will rise. but this is the beginning of the manhunt project. now at this very meeting, they discussed the heavywater and they discuss what was happening. churchill writes in his memoirs of this theory, sinister turn named heavywater. what is decided by the summer of 1942 by churchill is we need to hit it. we need to do whatever we can and division is on. .. this is a curious picture i could find, he looks very happy. and i love this picture because i identified one thing with minor scheduling, it's toughness. it's looking very different from the face you see here but he was probably the toughest person i've read about in the course of researching this story. he wants to fight when the germans came to occupy the village. so one day, he goes to his mother and says i'm going to go on a skiing trip up in the mountains. i'm having my rifle, i'm on my own, i'm going to hunt reindeer and i'

summer 1942 churchill and roosevelt sit down in hyde park to discuss the same the invasion of mainland europe and what to do about the atomic bomb program here is where first discussions move for over the british takeover that this is the beginning of the manhattan project that at this meeting they discuss heavy water and churchill writes in his memoirs that sinister term deemed heavy water and what is decided by this summer of 42 we need to do whatever we can and in michigan is on if the british had a seat for a weapon born beside said dale m. to provide the water to the hydroelectric plant this is the place snowbound six months of the year to be self-reliant is a necessity if something is broken he boasts he was born the expert skier in hunter and looks very happy to identify all things am probably the toughest person in one to to fight when the germans came. and then to say we will go on a skiing trip that i will go hunt reindeer and i will see you in three weeks. instead of going north to go southwest to the coast on his way he crashes and now how that happened and hertz is the bad

., meaning mainland europe will lose more than the other way around -- connell: there's the one balance ashley webster brought up was if they go too far and give them sweetheart deals so to speak, that other countries will look at that and say, man, i'm getting out too. >> what's wrong with that? connell: i don't know, from a union point of view. >> if you can have free trade with everybody, you know, with each country, each sovereign country out there doing what they have to do to their best interests, you know, i don't think that's a bad thing. i will say one other thing, let's be real clear what the european union did for so long, it masked -- partially through germany's and france's and the u.k.'s largess and also through some wall street engineering. connell: right. >> the incredible to have la georgia city and insanity of greece, italy, spain and portugal. and these are are countries that are deficit countries, these are countries where a lot of people don't work, where there's huge welfare states. and it might be just time for them to, you know what? get with the program or get o

a lot is piling up on mainland europe. the dax is down 127 points on the session. dollar-en , down by8/10 of 1%. approaching.80s pounds. wti is down one full percentage point. in with theireck bloomberg team for in-depth coverage of our top story. megan murphy is in washington with reaction on the worst mass shooting in u.s. history. we have just had the news conference in orlando. what did we learn? gan: there wasn't a huge amount of new information. final count which was 49 victims and one shooter dead. heard details about how the police stopped of this and how had aat incursion that standoff for multiple hours in orlando and how going in, they believed saved more lives. in terms of what investigators are looking at is combing through everything about this man's life in history. rented a car to go to this nightclub and commit this tragedy. they are looking at exactly his leading to extremist groups. he called 911 and pledged allegiance to isis. this was a man who was known to u.s. authorities. he had been the subject of two separate fbi investigations which did n

from mainland europe i think here is the question. when does it become a big issue for government to look at the situation and say i don't like this, we need to do something about it. inject $44ady to billion into the financial system. do you expect to see that actually happene? >> the governments around europe are looking at this and saying actually we need to look at what measures we can take to stabilize it. there's a huge amount of uncertainty about how this is .oing to pan out t the fact is that the uncertainty to remain here, all governments can do is stand in an stabilize markets as much as they possibly can. alix: what will we see when it comes to volatility? euro stock volatility versus the vix here in the u.s. they both spiked but nowhere near 2011 or even back in 2003. thought it would head into the high 30's. that is where we have gone. we expect the vix to follow it. this is not a 2008 style event. it's probably not even as 2011 but it is a significant event. when markets experience a shock now that does refer of the brai

europe. how do you think chancellor merkel would respond to that? >> reporter: i think that in a legal sense, this is absolutely true. the only person, the only government that can invoke article 50 in this case is the uk. the eu can put all the pressure it wants at this point, but it's the sovereign right of the uk to decide when it wants to -- when and if it wants to invoke article 50. and i think that chancellor merkel is being pragmatic here. she knows this. so she's saying, look, you can shout and scream all we want, but the fact is we can't pressure them to do anything at the moment. so let's take a breather, step back, and think about what our options are. >> okay. atika, thank you very much indeed. also nic in brussels. lots to digest today. lots of meetings. we'll bring it all back together for you. >>> a brexit backer is backing away from a major claim meanwhile about the leave campaign. an interesting debate around this particular sign. ♪ you've wished upon it all year, and now i

here in the united states, much lower in mainland europe with the dax down by 1%. a much stronger euro. euro-dollar at 11315. lower. my question to you would be, about a month ago everyone was saying the fed will do nothing this summer. then everyone said the fed will do everything this summer. one data point, they will do nothing this summer. talk me through this overreaction to the downside and the upside. jeff: there is certainly a lot of short-termism. markets are affected by the moment. today's move is what you are seeing. in terms of shifting back and forth, the fed did not want to have zero probability of a hike. that is what the market has priced in. the debate was always june, july, today and this morning is about pushing off june. the june payroll report we get next month, it will take on heightened importance because two points determine a line. right now we can say this is a one-off, it does not change the longer-term trajectory. the next report might have that effect. that will take on greater importance. david: thank you. carl riccadonna, he is our ch

you have to say, what is happening on the continent, the pain more acute in mainland europe. david: we were looking at this before, was you put this in the same -- and once you put this in the same currency, rebates, everything going into the dollar, and you will see why this next board is important. the town has been battered -- pound has been battered, down by over 8%. that does not look as dramatic. and this was have been in the market -- swiss have been in the market. at .07 and we got down on the dollar-the yen, trading down by nearly 4%. jonathan: bring up the bonds. yields on treasury grinding got to all-time lows. points on the session. and for me, you spoke earlier, the idea that they could use -- lose a triple credit rating in the united kingdom. this is down 33 basis points. we talked about it being more acute on the continent. i believe it is down 12 basis points, 20 basis points on a 10 year yield right now. david: it is a sovereign, so the effect is much less. it is interesting to see what the ecb does. we will watch. jonathan: sally here with the prime minister

stocks in mainland europe down and down by one full percentage point if the stoxx 600 is anything to go by. was three straight days of gains for sterling, not so much anymore. yields grind lower again, down by three basis points. quarter for crude that could be the strongest since 2009. we are down to one half percent on the session. alix: looking at exxon and , on target for gains. still ahead, mark carney will be speaking at 11:00 a.m. new york time and we will be taking it live. afterwards we will have erik schatzker's interview with jes staley. it is a big day. dayd: we come in every expecting you to bring us some news and you have not let us down. you have mark carney and jes staley coming in. jonathan: just thank the quirks of british politics. david: it has been quite a week. thank you so much for joining us on "bloomberg " today. ♪ e >> it is an :00 a.m. in new york. 3:00 p.m. in london and 3:00 a.m. in hong kong. i'm vonnie quinn. >> and i mark barton. this is bloomberg markets on bloomberg television. ♪ vonnie: we are going to take you from new york to london to mil

mainland. that's after the break, fred. toe real you shine through? introducing otezla, apremilast. otezla is not an injection, or a cream. it's a pill that treats plaque psoriasis differently. some people who took otezla saw 75% clearer skin after 4 months. and otezla's prescribing information has no requirement for routine lab monitoring. don't take otezla if you are allergic to any of its ingredients. otezla may increase the risk of depression. tell your doctor if you have a history of depression or suicidal thoughts, or if these feelings develop. some people taking otezla reported weight loss. your doctor should monitor your weight and may stop treatment. side effects may include diarrhea, nausea, upper respiratory tract infection, and headache. tell your doctor about all the medicines you take, and if you're pregnant or planning to be. ask your dermatologist about otezla today. otezla. show more of you. >>> all right, you're watching "cnn newsroom." i'm frederica whitfield. >> some who wan

certainly southern europe is in still in very difficult shape. it is interesting, hotel we're staying at, it's a large hotel. i have yet to meet one english person as a waiter, waitress on the front desk. it is full, all eu people who are here. now, this is great. they're here. they're working. does that upset some people? not in london. london is one of the most multicultural cities in the world. here it is not a big deal. go out into countryside, resorts, in the country much bigger deal. people are london centric with states new york centric but a lot different world outside. >> i want to point out to viewers right now, asian markets really seeing some downside, off 300 points on nikkei and hang seng. really reflective of concerns right now about what exactly does this mean? what does this mean for global markets? what does it mean for the uk and eu. could another country be next? that is one of the big threats here, right, steve cortez? it may not end with the u.k. other countries may look at this, i want out too. >> right, right. trish, i thi

is the highest in all of europe compared to the mainland. is thebanking sector , investments to companies. cor even ify: brexit were to remain, the last oppose this would still be there. i wonder if there is a lesson in greece last year with the turmoil that greece went over and its relationship with the eu. >> yes, you are right but i least in thiselieve at situation, the economy of europe at this point in time, it is mainly to utilize a mix between markets and the financial banking sector in order to share growth in europe. according to the discussions , it have opened to brexit has been faster in europe. this is a positive approach for the discussion we have seen up until now. carol: the market environment, .5% this, up about year. expectations. gdp in the country's negative one point 3%. you have got high unemployment that continues to plague greece. how do you turn it around at this point? >> i think the most important issue that everybody is aware of how can attractive investments in the country, this is the reason why we are here for

investment teams can now mainland china from hong kong and vice versa. they are issuing bonds in europe as well. i say this is net positive globally to everybody. guy: we have seen weak german factory numbers. china has probably played a significant part in that. when you look at what is happening in europe, how much you are investing in is china related. chinese factories should be doing reasonably well. they should be ok right now. german factories, by extension, should not be looking too shabby right now either. >> you know, china suffered, but they are doing ok right now. the u.s. data gives more substance to the german' numbers. both japan and germany -- japan sneezes, and both of those economies get a cold. it is a very significant investment area for us. . we have significant exposure to china. to 17%kets are down 16% year to date. matt: i have to jump in there. you say valuations are reasonable. the shanghai composite is trading at about 59 times earnings right now. the is a lot more than you do see anywhere else in the developed world. their you

our relations with eastern europe, the soviet union, and mainland china are firm, vigilant, and forward looking. policies i have initiated offer sound progress for the peoples of the pacific, africa, and latin america. israel and egypt, both trusting the united states, have taken an historic step that promises an eventual just settlement for the whole middle east. the world now respects america's policy of peace through strength. the united states is again the confident leader of the free world. [applause] ford: nobody questions our dedication to peace, but nobody doubts our willingness to use our strength when our vital interests are at stake, and we will. [applause] mr. ford: i called for an up-to-date, powerful army, navy, air force, and marines that will keep america secure for decades. a strong military posture is always the best insurance for peace. [applause] mr. ford: but america's strength has never rested on arms alone. it is rooted in our mutual commitment of our citizens and leaders in the highest standards of ethics and morality and in the spiritual renewal which our nation

but across asia, we are looking at 3% losses in japan, 1% on the mainland in china. brent crude is down across the board. well.t as a lot of commodities are feeling the heat, and although you see some gains in stocks. 0.02%. this says unchanged, but it has been a real rundown for the german yield. let's go to the first word with haidi lun. haidi: the fbi says the gunman who killed 50 people in a florida nightclub has spoken at bout the so-called islamic state in the 911 call for the massacre. he was killed in a shootout with police. he was the u.s. citizen, born in new york to afghan parents. it is the worst mass shooting in u.s. history, and president obama says it is an active hat f hate. >> it was more than a nightclub; it was a place of solidarity and empowerment, where people come together to raise awareness, to speak their minds, and advocate for their civil rights. this is a sobering reminder that attacks on any american, regardless of race, ethnicity, religion, or sexual orientation, is an attack on all of us. haidi: the u.s. presidential candidates have been

they want to share technology in north america, asia, and europe. the dialer expects to beat its 2017 target of $1 billion in sales. the world's largest chocolate retailer plans to open more than 190 stores and mainland china. they plan to go public in london in about four years. tom: shery ahn, thank you so much. the brooklyn navy yard was built in 1801. it opened in 1806. for966 created good jobs good democrats, at least that was the theory. she visited last night and we are thrilled to bring you megan murray -- megan murphy. i want to cut to the moment where women were way out front. how did they perceive this victory last night for the secretary? moment,wo most powerful the clinton campaign echoed the speech that was all about women's rights. what they had gone through to get to this point today, and there was the second moment when she got the biggest cheers of the night when she brought up her mother. she said, i wish my mother was here. tom: this is the new york post, esther murdoch's paper -- mr. murdock's paper which takes the high road. jo

disney has formally opened its first theme park in mainland china. the countries vice premier was among those taking part in festivities. it is the largest foreign investment ever for disney. china's tourism industry is set to double by the year 2020 oliver:. it is time for the bloomberg -- 2020. oliver: it is time for the bloomberg quick take -- unicorn, a term to describe private startups. it was meant to emphasize their scarcity. now silicon valley's is teaming with them, and sightings are more common in asia and europe as well. here's a situation -- valuing private companies is more art than science, and recently they have not been spared the headwinds that have shaken at the markets around the world. big investors like black rock and fidelity, which have to estimate the worst of their holdings in those unicorns in quarterly findings -- filings are cutting valuations. as a result, many of the companies seeking less capital have to do so unless favorable terms. some even lost the magic spark, falling below the $1 billion valuation. here's the back