also joining us, london anchor matt miller. scarlet: we want to get to the bloomberg first word news. mark crumpton is back with more. mark: a petition to parliament that calls for a rule that a voter turnout of less than 75% and a remain or leave photo under 60%, there should be another referendum. the british government said that during the campaign there would not be a second vote. in spain, exit polls showed the main progressive parties, the socialists and the antiestablishment group podemos probably won a majority of seats in today's election. the caretaker government one the 121, savings with 117 to although both second and third place groups have ruled out supporting. prominent conservative columnist is leaving the republican party because of donald trump. george will says he switched his party registration to unaffiliated. the pulitzer prize winner tells pj media that republicans should "grit their teeth" during a hillary clinton presidency and hope to beat her in 2020. federal officials in west virginia are assessing t

let's head to matt miller. matt: across the board, we're looking at 1% gains on the broader indexes. 600 and thestoxx imap function shows that everything is up at all industry groups broken down here. the materials are the biggest gainers. telecoms also rising. it has been an incredible run for european stocks. if you look at the past five trading days, you can see we are up 7%. this is the stoxx 600, a 7% gain over the last five trading days. i want to pull out tesco. it came out with same-store .3%s, up three -- up compared to estimates of .2%. a back-to-back gain in same-store sales. they haven't seen that in five years. investors are extremely optimistic. the stock is up 3.3%. the stock has taken a hit, if you take a look you to date. tesco had taken a hit in april and just started to come down, because investment concerned about the profitability. since the beginning of the year, up 11% including today's games. -- today's gain. it is doing better in the trade today. francine: thank you so much. matt miller

i'm david gura with vonnie quinn and matt miller. ramy: joining me for today's options inside is jim of mk m holdings. always good to see you. markets are pretty much at session lows. about $1.8 trillion. your gut reaction to this? there is a selloff. >> gut reaction is this still has been a relatively mild event in volatility terms. really short and longer term -- ramy: i thought you might say that. >> short-term what folks have to appreciate is a fairly mild inversion of the fixed futures --ve -- fixed futures curve curve. vix futures curve. in the very short term our message is get protection on. get long volatility but don't be too cavalier about what could be a rolling shock and one of what should -- much higher magnitude than what people are expecting. ramy: people have to understand the short-term as well as the long-term. walk us through the short-term. we shifteder term is into a high volatility regime last august. every significant shock in u.s. equity markets for the last 30 years had a curve with high volatility environme

i am at miller. -- matt miller. david: here is what we are following this hour, a decision eu..k. voters to leave the will it lead to economic trouble in the united states? our guest says there is no reason to worry and will tell us why. bonnie: will the relief rally last? matt: and at the bottom of the hour, mohamed el-erian will join us. we are one hour from the close of trading in the u.s. last 30hot up in the minutes or so. let's get to the markets desk. session highs hit in the last 15 minutes or so. coming off that a bit. this is where we stand now. the nasdaq is the biggest gainer. the s&p up by 1.5 percent. i did some calculations right before this. we recouped about 360 billion dollars or so after the losses we saw from brexit. those total about 1.7 trillion dollars. we are still about 1/5 of the way back from where we started pre-brexit. let's take a look at my bloomberg. i will show you the imf function with the 10 sectors in the last hour. seven were in the green. right now, firmly in the green sectors.l telecommunications just barely above the flat line. but energy ha

i'm matt miller. david: the aftershocks of the european referendum vote continue to recap across -- wreak havoc--- across markets. paul joseph joins us from st. louis. you said in your note you got this one wrong. so many people did. how did everyone get this wrong? paul: we assumed everyone would get into the voting booths and decide they know the -- they like the devil they know better than the devil they don't know. there's a history of that in exit referenda, going back to quebec in 1980, so we got this one wrong, and so did the markets. vonnie: do we look at a recession over the next couple quarters in the u.k.? paul: there's a good chance of that over the next year to 18 months. you heard the minister of finance and the prime minister talking about a position of strength. i'm not sure there is a position of strength. cyclically, for the u.k., the rating agencies tend to agree with that. matt: which stocks do you think, or which industries, could benefit from this? because surely there are some t

matt miller, let's get to you. matt: it has been extremely energetic here. have beenese traders here since 8:00 p.m. last night. the moves in the pound started around midnight, dropping further at 2:00 a.m. when it became clear that the leave camp had far more votes than the remain camp. leveragee trying to de- a lot of the clients, but most investors were completely wrong going into this, investing in the remain camp. they've had to unravel those. we're talking about margin calls all night. everything was limit down. u.s. futures can only be down 5%. other assets have come back. the pound came down to 1.33. traders here telling me the bank of england gave them a little stability and cameron's resignation erased some of the uncertainty that still remains. with that, i'll toss it over to manus cranny. manus: thank you very much. david cameron doesn't want to be the captain any longer, but there's one man steering the ship of the markets, mark carney. 2013, he ran the central bank of canada. many say he was responsible for canada avoiding the disruptions other

anna: let's cross back to matt miller. he is in brussels at the brussels economic forum. >> it is a pleasure to talk to you. let me ask you about the stormy weather we're looking at here in europe. with two weeks to go until the referendum in the u.k. and with the immigration problems that continue to mount and with the negative interest rate policy and expanded qe, do you think this is the most difficult time for europe since the greek crisis? click certainly we face a number of challenges economically speaking. we can see the economy is continuing to recover and we are discussing what needs to be done to strengthen the recovery but of course a number of challenges are facing us. of course we hope for a positive outcome. frommuch more positive economic and a political point of view if the u.k. stays in the eu. it's quite a challenging environment. >> everyone hoping that britain stays in the eu, at least here in brussels but it looks like from the polls that there is a one in four or one and three chance that they exit. d

he made the case to bloomberg tv matt miller. have a listen. >> economically, speaking, we can see economy is continuing to recover. what needs to be done to strengthen the recovery. there are a number of factors and challenges they are facing. it's much more volatile from economic and also political if u.k. stays in the eu. more southern and eastern neighborhoods, it's quite a challenge. >> everyone clearly hoping that britain stays in the eu at least here in brussels. it looks like from a polls there's a one in four or almost one in three chance that they exit. don't have you have to be a contingency plan? don't you have to be ready for that possibility? >> of course there's an assessment. as a conclusions are clear. now, choice is with the british people. we hope for a policy result and will continue to work with the u.k. within the eu. and to implement agreement. also to allow prime minster to stay in. >> what do you expect to do if they leave? are you worried about a contagion. how will you address the other countries that a

back to matt miller in london. matt: breaking news -- the s&p is cutting its rating on the european union's super unnatural credit to a aa from a aa plus. i have the statement open right here. s&p analysts are saying we reassessed our opinion of cohesion within the eu, which we now consider to be a neutral rather than a positive rating factor. that said the outlook is favorable. s&p cutting its rating -- it's super unnatural eu rating from aa to aa plus. scarlet: it is reflecting that anchor ratings will remain at the current level. this is interesting, especially in light of the fact that you had two ratings companies downgraded their assessment of the u.k. following the brexit vote. oliver: exactly to the outlook is stable, but still a big cut. the u.k. getting cut and we had that from moody's. then we had this cut today. it brings up the point that listen, even though markets are signaling a recovery, there are so many questions lingering, and you to think about what kind of events could potentially be on the ho

i'm matt miller. scarlet: i'm scarlet fu. alix: i'm alix steel. scarlet: here is what we are turning to the sunday. european union members are trying to organize after the surprise brexit vote, putting pressure on the u.k. to leave as ugly as possible. ther brok, chair of committee, is joining us this hour. region's face the second biggest budget deficit. we have more live from madrid. scarlet: let's get you bloomberg first word news. let's go to mark crumpton at the news desk. mark: more reaction to the you k's vote to exit the european union. appearing on abc's "this week," mitch mcconnell said u.k. citizens got tired of being told what to do. is up tocconnell: it the british to make that decision. you can read about the frustration of having ceded to bureaucrats in brussels so much authority. you know, you see the same thing here. we have had a regulatory rampage over the last six years. a lot of people the president has put on these boards and commissions in his government are pursuing policies that we have not passed in congress. senator mcco

i'm matt miller. we saw japanese markets and asian equity markets turned around overnight and arise. european futures rising as well. here are your dax futures up 1%. let's get to the merck business flash with husband i mean. will sellvolkswagen assets as it tries to navigate its way out of the emissions scandal. according to people familiar with the matter. the company is planning to combine to cut costs and boost efficiency good vw faces billions of dollars in fines. .- efficiency vw faces billions of dollars in fines. vw may make an announcement as early as tomorrow. the largest clothing retailer has reported first-quarter profits that beat estimates. it increased to 705 million euros in april. -- fromted revenue came the zara store. china's asset management are preparing for a crackdown as a part of a move to target shadow banking. mutual funds will need to adjust leverage ratios for investing inequities, fixed income and nonstandardized products. units of public mutual funds will need to hold $30

i'm guy johnson alongside matt miller. he is in berlin. this is what we are watching did the killing of labor mp, jo cox, silences both sides. markets stabilize as campaigning is a suspended. herbal intervention. japanese finance minister escalates government records about the strengthening of the yen. how long before markets demand actions rather than words. is a russia recovering? we speak to the country's economy minister ahead of vladimir putin's speech. good morning. where less than half hour away from the european open. let mac -- let mac talk about what is happening. what we are seeing is a equity market recovering. we are going to see it here in europe as well. markets are extrapolating events in the u.k. and what we are seeing is we are going to see a very positive start to the session. the general market, the euro stoxx, up by 1%. the london market up by .1%. the dax looks like it is going to open up about 1% higher. matt: we saw every cover in the u.s. equities yesterday. the s&p 500 has been down for the last f

let's talk to matt miller's -- to matt miller. this is about credibility. this company has a grip on the situation. matt: it is about incoming or -- ceo, with tears muller, matthias mueller and what he plans to do here. this is a massive company, half million employees. a company in which the german government owns a 20% stake. it really means a lot to the people of this country. we are talking about a country that's a company that has a ton of brands. volkswagen, audi, porsche, skoda, ducati. a number of truck brands. they really have a lot going on, so this group to not only -- so there scoped to not only selloff units, but to merge component makers in order to cut costs further. they have to cut -- they have to pay for this diesel scandal. estimates for the costs went up to 70 billion euros. they still have to settle with the u.s. government and pacified customers. it is going to cost billions of dollars. the question is what do they do going forward as far as their brand? they own a 10% stake in bayern munich. what do they do in order to cut costs? befo

let's find out with matt miller. matt: it looks like a risk on day from what we saw from asia overnight and what we are seeing -- for example, real weakness in the yen right now. this is fx ip, which is a great screen to follow all parents the information -- to follow all currency information. let's take a look at the imap here on the stoxx 600 and see which sectors are moving down and which are moving even further down. almost all of the sectors we are looking here are broken up on the stoxx 600. telecoms are the worst. energy though, the second-largest. telecoms are not a huge sector compared to energy. the reason there, we see drops in crude oil and many commodities. so, you will be miners and energy companies down today. let's look at the individual stocks that are moving. very weak last month, down 21%. hemont.is down .8%, ric axa has come out with bank estimates that were in line with the estimate. for example, 2.1 billion euros in savings by 2020 and investing one billion euros in savings. and there you see gl

matt miller has your morning bief. matt: draghi's bid for credibility. the ecb's balance sheet approaches a record. whether be enough supply to buy? and sluggish, dismal, now insipid. the world bank reaches for a thesaurus as it sounds the alarm on global growth. how many ways can you say, it is just too dorarn slow? hillary becomes the first woman to run as the presidential candidate of a major u.s. party. but when does bernie sanders get on board with her candidacy? probably not until the convention. guy? guy: it is looking like that. it will be interesting to see what the end result of the meeting is with the president later this week. the european open is here. let's show you what is happening. we are getting a slightly negative start. let me bring up the gmm function and get some equity moves in here. we are expecting a fairly slow start for the european day. .5%.mx is down by the netherlands are trading d own. and i'm looking for the ftse 100, down by .2%. so, a weak start to the session. let's find out the details of the session with caroline hyde

that miller is o -- matt miller is on set and charles newsome is with us here as well. the private sector is funding big investment projects. you can see this really clearly on this chart. assets, look at that chart. really surging over the last few quarter's. you have to step back and say, the chinese economy, near term, delivers better numbers. are you happy to invest in chinese stocks right now? the you see any asset you want to buy? >> i don't see any assets i want to buy. i want to find ways to allocate money towards china. however, we continue to worry about the government's we see there. and the overreliance on continued intervention to restimulate, which always worries us. it comes and goes pretty quickly. one minute you think it is going to work and they say they are going to do something and then they don't. and you never really know what is going to happen. i am always a nervous investor around china and prefer to invest in what i think are high-quality businesses with a reasonable chinese exposure. guy: the rise and fall of shanghai has been spectacular to w

matt: i am matt miller. oliver: i'm oliver renick in new york. shery: i am shery ahn and this is "bloomberg markets." ♪ matt: we are going to new york to aspen in the next hour. here's what we are watching at the moment. u.k. stocks rebounded, gaining back all of their losses since last week's right to brexit vote. we will look at how markets are faring on this risk on day. oliver: carlyle group cofounder david rubenstein joins us later for an exclusive interview on the thought on brexit and the u.s. election and what it means for the market. shery: it is focus on farm a week here at bloomberg and we have an exclusive interview with the ceo of pharmaceuticals. oliver: let us start off by heading to the markets desk where julie hyman has the latest. give us the scoop. what is going on? julie: we continue to see stocks rally today and remain on the highs of the session. we have three major averages gaining with the nasdaq up 1.6% and leading the overall rally we are seeing. if you take a look at the bloomberg and the imap, energy shares have been

i am caroline hyde with matt miller in germany. u.s., thestay in the estimate is 150,000. -- 160,000. federal uncertainty. brexit a big concern for several officials at the fed. could the referendum matter more than payroll to a june hike? long live opec. oil is unfazed at the vienna meeting. opec try to find its footing in crude. -- tried to find its footing in crude. let's check in on how the futures is settling. and little bit of cautious risk appetite in asia. we see the same when you look at the ftse 100 up .4%. overall benchmark signaling we could rise .3%. the dax up. some relief there but perhaps these hairline strikes have not indeed taken off. more risk appetite good matt, what have you got? matt: take a look at what we see in asia. , really littlee movement across equities. we now see a pickup at the end of the session here. the nikkei up .5%. the hang seng in hong kong gaining as well p over in china, a gaining -- as well. over in china, there gaining as well. the yen gaining strength. not a heck of a lot of movement in

i'm alongside matt miller in berlin. we will be covering the latest news, market action, and politics around the upcoming eu referendum. first up let's get to nejra cehic. nejra: thanks. the leader of the so-called brexit campaign has been accused of putting his own future ahead of that of british workers. boris johnson was debating the upcoming referendum ahead of the ise -- his opponents said he using the issue to enhance his political credentials. he is seen as favorite to the prime minister david cameron. >> they seem to want to take a huge risk with the employment process, millions of people up and down the country. you don't seem to care about the millions of jobs -- i think you only care about one job. nejra: meanwhile, citigroup says u.s. treasury yields may fall toward record lows of britain votes to leave the eu. the bank says a brexit may weaken the trade lines and current economic growth, sparking massive demands for treasuries. european equities could lose about a quarter of their value in the immediate afte

let's get the details and talk some with matt miller. we're looking at a positive open after a positive session in the u.s. yesterday. we are looking at mix trading in asia right now. it is interesting. down, we are comes seeing big gains across the board. all of the industry groups are doing well. materials of, and the standout i would look at as we see some commodity prices rising. you have copper and oil rising. let's take a look, you like to use mrr a lot. here you can see the moves. shouldthe sxp move, we and losers ons this index. you can shift back and forth in the news and the details. you have the commodities companies and materials companies rising this morning. losers, zodiac aerospace, not as much of a theme on the downside. let's take a look at some of the movers we expect to see. i am following volkswagen but also h&m, which missed on earnings and sales. the wet, would to reread there is keeping people out of those stores. volkswagen also up 1% as they prepare to hold their shareholders meeting. it could be a rocky day for

i'm alongside matt miller in berlin. here is what we are watching. four polls what the u.k. on course to leave the eu. should we believe the numbers? we're going to ask one of the country's leading experts. britain's biggest selling newspaper, "the sun," backs brexit. is mr. murdock on the right side of history? we will ask the former boss of sainsbury's, justin king. and a big day for china.will be msci back beijing and include the country's domestic shares into its benchmarks? u.k.,the momentum in the the momentum surrounding the brexit story, it just seems to be gathering day by day. these power pulls out overnight, and then there's this. this is britain's biggest selling newspaper. for those of you who don't know, this is an influential piece of paper in the u.k. have?ch influence will it how much will mr. murdock influence the debate in the surrounding whether or not the u.k. should leave? it has certainly had a big impact on past votes in the united kingdom. matt, what is the take in berlin? you have your ear to the ground. is there a sense of nervousness for those tha

matt miller is at the brussels economic forum. he is joined by the german deputy finance or -- finance minister. matt: he has been a fascinating day, truly experience -- truly exciting experience. your panel was the best of the day so far. the audience do have a lot of questions. all day and talking to commissioners -- i am talking to commissioners asking for more spending from richer countries like germany. there is not a pothole in the country. there are no lines at the airport. and i went to the customs office last week and did not wait a minute. there is no infrastructure spending to be done. more on theld be federal project, finance. anything that has gone through the planning process, literally ready to be built, increase investment spending within the balanced budget we have right now. the infrastructure is in a situation where we need improvement, but it is not that bad we could spend billions in weeks or months right now. expect moreople investment spending in germany. it does not bring back growth. matt: as an american,

matt: live from london, i'm matt miller. david: here is what we are following this hour. markets are higher today following the brexit slide. bonnie: the u.s. commercial real estate market could see some bumps in the road. we will tell you which areas could be hardest hit. matt: nike reports earnings after the bell. the company is dominant in north america. be slipping as under armour makes inroads. david: let's go to the markets desk. >> a third day of falls wasn't in the cards after all. after defaults following the brexit, we are coming off of that and hovering near session highs. the nasdaq is the biggest gainer, up by nearly 1.5%. the s&p 500 up by nearly 1%. the ecb coming out and saying will takerexit markets down by about .5%, not having much of an impact on markets right now. this is the imf function. it looks like right now seven of our tens vectors are in the green. that had been higher, eight or nine out of 10 in the green. losing a little bit of air right there. staples and utilities flipping into the red. were negative most of the day. energy and financials

matt miller in berlin. let's take a quick look at u.s. markets as we head toward the next hour of markets. nasdaq down almost 1%. ♪ >> it is known in new york, -- noon in new york, 5:00 p.m. in london, and 11:00 p.m. in hong kong. >> welcome to bloomberg markets. scarlet: from bloomberg world headquarters in new york, good afternoon. i am scarlet fu. oliver: and i am oliver renick. here's what we are watching -- a ysh for safe havens pushing and gold to the highesten of the year. policymakers echo janet yellen. demand is hot for one job on wall street. bankruptcies are at a six-year high and that is creating a steady stream of business. we will talk to one turnaround expert later in the hour. scart: we are halfway through the u.s. trading day. the s&p 500 is nursing a sixth straight session of losses,

. ♪ matt: i matt miller. "what'd you miss?" of bloomberg you posses is what you miss. -- trying toote build the state without the nation has led to the mess that is the current eu. elite missed this because they are the exception, the one group that has a transnational identity for her point is people like me or joe, scarlet, politicians, bankers especially are more citizens of the world and the field he kind of patriotic full the masses who voted in this brexit vote for we can't understand that and when those people feel like they need to defend their country that's being overrun by the other, in the case of immigration, whether it really is or not they are going to make a choice like this for scarlet: you can also see the ranks it vote as men tight meant against leaders. the world's first global elite has come to an end. he says britain's hubs of financial and ideological flows are all located with in a if the mile race -- radius. the proximity and inbreeding among clinical, financial and media elite created double and one pe

short version of a long story, matt miller. matt: can i interject to sway megan? imagine you are in a household where your for grandparents are living, the two parents are about to retire and you only have one kid working and you want to continue to borrow money -- megan: i am going with you. david: sorry, abigail. matt miller wins it. megan: well done. megan, he just sucks up all the air. jpmorgan's joins us with the view on equity. ♪ jonathan: from viewers worldwide, this is "bloomberg ." i am jonathan ferro. futures kicking off on a bum note in the united states. the session in asia carries over to europe, and germany stacks down by .8 of 1%. pmi'ss underwhelmed -- underwhelmed globally. what does that mean in the fx market? risk off, stronger yen and swiss. 5%,ar yen down by one point so crude is soft as well. the down by 1.5% and crude with the $49 handle. we will cap you down to the cash open. david: we are 30 minutes or from the opening bell. withis "bloomberg ," jonathan ferro and megan murphy. we are going to talk about the three big stories tha

same page. >> matt: put him away with that slider. miller holds a 1-2-3 last of the eighth. to the night, still a one run ball game. doesn't it seem like the wireless world today could use a smile? at cricket wireless, we think so. that's why, prices for plans are all in, taxes and fees included. and we've got more 4g lte coverage nationwide than t-mobile or sprint. that's a whote lotta network for not a lot a dough. it's what makes cricket the happiest place in the whole wireless world. intrthe only lemon lime soda with a twist of real juice. it's a crisp, refreshing twist on lemon lime. insist on the twist. >> matt: zach britton has been perfect in save opportunities this year. 16 for 16. they would love to get him a chance, but instead it's brian duensing who continues here in the ninth. duensing na one of-run ballgame, 7-6 yankees, gardner, beltran, and rodriguez in the night. check that, gardner, hicks, and beltran in the night. ninth. it was all yankees into a six run both more corruption until a autumn one half corruption and seven. >> tom: most likely his last hitter

same page. >> matt: put him away with that slider. miller holds a 1-2-3 last of the eighth. to the night, still a one run ball game. wireless world today could use a smile?ke the at cricket wireless, we think so. that's why, prices for plans are all in, taxes and fees included. and we've got more 4g lte coverage nationwide than t-mobile or sprint. that's a whote lotta network for not a lot a dough. it's what makes cricket the happiest place in the whole wireless world. intrthe only lemon lime soda with a twist of real juice. it's a crisp, refreshing twist on lemon lime. insist on the twist. >> matt: zach britton has been perfect in save opportunities this year. 16 for 16. they would love to get him a chance, but instead it's brian duensing who continues here in the ninth. duensing na one of-run ballgame, 7-6 yankees, gardner, beltran, and rodriguez in the night. check that, gardner, hicks, and beltran in the night. ninth. it was all yankees into a six run both more corruption until a autumn one half corruption and seven. >> tom: most likely his last hitter. he'd want to turn

mark: matt miller, central banks have been talking about today. how are they reacting to the brexit? matt: i thought looking at the .irp function was interesting this morning, i was talking to the head of trading at etx. he said not only does he think the fed will cut, but the bank of england will have to raise echoes of the drop in the pound. they think it will continue beyond 137, may be as low as 120. it will import inflation. a lot of importers in this country are buying things. it will be more expensive. they will not be able to sell things for cheaper. everything they bring in will be more expensive. how does the bank of japan react? people are running into safe havens. is intervening. you saw moves from the bank of england. carney will interject 3.5 billion pounds into the financial system. what does the bank of japan do? on the flipside, i was talking to luke at aberdeen asset management and he thinks the bank of england will cut. he is breaking with what we heard. he is breaking with what we heard in the guardian the other day. he thinks

i'm guy johnson alongside matt miller. sterling stumbles. a survey suggests the brexit camp "leave" accrues several points. a jarring jobs report. the weakest payrolls number in almost six years leaves fed rate expectations and the dollar on the floor. can yellen rebuild credibility for a summer hike? and jack lew says china needs better monetary policy. is washington the best place to teach communications 101? we will hear exclusively from the u.s. treasurey secretary. matt, we are less than half an hour away from the equity market open. let's take a look at where we think the european space will open up this morning. the ftse 100 is up by .4%. euro stocks a little lower this morning. is going to be interesting to see what the miners do on the back of what is happening with the dollar. the miners are up in australia and could be up in london as well. matt: we thought a lot more weakness earlier in the trade. the nikkei right now is down by .3%. the yen had gained a ton of strength, as did the euro and a most any currency against the dollar

let's get the top stock stories with matt miller. matt: this is the stoxx 600 and i have broken down into the groups and their returns so far in this short trading day. eanks and insurers ar leading the day here. a report that unicredit might have found a new ceo. also, you can see auto stocks here. it'sis because volkswagen reported to have got not only an agreement with the u.s. government on the $10 billion settlement, but a possible fix. i also want to show you gold. something very interesting that many bloomberg clients have been reading. two stories. one of them is the hedgefunds are holding a contract with gold. is the longest we have seen in two years. they are betting that the precious metal will rally. that is a little bit concerning, that more concerning is this. this is the gold to copper ratio. this shows the that not only gold will rise, but copper's price will fall. that is a concern about uncertainty. that is the brexit vote, but also the possibility of a global recession. the ratio has risen to the highest we have se

we turn to matt miller who is joined with the eu economic minister. matt? matt: david, thanks for a much. thank you for joining us. let me ask you first about, thee is so much talk about importance of a single market. the stage two of the deepening of the european union. how does that discuss one britain is on the eve of a vote to leave the eu? .> we are watching this it is of high importance. first, let's think about the result of this debate. the britishhat asple will choose to remain a united great britain inside the united union. that is what we need., respect the to vote, whatever it is. clearly, i think there is a good way. no contradiction between having great britain inside the eu, the uk inside, thecompleting the eu, european monetary union. not prevent the 18 member state of the euro zone to move forward for the political and economic integration. matt: when you talk about completing the monetary union, does that mean eventually getting the other members, including great britain, to start to use a single currency? pierre: no, it is clear that ther

matt miller joins us from westminster for the latest. matt? matt: an incredible shock for everybody. michael gove had been seen as a supporter of boris johnson or someone who would run on the same ticket to lead the conservative party. however this morning, michael gove came out with his own candidacy and said he did not feel that boris johnson could unify the party. as a result partially of that stabbing in the front some have called it, doris johnson decided not to run. he no longer will take advantage of the incredible victory he achieved with the brexit campaign, leaving theresa may and michael gove as the two leading candidate in what is now a five-man race. as also have andrea leadsom well as stephen crabb, the works minister, and the former defense minister liam fox. michael gove and theresa may are seen as being in the lead. alix: amazing unfolding of. matt miller. a crazy day for politics. jonathan: a crazy year so far for bonds as well. these securities would have delivered a 12% gain, more than double of what treasuries have. i am t

amanda: matt miller in berlin. david: chinese exports stabilized and imports hint at enabling demand. curran.eak with enda what are people finding encouraging in these numbers? ? chinese exports are not getting worse. we saw better shipments from germany and better car sales in the same month in china, may hinting that consumers are holding up quite well. when you take it all together, the chinese trade data is not getting worse but is still quite sluggish against the global backdrop of a week demand of china's to -- china's goods. manufacturing remains in the doldrums. the infrastructure side of things, to get the real estate going again, we are not seeing stimulus effects flowing. on import design we continue to see fake invoices coming out of hong kong and that is linked to this story to get capital out of china by a licit flow. now to a developing story, a massive explosion blew the front of a five-story police headquarters in turkey. we go live to istanbul. simin: another day, another terror attack in turkey.

let's go to matt miller from the aberdeen assets trading floor. we have already seen the reaction of a number of assets. the guys behind you looking for opportunity or are they so playing defense? matt: the guys behind me at are much longer-term investors focused on individual areas and benchmarked to those indexes. you do not have the hectic mania here that you have on another trading floor. i was at uts -- they had big bets, but they were still around 5%. trades, andking big it was a little manic there. here, it one of the fund managers i have been talking to have been trying to completely gettingge, some of them short the pound before the voting even got underway. so they are not as energetically dancing around the room today. but thinking more about longer-term strategy. , massive shifts in risk assets, in bonds and currencies and equities. it is still difficult for them. but as we look out the window into the streets of london, people are still walking around, going about their daily business. it is not as if there was a horrible tragedy that

thanks, matt miller. nigel farage has already hailed the victory and called on david cameron to resign. >> look outside of the window. just look at it, prime minister. the dawn is coming up on an independent united kingdom, something you did your absolute best to prevent. you did it using every organ of estate available to you. you have lost the trust of the british people. go. go now. member from our u.k. government team is here in the studio. i am not sure how much sleep you have had. not much sleep the place in this country overnight, i think. >> cameron's position is not clear. he can't just leave, however. he is got to study the shift. we hear there might be a statement from the prime minister. there will be a statement this morning at about 9:00 at the very latest. the problem now is of course, talk of succession. this cannot be immediate. obviously, boris johnson is in favor of david cameron staying. manus: now that the brexit it's official, cameron's position is untenable. >> the problem is he has

matt miller is there. a fairly important fellow -- president yunker. over to you. matt: thanks very much. i am here with a financial advisor to the president and the commission. appreciate your joining us. let me ask you about your outlook for the european economy. dombrowskiard from -- he was fairly optimistic about the recovery of the european union and even of greece returning. >> good morning. we published our forecast a couple weeks ago -- it's clear that the recovery is there. it is moderate but we still have a good outlook. of course we live in a global world which means there are always uncertainties and we can do nothing but focus on the returns, which is working on the markets and helping the banking union. we have an issue in terms of unemployment. a lot ofat in general speakers are going to come down below 10% -- but what is curious is that the recent challenge is coming slower than we would have hoped and there is still work to be done. matt: where do you see those figures, and what are your forecasts? >> i don't have any specific figure. what we know

matt miller is with us of course, and has the morning brief. matt: good morning. abe's moment might have come. the prime minister postpones the sales tax hike after bowing only a massive earthquake or lehman-esque shock could prompt a delay. set to cut the headcount. crude descends below $50 a barrel. saudi arabia's new oil minister takes center stage. but is he really calling the shots? anna: let's have a look at the futures. just a few seconds until these markets are up and running. negative, but not by much. in asia, down by .3%. but we saw a late surge in u.s. trading yesterday, which would not have been factored into yesterday's trading in europe. that is something the european markets will want to run with. we are a little bit on the back foot with the stoxx 600. the cac is fairly flat. by .1%. 100 is down european markets are opening. let's get a check on the details with nejra. nejra: i am looking at the imap, looking at the industry groups on the stoxx 600. could not be full by all of these colors, because actually, many of these are flat. it is only ener

we are live from there, next. ♪ matt: this is "on the move." time matt miller in berlin. you are looking at the brandenburg gate. 9:42, 8:41 in london. let's get the bloomberg business flash. here's haidi lun. haidi: the fbi says the gun man who killed 50 people in a florida nightclub has spoken about the so-called islamic state on a 911 call before the massacre. omar mateen was killed in a shootout with police. he was a 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 being investigated as terrorism. g4s, awas employed by british security firm. group has shelled what would be an ipo for its hotel unit. it has been scrapped after widening investigations into allegations of slush funds and bribery pushing the south korean commemorative deeper into crisis. india may be prepared to let apple open retail stores in the country without making the manufacturer comment to a product resourcing rule. apple would need to promise an unspecified amount of locally sourced production within a set time frame. th

i am guy johnson alongside matt miller. this is what we are watching this tuesday morning. is september the new july? janet yellen's cautious comments pushed the market to price in an autumn hike. shell synergy. the energy giant braces savings on bg of $1 billion and says he'll drive down costs. with ceo ben then burden shortly. the r.b.i. governor will not be drawn. this after leaving rates on hold today. we are less than half an hour away from the european equity market open. it looks like a fairly -- fairly stolid -- a fairly solid start to the day. this is what you want to look out here. this is the -- percentage risk price. the ftse is liking a little bit. european -- isor looking up a little bit. a solid start for european stocks. >> we have solid gains across the board in asia. i am showing you only the nikkei and the hang seng. some of the smaller indexes, especially in china overnight were negative and have now turned positive. games and equity in asia, games and currency as well. the centralollar as bank leaves rates unchanged but gets a little bit more dovish and

london, matts in miller in berlin on subzero yields on the german 10 year first ever, and matt boesler on the fed meeting. guys begin by bringing in johnson and matt miller in london and in berlin. for paul's, three different companies showing the same thing. guy: the remains are certainly with the leave campaign and the other thing we have to factor in is that we have had this happen as well. this is the sun newspaper, the most widely read in the united kingdom and it has come out on the front page, it has backed britain leaving the eu. i spoke with one of the leading guys in the u.k. when it comes to polling and he said he could have predicted that headline six months ago because the readers of the sun are the same people that have already made up their mind. essentially the sun is preaching to the converted. speaking of those who had already made up their mind. those polls certainly pointing to big momentum for the leave campaign. a fantastic function on the bloomberg, the odds checker. anna edwards pointed this out to me a little while ago, and that has jumped. that is the percenta

where were you, matt miller? your dollar rocked, and our pound drop by 55 presented that is double nickels, in american speak. anna: i do not know if i will wade into that battle. in 1980, i was shoveling my pocket money around. i don't have much of an i on final markets. thank you very much, manus, for the chart of the hour. let us talk more about this referendum in the u.k. the countdown is on of course. polls opening up in 23 minutes time. campaigners on both sides have been making last appeals, hoping to sway decisions. cameron: the real agenda is not about the economy. the real agenda is clinical. we are members of a political union. european law is supreme. the european court of justice overrules our apartment and our courts -- our parliament and our court. but we don't even have a british passport anymore. [applause] i have a european union one. anna: a mixed response from businesses. hearen's boss told bloomberg believes we are stronger in europe. >> participating in the exit strategy, that has been disap

tom: we have neil ferguson talking to matt miller. we will do our morning must-read. , theve the ft line chart slope chart, rather. the polarities in england are remarkable. is a guy from texas, the land from polarity, will you explain to our audience how far apart the generations are? suggests the polls, it that people over the age of 65 are much more inclined to vote to leave and the younger voters are much more inclined to vote to remain. the outcome is going to depend on voter turnout. older people tend to vote as a higher share of their cohort than younger people do. getting young people out to vote will be important if the remain campaign will be -- proves successful. is another full are. london and it's an bronze being more -- environs being pro-remain and the rest of england being anti. scotland, northern ireland, pretty strong pro-remain. wales is a bit more divided. there are a lot of demarcation lines across this. francine: in terms of markets, how do you deal with it?\ do you believe the polls? how do you position yourself

scarlet: good job, matt miller. alix: we miss him here. coming up, the disney ceo tells us why shanghai disneyland is such an important step for the company. ♪ alix: you're watching bloomberg markets. scarlet: let's go to our markets desk with julie hyman. flashback tos a the metal bulletin. i'm looking at gold and silver but particularly silver. here they are today. what we see is a microcosm of what we have seen this year. both of them are higher but the silver gain outpaces gold. if you take at look at the year to date, it's the same situation. people have piled into gold as they have been concerned about global growth and they have piled into silver in a larger way. if you look at the year to date numbers, you will see that silver has outpaced gold thus far this year. there you have it. what you see now is that etf holdings of silver are also rising rapidly. you can see that we are near record levels, a record that was reached back in 2014. we are getting close to that level once again. silver as wellf to measure it a different way,

chief executive matthias mueller spoke with matt miller a short time ago in berlin. what did he have to say? that ise of the things important to point out is that although profit fell at volkswagen i-86 percent, they still make a ton of money in their other businesses. audihave a 9% return at with 17% return at porsche. -- profit fell at both sweig and by 86% -- profit fell at volkswagen by 86%. digitalname for automotive apps like uber, they just made a $300 million competitorin an uber and a hope to get a lot more revenue from this kind of business. if you matthias mueller wasn't worried about any kind of cannibalization. abouthe wasn't worried any kind of cannibalization. this is not -- this is what classic carmakers have to get used to. over the next five to 10 years, we will earn money from the business. we want to change and become a supplier of mobility. in this case, it is necessary to open up these business fields, andgnize profit goals generate revenues using and offering these mobility services. in a couple weeks, they will come out and give us their big s

matt miller, over to you. matt: thanks very much. i'm here with joe at etx. leveragedctually the your clients coming into this, but you have to stop a lot of clients, call a lot of margins. >> the moves we saw are on resident it. these are really significant moves. i don't think anyone expected this. last night, it didn't look like this was going to play out. it is once-in-a-lifetime. matt: what do you think about andintervention by the snb the boe? >> they can't really do anything at the moment. i don't think is particularly helpful. intervened,e they it wasn't helpful for anyone. matt: any reaction to david cameron announcing his pending resignation? results,we saw the that was probably going to be priced in. i guess it is probably better. he was going to go. it gets rid of that uncertainty in the market. at least that is going. but we are going to see continued uncertainty. matt: the pound coming down by 10%. you see anyone coming in to pull it up? >> i don't think so, maybe a small bounce. i think you will see the funds coming to work. they are really goi

let's go live to berlin and get latest from bloomberg's matt miller. matt: yes. well apparently bayer started to shop loans and has gotten five banks to pledge around $12.5 billion a piece as bridge loans for its takeover of monsanto. that would make it possible for bayer to raise its offer from $122 a share to $155 a share for monsanto. that would bring the valuation of the deal up above what china is now paying for general tae said it monsanto had was but the bottom line is the banks are ready to pony up money so the buyer can -- so bayer can make this bid. >> all of these short-term loans according to people familiar with the matter, didn't they just say those concerns these kinds of companies have no problem accessing finance? matt: right. well, there aren't that many of these kinds of companies. keep in mind this it would be biggest deal in german history and they would form the biggest farm and seed maker in the entire world. but yes, if you have good credit, banks out there have the money and are willing to make loans to those with good credit. that's prob

i am matt miller. scarlet: it is 4:00 p.m. in new york. i am scarlet fu. joe: i am joe weisenthal. alix: i am alix steel. scarlet: i am keeping my eye on equities. trading is getting ready to gear up in a few hours. we know the broadest center of european stocks, it is a .9% down. the biggest decline since october 2008. we have a chart on the bloomberg which i can tweet out for the radio listeners. this is the stoxx 600, from peak to trough, it fell 24 points. that is the biggest intraday point swing so far this year, one bigger than the last year, in which the august selloff generated by the chinese yuan depreciation. if you go out to a five-year glimpse, this move is historic by any standards. joe: i want to take a quick look at at key government bond we are talking about tomorrow, and that is the spanish two-year yield. one of the concerns post brexit or post the vote is there is going to be for the political contagion. there is an election counting underway right now in spain. you can see an increase upward in the yields from negative territory back to positive territory. if an

i am guy johnson alongside matt miller. this is what we are watching this tuesday morning. is september the new july? janet yellen's cautious comments pushed the market to price in an autumn hike. shell synergy. the energy giant braces savings on bg

i am matt miller. >> and i am shery ahn. welcome to bloomberg markets. >> we are taking you from london to new york to aspen colorado in the next half hour. here is what we are watching. aobal stocks rebounding for second day and the dollar weakening on speculation that policymakers will try to prevent brexit from hampering local growth. the ftse has -- fink sit down with larry in the hour. shery: i will be sitting down with sam eisley, cofounder for his current pick in the pharma sector.