vonnie: i am vonnie quinn. you are watching "bloomberg markets." julie hyman has been looking today. what is moving? julie: you have the broad rally and broad rebound, then specific calls helping individual stocks. one of them is dick's sporting goods. best positioned to benefit from the sports authority closures. the company is liquidating. the goldman sachs analyst is reiterating a buy adding dick's y. a conviction bu visa is overweight after the selloff. what is interesting is that visa is repurchasing visa europe. analysts say that eventually this will wear some fruit in terms of accelerated growth as a result of the transaction. those shares are up by 3%. travelers, being upgraded. bank of america and merrill lynch has to do with valuation. it is a somewhat defensive play because of the situation with the brexit. most of its operations are in the u.s.. slower economic growth can mean fewer claims according to the analyst. shares up 2%. companythe oil services getting a boost from oil prices and being upgraded to neutral at susquehanna having t

. ♪ vonnie: live from london and new york, on vonnie quinn. -- i'm vonnie quinn. mark: and i'm mark barton. this is the european close. nicola sturgeon is in brussels meeting with very as leaders. scotland voted 62% to 38% to remain. joining us now is bloomberg's ryan chilcote standing by with alyn smith, a member of the european parliament for scotland who earned a standing ovation the other day telling the eu parliament to not let scotland down. he is also a member of the scottish national party, a passionate believer in europe. just as passionate as the leader of the scottish national party who is now in brussels. thank you very much for joining us. i want to start by asking you. nicola sturgeon. what can she realistically expect to achieve other than a photo up? op? >> it's much more than that. scotland has a strong credible confident government. we have a credible leader. we are united. stalin voted to remain in the eu and we are reaching out to our friends and colleagues across the european continent and wider to make sure scotland's voices heard. today is a

vonnie: i am vonnie quinn. you are watching "bloomberg markets." julie hyman is watching some movers. julie: i want to look at deal-related movers. a deal and the timeshare industry could diamond resorts and apollo, 26% higher than the close yesterday. the total value of the deal, $2.2 billion. diamond resorts of 24% and it looks like it is the thing other timeshare operators as well. up 3.9%, marriott up as well. commerce,ank of acquired by a chicago-based commercial bank for about $3.8 billion. private bank of 22%. down 3% although it does give it more of a foothold in the united states. the owner of british airways -- an interesting story of bloomberg. according to people familiar with the matter, carter airways is increasing its stake -- qatar airways is increasing its stake. the shares are unchanged but they don't not had a roller coaster this morning as the news came out. the potential news came out that qatar could boost its stake to 22% from 15%. also this mine we are watching monsanto. the company reported earnings that missed analyst esti

. ♪ vonnie: you are watching "bloomberg markets." i'm vonnie quinn in new york. mark: and in london, i'm mark barton. boris johnson unexpectedly ruled himself out of the process. now that he has pulled himself out of the race, what not -- what now? if we didn't think could get things -- as if we didn't think things could get more dramatic. >> it was the most exciting day since yesterday when it comes to u.k. politics. a cane pretty much out of the blue. we did have some inkling. certainly, this is a dramatic day. a lot of people will look at -- a lot of people will look at boris johnson. mark: favor to when it? -- favored to win it? headlines will be dominated -- i was looking at the statement that she gave. it is incredibly detailed. no second referendum. very, very clear on that. interestingly enough, looking at what you said about fiscal policy. she has very clearly walked away from -- a lot of commentators listen to her this morning. not only the content but her assurance. long way to go. today has been a good day for her. vonnie: there are five candidates th

vonnie: and i am vonnie quinn. we talkedhael froman, about all things tpp as well as china and what a >> it vote would mean for local trade negotiations. obviously, it is up to the british people to decide, but we think a strong and unified eu is in everyone's interests. in terms of a unified view, how are they focused and in gauging? provide strong voice when it comes to trade negotiations when it comes to a larger community, and the concept of >> it would be a law of negotiation, both with the u.k. relationship with the west -- rest of the eu and others. something that, but it's your job if it goes that way, if the u.k. leaves the eu? the u.k. is the second largest economy in europe. it is generally very open and pro trade as an economy, and it could complicate our negotiations, but we will have to wait and see what happens. david: one person is making that case on capitol hill. congress is in session for a few days more, and then they leave in august and come back in september. how are you making that case to la

. ♪ vonnie: i am vonnie quinn in chicago. from the morningstar investment conference you are watching "bloomberg markets." mark: i am mark barton, 3:17 in london. vonnie: time for the bloomberg business flash. rose 1.1% production across the eurozone in april after a two-month decline in output. the european union statistics agency says the main reason is higher production of big-ticket items like kitchen appliances. authorities in china have evicted hundreds of shanghai asidents as dozens -- in effort to clean up the air and make way for the newest disney theme park. hundreds of employees of closed factories have been forced to look for their next job. shanghai disney opens thursday. that is your latest bloomberg business flash. that's head to the markets desk where julie hyman have the latest. julie: i am taking a look at synchrony financial which is the worst performing financial in the s&p 500, down eight and a half percent after the company said it was setting aside more money for loan losses. they said the loss rate in

i'm vonnie quinn. rk: and i mark barton in london. let's get you first word news. >> thank you, mark. the u.s. a bring court has deal that would allow puerto rico to restructure its debt. the court ruled 5-2 the measure was barred under federal bankruptcy law. bloomberg's monthly tracker 6.9% gain in saw a gdp in china. private investment q spelling, but that has been offset by government spending. -- a quarter of pilots have walked out because they have to work longer without pay. there have been other disputes including new laborer forms. the former olympic runner oscar pistorius faces 15 years in prison for killing his model girlfriend. the judge who originally sentenced him to manslaughter, has been ordered to sentence him for murder instead. after a review, green was suspended for a flagrant foul during series four. the warriors play lebron james and the cleveland cavaliers tonight eric global news 24 hours a day, powered by our 2400 150nalists in more than news bureaus around the world. i'm emma

i'm vonnie quinn. mark: i'm mark barton and you are watching "bloomberg markets" on bloomberg television. citizens are voting in a referendum on the country's european union. u.k. love presents -- prevents us on referendum issues while polls are open, but we will be following all the action as the results come in. special coverage starts at 5:00 eastern, 10:00 london. in paris, union workers are protesting. march tried to ban the concerning -- concerned that the march would become violent. donald trump interrupt his presidential campaign to fly to scotland tonight. plane-load of journalists with him. trump had promised to great thousands of jobs there. 150 people at the resort. is thinking about where we go from here? his presidential campaign says that is the theme of his town hall and news conference later today in new york. sanders has not formally left the presidential race or endorsed hillary clinton. -- buta knowledge is he'd knowledge that he apparently will not be the nominee. the fbi has rated

in new york. ♪ vonnie: live from new york and london, i am vonnie quinn. it mark: this is a special edition of embark targets. for thes the brexit federal reserve? our next guest says the decision to leave the ee will delay the fed from hiking. joining us on the phone is kathy jones. thank you for joining us. kathy: my pleasure. mark: i am looking at our work function. i'm sure you have seen it. it looks at the odds of a said rate hike this year. july, 0%. september, 0%. surely the fed is not more likely to cut? kathy: we'll take a it cut is very likely. that will probably be one of the last choice is that they make. some sort of easing was going to be. they might choose quantitative easing over a rate cut. they have so little room to maneuver around rates unless they want to go negative. the more likely scenario is there is a hold for the indefinite future. we may not in the rate hike at all. it won't be for december. mark: what does it mean for the 10 year yield? how long before we break that record? it's under 20 basis points. kathy: there is a good cha

vonnie: i am vonnie quinn. you are watching bloomberg "markets." mark: let's get back to westminster. francine is with alison campbell, the former director of communications and strategy for tony blair. francine? francine: thank you for the introduction. closest is tony blair's adviser. are you shocked by what happened? you predicted it a week ago. the markets, why did they get it wrong? >> i don't know. why do we keep bothering telling saying.the polls are they keep getting it wrong. there is a disconnect. i was worried because i met to many people saying, i'm sorry. they don't care what you say about the economy or the markets or stuff that will be happen that will be really bad. they are voting out. a lot of it is about division, inequality. would you see the exposed by the referendum is a divided country. england, country-town, rich-poor, a lot of division. francine: like division in the u.s.? donald trump is in scotland. you think that the elite need to try to actually have a better world that is not go to

vonnie: and i'm vonnie quinn. ramy? * lending club -- ramy: lending club released the news that it would respond its annual shareholder meeting. after atession lows high been altered, shares resuming in trading of the company, which they said today given the development of the past few weeks the company is not in a position to provide the stockholders position on the state of the company. moving on let's go and see what's happening terms of company movers. over to a chemical plastics axiol jumping on its session -- axiall jumping on its session highs, south korea deciding that they would make a takeover or -- takeover billion, working $.40 per share. we can see that we are just below that here right now. this also raises -- raises the off -- prospect of left lake chemical giving a bit of $23 and $.35 per share. let's head on over to another company, zillow. the biggest jump in a month right here on the order of 6%. the reason for this is because they have agreed to pay $130 million in a lawsuit alleging that they

. ♪ vonnie: live in london and new york. i'm vonnie quinn. mark: this is the close on the "bloomberg markets." we are nine minutes away from the end of the friday session. campaigning for the e.u. referendum is suspended for the second day, stocks rebounded from a four-week out. anxiety over brexit cushing the demand for riskier assets, $2 million from the value of global equities, i bring in richard jones for our weekly first word future word segment. richard, it goes without saying that the campaign has been overshadowed by the death of the, the murder of labor l.m. jo cox. it's interesting to so what's been happening to the probability of a brexit, one of the probabilities we look at is the odds checker and given that there is no campaigning today from the lead camp, it's a useful tool on a day like today, isn't it? richard: i think it's been a great tool sort of all week, mark. of course, the unspeakable tragedy yesterday is, like you say, put the campaign on hold. i think going forward and certainly it's a fairly dynamic way of looking a

vonnie: this is bloomberg markets, i vonnie quinn. david: it is time for options insights. >> joining me for today's options insights is the manager at kkm financial. it is great to see you. we are heading for another week of losses, the second consecutive week of losses. down the sixth way out of seven. is this another panic? dan: it is not a panic yet. you saw the vick's spike up. we saw a range here. we were able to hold their yesterday. market hold above those levels, i expect volatility to hold in this level where we have multiple news items. shery: multiple event risks. could we see a shakeup in the market? dan: absolutely. the market is on pins and needles. maybe now the probability of a brexit is reduced a little bit. next week we have fed chairman janet yellen speaking on tuesday. that is going to be options participate's -- options participants elevated. certainly the expectations are that they will come in and if they stay there is a concern that the volatility will sweat much higher. shery: what is your trade? sidewe have

vonnie: and in new york, i'm vonnie quinn. bloomberg's abigail doolittle has a life that has the latest live in the nasdaq. atgail: we are looking another midmorning selloff for the nasdaq. the index was down a 10th of 1% outpacing the losses in both the dow and s&p 500. overweighting the of some of the the technology shares. the worst presenters performers this morning, linear technology. this at cleveland research has offered a cautious mention at the chip company. be slowingpear to for the fiscal first quarter across multiple end markets. china's electrical vehicles slowing. technology -- investors are not taking this so kindly. mentioned the force of weakness of the nasdaq versus the others. which one standout? abigail: apple shares are down down the s&ping 500 and nasdaq. on the news that china has banned apple from selling the iphone 6 in beijing on a patent infringement issue. capitalists are saying that apple should not see any impact. but with the first drop in sales for apple and more than 10 years, investors are bur

david: i'm david gura with vonnie quinn. for some perspective on the political market followed, i'm joined by william janeway, a longtime venture capitalists. last week carmen reinhart spoke about de-globalization as a phenomenon. i wonder if you are seeing evidence of that. extent to which the free movement of people and capital has reached possibly an unsustainable limit. first was evident in 2008 when the subprime housing problem in the u.s. triggered the biggest global financial crisis since 1931. now the consequence of upheavals inom the the middle east but also more broadly, a recognition of the potential for free movement. and people have also clearly contributed not just to political tension and stress in the u.k. but across europe and even here in the u.s., where as you know, net migration from mexico has been zero in recent years. as many mexicans have been leaving as have been coming in. immigration has been made an issue in the u.s. these stresses are clearly and expressed politically and they spill over into the

i'm vonnie quinn. mark: i am mark barton. this is the european close on bloomberg television. portugal is the only bond market to lose money in the euro region. that is according to the bloomberg world bond indices. the yields have risen since october election to spread with greece, whose bonds do not qualify for the ecb's bond buying program. they have been narrowing to qe lows. vonnie: joining us is mario centeno. obviously said is true. of portugal and greece are narrowing. do you look for more relief from europe? mario: that is not in our plan. we are very much focused on a competition that targets we had for a fiscal deficit for this year. we presented a very demanding but ambitious stability program. the diamond trends we saw in 2014, we think that is the way to go and we will be very strict in our execution in terms of the budget. vonnie: the 10 year yield is up 3.13% and your debt to gdp ratio is significant. how do you anticipate meeting that without imposing more austerity measures? mario: we

. ♪ vonnie: live from the morningstar investment conference in chicago, i am vonnie quinn. mark: this is the european close on bloomberg markets. it's time for the business flash. biggestt some of the business stories right now. it's a victory for google and netflix today. a court has upheld net neutrality regulations aimed at preserving equal access to the internet. google and netflix argued internet service providers shouldn't be able to offer speedier lanes to those willing to pay extra. disagreed. they said it would discourage innovation. at&t has said it will appeal. company hasical ford morgan stanley stanley sale. valiant is trying to reduce its debt pile. shares of fallen 90% in the past year after a number of setbacks. general electric's opening an r&d center in paris to develop software for industrial applications. the digital foundry will hire 250 people by 2018. they will talk about the operating system. they are creating 1000 jobs in france. that is the latest bloomberg business flash. 11:25 a.m. in new york. we are literally five minutes away from the european

vonnie: you can mistake the skyline for london. y.rk: it was the blue sk vonnie: i am vonnie quinn. this is "european close" on "bloomberg markets." mark: coming up -- next week, msci will decide whether to include china. ftse russell has been gradually increasingthe way -- mainland chinese stocks, long investors to add at their own pace. vonnie: so where could we see the inclusion of chinese stocks in the ftse russell? joining us is the ceo of ftse russell, margaret these. is this a concern -- mark makepeace. is this a concern? mark m.: the question is we need theirlude china and indices. the china market is the second biggest market in the world. to continue to exclude the market is something we cannot do long. vonnie: would you take a different decision and include china shares and other businesses? mark m.: we will include china indices in their global indices. we are different from our competitors here, because we have already given international investors an opportunity to bring china shares into their emerging-market benchmark. -- vanguardetf fund -- has begun that process. t

vonnie: i am vonnie quinn. david: loom large with this anding with president obama his counterparts with the trading block. meeting with justin trudeau and mexican president ricky penn you. we will carry that for you live at the top of the hour. let's look at the issues. we have the senior executive editor. it strikes me that trade will behind up on the agenda at this particular event. i was struck earlier, president obama was meeting with president anda, and he said -- pena, he said isolation is not progress. trying to stay away from the campaign, not doing a great job. >> and the u.s. political race just has a way of filtering up through the northern border. i was one of the questions they get be about donald trump's strong combination of globalization and trade. they will have to address it. vonnie: the president will be campaigning with hillary for the first time. this issue will come up. he is embracing the theme a little bit. how does he get around this awkwardness? >> she tweeted after donald trump's spe

vonnie: in new york, i am vonnie quinn. mark: we are four or five minutes away from the end of the week session. what a selloff. we are seeing the biggest decline in the stoxx 600 since february 11. february 11 was when the european ranch mark fell to its lowest level in 2.5 years. its lowestk fell to level in 2.5 years. this is the longest losing streak in a month -- in a week. the federal reserve meeting, the bank of japan meeting, and we are less than two weeks away from the upcoming referendum on eu membership. all of the industry groups are falling. --is a broad-based shar selloff. resources on a weekly basis, only oil companies are rising. check out what is happening on the bond markets. something significant could soon be about to happen in the german bond market with the yield on the 10-year very close to reaching 0.00%. earlier, it reached 0.01%. yields in the german bond market a 10 year.e up to the u.k. 10-year yield is also at a record low. very much a flight to safety taking place. let's get back to the u.s. bl

vonnie: and i vonnie quinn. david: u.k. vote is going to the polls to cast their votes on eu membership. we will be following all the action throughout the day, special coverage. vonnie: warning signs from the fed. 2% gdp growth. it appears to be speaking the market. congressional democrats hold a sit-in to demand gun control legislation, and across the street, the supreme or devotes a for affirmative action and against president obama's immigration laws. markets close in two hours. let's get the latest from remy. remy: stocks are up, and the pound is also up. u.k. bans as from talking further about the referendum, that this is a snapshot of what the markets look like. .9% of for the dow, as well as the s&p 500. the nasdaq up the most, 1.1%. let's look at what is happening with the s&p over the course of the day so far. we are basically trading within a fairly narrow band, about 20 points or so. 2103 right here, about 27 points away from a record high, basically flying high. let's look in my bloomberg with the s&p 10 sector

vonnie: i am vonnie quinn. final hour of trading. comeback. making a economic concerns linger. betty: president obama formally backing hillary clinton for president. he met with bernie sanders, who is still not ready to concede. vonnie: on a lighter note from you can schedule a ride from ub er. a game changer in the competitive ride handling business? betty: we are one hour from the closing bell. the latest on this comeback that petered out. in negativeill territory. the dow almost neutral there. .3 protest nasdaq down .3%. if you look at the intraday chart for the s&p 500, you can see the big screens there. below is that 2107. about 15 points away from the record high back in may of last year. down to 2%. all is you can see the individual .ectors are declining thanks profits could be heard and treasury yields are sinking. materials are something .6%. copper futures are sinking to a four-month low. hit, wheret getting stay in a month. down from the 10-month high. trading above 50, though. financials seeing getting hit because of that. want to look at the individual stocks. well

vonnie: i am vonnie quinn and this is the european coa close. the 10 year yield up the most in a month although it is still pretty low. the yen also dropping against the u.s. dollar. the bank of japan refrain from expanding monetary stimulus. mohamed el-erian was on "bloomberg " this morning and explain he feels the bank of japan is between ineffective and counterproductive. he also explained what they could do to improve the situation. >> with the yen at 104, the bank of japan is already in negative territory. you have asked the question -- how has it gotten here? japanot think the bank of ever envisioned such a stronger yen when it took stronger interest rates negative. now it doesn't know what to do. it has been basically paralyzed and sidelined after such a counterintuitive outcome. the critical issue for the bank of japan and for others is not the central banks fault. they are carrying a huge burden with inefficient tools. it is the politicians not delivering. in japan, they are not delivering the third era. arrow. >> what would you tel

vonnie: i am vonnie quinn. david: i am david gura. vonnie: we will speak about the biggest story of the day, the s&p cutting the u.k.'s top credit writing -- rating by two notches. david: from aaa to aa. matt, you are in london. talk about the ramifications of how that ripples out in the united kingdom. matt: as mark barton told us from westminster, it was not unexpected, but the ramifications of course could be large. managers onlyund allowed to own aaa debt forced to sell because of that. let's talk right now to s&p's chief sovereign ratings officer, mauritz cramer in frankfurt. he joins us first on boomer television following the downgrade. thank you for your time. let me ask you why you decided to go two notches here, not just one. is this, in your view, such a serious matter that it could go further? mauritz: good evening. yes, indeed. we think this is a major event that has just occurred, and if -- havefollowed what followed what we have been saying over the last months and quarters, you will know that we and other people expect

vonnie: i am vonnie quinn in new york. shares of valeant are plunging after the embattled drugmaker cut its 2016 earnings and sales forecast. on a conference call this morning, the new ceo aimed to reinsert investors that he could stabilize the company. she listened into the call and has the latest. is it that long to change operations of the company? how has he fared in the few weeks that he has taken over? >> investors had a lot of hope that he would give more in terms of detail and transparency than what we're used to. he said they would stick to the adjusted numbers, which really play into valeant giving numbers with their own taking things out and adding things where they see fit. that is one of the things that i think investors want more clarity on -- the accounting and numbers of what exactly they are looking at and where guidance is going. that is one of the things that rattled investors during the call. their specific product news in terms of how the top-selling drug is doing and how the dermatology business is do

vonnie quinn is standing by with jon hale. vonnie: we were just discussing how many companies morningstar rates in terms of sustainability. jon was telling me 5000 and growing. explain the system and how it works. mutual fundsate based on their portfolio holdings. how will those company's .erformed we had 5000 companies under coverage. we use that information to roll into the portfolio level to sincee investors with a of how well their portfolio managers are addressing the sustainability issue. vonnie: our companies embracing this out of necessity? -- are companies embracing this out of necessity? jon: go back five years, maybe only 10% of the companies in the world are doing that. there's a lot of incentive out there for fund managers to companies that manage their environmental, social and governance risk and opportunities most effectively are very attractive long-run investments for fund managers. vonnie: what kind of money is it attracting? jon: we're seeing very significant flows. ,rimarily institutional money global asse

: live from london and new york, i am vonnie quinn. mark: i am mark barton and this is the european close on "bloomberg markets." , where voterspain surprise the pollsters in the country second election in six months, delivering a victory to the veteran prime minister. ben sills is in madrid with the latest. it is a complicated situation in spain. how can you best some of the results? winner.oy was the big not have won by a enough to form the next government. now we enter another phase of negotiations. vonnie: does he negotiate better with the right or what the left? ben: he needs to move toward the center. he is on the right of the political spectrum. he has the probe market people and then you have the socialists , who are the centerleft. those are the potential partners and they said they will not support rajoy. he needs to ramp up pressure for them to cave in. mark: how long is this going to take? ben: how long is a piece of string, mark? the main event we are waiting for is the first confidence vote of a new candidate for prime mi

. ♪ vonnie: live from london and new york, i'm vonnie quinn. mark: i'm mark barton. this is the bloomberg close -- this is the european close on bloomberg television. vonnie: 14 minutes left until the european close. let's check in as we had into that. the 10 year yield dropping a .ood bit now the dollar index, still a little pressure there and the yen continues to strengthen. we had the revision of gdp data in japan. nymex crude oil futures just off its highs of the day. fiat has started a partnership with ridesharing service uber. the venture could be announced by the end of the year. uber is holding similar conversations with other carmakers. our reporter at large joins us from italy. this would not be a particular surprised. he has been dying to do a partnership with anybody from detroit for a long time. guest: yes. it is part of the strategy of the new fiat ceo. first tos one of the sign a deal on a self driving cars and then he wants to make a new partnership with other tech giants. he started discussions with uber but had initial conferences with amazon, so he

♪ i am vonnie quinn. i ame: mark: -- vonnie: vonnie quinn. many estimating a third week of declines. julie, what have we got? oil has been rallying above $50, holding above $50, , a 3.5 million barrel drawdown. u.s. also reporting a drawdown largermillion barrels, a drawdown than had been estimated. in particular, the drawdown was larger, 1.4 million barrels. at the same time on the flipside, this can mitigate any gains, we see a build of gasoline and inventories and surprising considering we are getting more into the driving season. in this lets, we are seeing a 8 millionn one point barrels, a drawdown of 500,000 was estimated. a refinery utilization up to 1.1 percent. trying to figure out what they will do. downward.it of a leg still a gain of 1% and oil. off the highs of where it was an hour ago. recent days holding above $50 per barrel. it tends to take a half hour or so for trade to stabilize. exactly. a lot of data. that is good to know. more from our newsroom in new york, m a? -- emma? emma: at least 15 people were killed and many othe

. ♪ vonnie: live from london and new york, i'm vonnie quinn. mark: this is the european close on bloomberg television. vonnie: what it means for investors. we are joined now by the managing director at pimco europe. you had a pretty sleepless night. what was the question the cap coming in to you from clients? key question they want to know is whether this is a systemic event or not. decision --u.k.'s what are the ramifications for the markets and for economies more generally? -- how important is this in the grand scheme of things? vonnie: we did see some turbulence throw the evening session and the overnight session in asia and london. my things call my next week? michael: i think our expectation is that things should calm down a little. we have seen big moves today but a lot of the moves today was having come from a position whereby the market went into last night with an 80% shock. back move but taking us to stages we saw in the last month. you look at the size of the moves, our hope and expectation is we will see some call next week. we all

vonnie: i am vonnie quinn. final hour of trading. comeback. making a economic concerns linger. betty: president obama formally backing hillary clinton for president. he met with bernie sanders, who is still not ready to concede. vonnie: on a lighter note from you can schedule a ride from ub er. a game changer in the competitive ride handling business? betty: we are one hour from the closing bell. the latest on this comeback that petered out.

vonnie: i am vonnie quinn. betty: janet yellen sees interest rates gradually rising. she spoke of short time ago. janet yellen: economics is broad. a good stream growth in the united states over the past year. i am cautiously optimistic these headwinds are now fading. betty: and the oil rallied marches on with crude topping months high. i'll be debbie officials say the worst is over. -- abu dhabi officials say the worst is over. to meet the top ipo, japan's messaging app line three testing the waters in both the u.s. and asia. and it exceed what has been an miserable year for tech offerings? markets are closing out in just two hours on this monday. let's go straight to the market desk where ramy inocencio has the latest. reporter: we saw the markets take a leg loader -- lower, but we closed high today. it was a very short leg down over from yellen speaking today. the dow is up 120 points, 0.7%. the s&p is up 0.5%. the nasdaq is up 0.6%. onwas looking disappointing friday, but she said you should not a talent -- attached to much significance to one labor report. lookin

vonnie: live from our headquarters in new york, i am vonnie quinn. this is a special edition of bloomberg markets. ♪ are going to take you from london to new york to dubai in the next hour. here's what we are watching. turmoil engulfing politics as the u.k. votes to leave the european union. many of jeremy corbyn's cabinet members are stepping down today. there may be more to come. mark: and 2-2 $.5 trillion in global equities lost on friday. the losses continuing in the middle east today. we will examine the carnage and get you set up for what could be inwild day on the markets -- the markets on monday. vonnie: central bankers meeting today and the rest of the week

vonnie: i am vonnie quinn. betty: you can see that we continue the rally, with the leg lower your in the markets. we are now looking at janet yellen''s remarks today that may be a bit dovish. vonnie: getting ready for the round in about 15 minutes. indeed. u.s. treasury secretary jack lew and secretary of state john kerry are in beijing this week meeting with their counterparts in the chinese government. territorial disputes. david talks exclusively with treasury secretary was about -- treasury secretary jack lew about what he wants to a college. challenges that are quite of the moment on structural reforms in china. the ownthe good news is economic future to be bright, they would have to deal with capacity that has a corrosive effect on future growth if you let the problem wenger. but it is a hard transition. -- problem wenger. but it is a hard transition. linger.lem but it is a hard transition. socially, it is a challenge for you talk to economic policymakers and they are confident they can train people who a

. ♪ vonnie: you are watching bloomberg markets. i'm vonnie quinn. what some are calling a radical idea, tracking investors to entice more private companies to go public by building a long-term stock exchange. what: who is eric ries and is he proposing to do? name: he's a household among silicon valley entrepreneurs. he wrote a book called the lien startup which details a way to build with a minimum viable product. it has been adopted widely by silicon valley entrepreneurs and this is his next act. he wants to build a brand-new stock exchange that can build an incentive structure to focus on long-term goals rather than quarterly metrics and others. david: it seems like he's trying to make a point about the way we start companies these days. guest: it started as an idea and now he's building a team to make it happen. i think a lot of smart people know it's a long road and is a multi-year process to even get approval. once they are up and running, they will be getting companies to list on a brand-new exchange. this would be totally new. you can read al

vonnie: i am vonnie quinn. you are watching "bloomberg markets." time for a look at some of the biggest business stories in the news. -- it would be better if the you k stays in the union. the ceo wrote that staying in the eu is best for workers, customers and suppliers. and it could affect decisions on where to invest. group he came the world's largest mutual fund manager by offering low-cost investments and now it wants to cut fees even further. they want to increase market share and boost investor returns at a time when returns are low. then guard says -- then guard compares to an industry mean of one dollar. investors are spending -- sound cloud. the investment is part of a larger financing round expected to amount to $100 million. that would value sound cloud at $700 million. twitter has invested in startups like mobile marketing platforms. that is your bloomberg business flash. let's go to the markets desk where shery ahn has the latest. taking a look at natural resource stocks. they have let the rebound in europe and it is carrying over to t

vonnie: and i'm vonnie quinn. the u.s. supreme court has struck down puerto rico's debt restructuring laws. they sided with on holders. suggesting that the law will now not let puerto rico's public utilities restructure the debt over the objection of creditors area joining us for outside the supreme court is greg storm. we will be speaking as well with michelle kathy in just a moment. she has been following the debt crisis closely. they did wind up coming down on the side of the on holders, but they were not necessarily say that that was the motivating factor in their decision, would they? crisis is a question of federal bankruptcy law. it is whether congress let puerto rico and act the recovery act. it is about whether they could let them file for bankruptcy but they said rico does not have that type of flexibility. can you summarize the arguments of those on the other side? of those was justice sotomayor your, whose parents are from puerto rico. their argument was that congress would not have wanted puerto rico to be in

here is vonnie quinn. vonnie: the united nations is fight for troops in the for fallujah to spare children. 20,000 children are trapped in this city. been a year since eu began an anti-migrant smuggling operation in the mediterranean. the german government says 103 boats have been intercepted during that time. almost 70 smugglers have been arrested and charged. in japan, prime minister shinzo abe will delay a sales tax increase until 2019. the move may help consumer spending. it will also make it tougher for the japanese government to deal with the largest debt burden. china's economy is stabilizing. for a third month, the dividing line signals improving conditions. keeprities tried to china's growth above 6%. donald trump is pitching himself as an insurgent. at the same time he is privately telling donors he will not try to oust republican leaders in congress. trump has committed to keep house speaker paul ryan and senate majority leader mitch mcconnell in their positions, and that is seeing as that that

am vonnie quinn. the biggest u.s. airlines got burned on oil prices. they missed their chance to lock in the cheapest energy costs in years. david: regaining control of viacom. who is running the company? vonnie: we are one hour to the close of trading. >> we're talking about the s&p of 1%.t losing down 2/10 the worst performer has seen the nasdaq 8/10

here to talk about the brexit referendum again is john metals weight and vonnie quinn, anchor of bloomberg markets. day today ishe asymmetry. how so? markets, it is an asymmetric outcome. if it does happen to become a leave vote, which could very much happen. we have just seen the polls close. it would be a very asymmetric decisions for markets. rally thata starting would probably all be erased. that ific in the sense you vote to leave, you are gone and if you vote to stay, you can still leave in the future. i think the fall in the fall in sterling would be much higher. maybe another 10 or $.20 on top of that. it would be a huge thing and currency traders are waiting in mild terror in cases happens. people are sleeping in their offices. do you think the financial markets implications would be bad if they leave? guest: yes. you would expect the pound to go down -- it's just under 1.50 at the moment. happen,leave were to people are saying 1.15. that's a seismic change. terms where billions are bet on a few dimes difference, that's a huge deal. : not only because of short-term speculation and

vonnie: and i'm vonnie quinn. now to politics where the rhetoric is heating up with donald trump lashing out at hillary clinton today, questioning her integrity. mr. trump: hillary, and as you she is at people know, world-class liar. look at her pathetic e-mail server statements or her phony landing. [applause] her phony landing in bosnia where she said she was under attack and the attack turned out to be young girls handing her flowers. vonnie: clinton is speaking in raleigh, north carolina. joining us on the set is michael , weer and in washington have our correspondent. to we expect the rhetoric change or are the devices we have been hearing from trump and even from clinton going to stay the same through the rest of the campaign? michael: i think that clip that you should've trump is what we can expect for a while. trump has been the presumptive nominee for a month and a half. this is the time when he supposed to have been getting stronger and he has been getting weaker, whether it is one in -- one self-inflict

vonnie: i am vonnie quinn. we will take you from san francisco to mexico city to london. gains we see broad-based at the end of the quarter. vonnie: moments away from the rate decision in mexico, the most divided in years on whether we will see a rate hike. brexitis the brags it -- the end of britain 's revival? let's go to the markets desk with breaking news on the central bank decision. ramy: 4.25% is the rate coming out. the survey from bloomberg had a median of 4%, so we see a 0.25% higher than expected. thenst a prior reading from last reading of three point 75%. 11 of 25 analysts surveyed by bloomberg expected this would so this isto 4%, surpassing that. let's see what's happening in terms of markets in the u.s. now. , generally across the board we are in green. three days in a row of green after two days of fallsb post-rexit, locking in 1% or more for the s&p 500 and the dow. we are inching closer and closer to recouping most, if not all the losses we saw post-brexit. the nasdaq is still the farthest fro

and i am vonnie quinn. investors are looking past weakness in the labor market to focus on the likelihood that interest rates will stay low for longer. shares plungeiant as their earnings and sales forecast has that a turnaround is a multi-year process. the u.s. auto market is running on all cylinders since the crisis but seeing fueled in part by subprime loans. on whether the bubble -- chuck stevens on whether the bubble is about to burst. betty: let's go to the market desk where ramy inocencio has more. we are seeing green, but the nasdaq, just in the past few minutes, it has slipped into the red, and it has been falling over the past three or four hours or so. the dow is up one third of a percent. past thee this go 18,000 mark, and we are off of the session high. it on over top see where the s&p actually traveled throughout the course of the day, and this is where it is -- actually, this is a snapshot of where our last record high for the s&p was back in may of 2015. you can see how close we are to that,

vonnie: i am vonnie quinn. your is what we are watching. david: president obama, justin trudeau, and tenured yet to are etang to speak -- an pena ni will speak live soon. vonnie: stocks are driving high. how brexit has impacted the thinking for the fed, taking rate hikes off the table until 2018. are awaiting a joint news conference following the american leaders summit. president obama, prime minister justin trudeau, and president pena neita will be speaking. vonnie: stop hovering around session highs. we will see another day of big gains. let's check in with ramy inocencio ramy:. ramy:we are at session highs of 1.5% or more across the board with the major indices. ever since the brexit, markets to 2.5% since 2% june 23, right before brexit actually happened. the dow is up 1.5%. nasdaq is up nearly 2%. let's take a look at the intraday chart. the s&p, we see we have been on the up and up for the whole entire day. up for0, getting a leg the dia inventory. we have been higher. will show you the imac function, the s&p's 10 sectors and their h

i am vonnie quinn in new york along with mark barton in london. sin city has a new life -- craft cocktails -- a new bar on the vegas strip is out to add another kind of serious to the city. here is a look at how they are shaking things up. ♪ >> vegas -- it is the heart of the trekking establishment, where the top quattro nightclubs boast over three -- top four nightclubs those over $3 billion in revenue. they are looking to disrupted by serving craft cocktails to the masses. >> we believe good drinks can happen anywhere, even in vegas, even a place that is accustomed to crazy volume, bottle service, and that mixers. have growncktails and sky fall is banking on that phenomenon. devon: i feel we had a path that was clear when we came in, and we are pushing it further. >> sky fall is the latest bar for the guys behind the famous new york city speakeasy death and co. this is the first time the team will take on sin city. devon: we push some of the ingredients on the menu, and much to our delight, people are cool with it. >> bottle service can accoun

let's go to first word news with vonnie quinn. vonnie: thanks. police in the united nations are asking iraqi forces to spare children who are caught in the bundle. unicef estimates some 20,000 children are trapped in the city. family said not been able to leave since the began offenses to retake the city from the islamic state more than one week ago. a french ship may have detected signals to the black boxes of the egyptair plane that crashed into the mediterranean. egypt officials say they received signals from the seabed in the search area. the voice recorders are considered essential to finding out why the plane went down. board. on president obama is returning to the side of the first presidential trip. he will travel to indiana, a city that has been revived by a surge recreational industry. the unemployment rate has all in from 19% in 2009 two little more than 4%. to president will argue voters to put another democrat in the white house. global news powered by our journalists and news bureaus around the world. thanks. corporate debt has ball

lonnie: -- vonnie: live from "bloomberg markets," i'm vonnie quinn. the similarmark: declines in europe. let's get to bloomberg first word news today. taylor riggs has the latest. taylor: breaking news on the supreme court that we have been court shut down the texas law that threatened to close down three quarters of abortion clinics. it came to a 5-3 vote. the justices backs of federal convictionsfirearm -- firearm possession for those convicted of directing violence. a spokesman for teflon low that will not be formal talks on brexit until london has filed formal notice that it is leaving. britain may not file the notice known as article 50 for several months. many european lenders want to do it sooner. and voters surprised the pollsters in a second general election. the prime minister consolidated his position, is people's party has been unexpectedly lose seats in parliament, instead, he picked up more. broughtsuggest voters into the ploy of not to jeopardize the economic recovery. and turkey's president has a wall just for the downing of a russian

here is vonnie quinn. vonnie: opec ministers are in closed-door meetings with production policy atop the agenda. arabia arabia -- saudi is ready to mend the vision. no formal decision has been made. the ecb is also meeting in vienna about its latest rate decision. resident mario draghi will brief reporters. updated economic projections will show that the ecb is struggling to meet its inflation goals. flight delays worsen. the civil aviation administration says that the average delay for flights was 21 minutes. the biggest reason was air traffic control issues, followed by the weather. hillary clinton is set to unleash a major foreign-policy attack on donald trump. the former secretary of state has repeatedly called donald trump a loose cannon and plans to contrast her foreign-policy experience with his. dayal news 24 hours per powered by our 2400 journalists around the world. tom: let me see if i can get the data check right this time. i miss to the yen last time. bonds, currencies, commodities. on to the

cliff talking earlier with vonnie quinn on bloomberg markets. scarlet: coming up next, how to hedge against a trump presidency. ♪ oliver: we have got the function here him showing you just how much it is surging. what exactly is the pays of classes problem? certainly trump is one of them. we're joined now from us the with more. walk us through the different factors driving the swings over the past year. reasons i'm tony fall in the mexican peso. specific onet to a and that is the rise of donald trump as a presidential candidate. point to ted cruz six weeks ago. implied volatility for the currency, emerging market currency of the world, it has also spiked. to trump as one of the drivers among the fall. oliver: is this strictly about trump's resident -- rhetoric at large? what is it we are concerned about? >> trump is anti-free trade and anti-. this is why citigroup and indisputable it is it was hardly hit if trump is elected president. more proposals to the table to be detrimental to the economy. callsuld expect further on the peso. scarlet: wh

vonnie: i'm vonnie quinn. david: government bond yields around the world sinking to record lows. where should investors be putting their money? vonnie: oil and commodities also declining today. we will hear from the ceo harold resources hamm. move to rare bipartisan help puerto rico. .e will hear from judd gregg let's head to the markets desk where shery ahn has more. shery: stocks retreating for a second day. after pressing given global stocks have announced their biggest two-day decline in a month. the s&p 500 down 1%. the nasdaq down more than 1%. we are seeing those attempts for a new rally, but they are not holding on to those gains. take a look at the s&p 500 intraday chart. we are not getting to that high we saw in may of last year. right now, trading below that 2100 level. lower, losing 1%. for the entire week already in negative territory. the s&p 500 reversing three weeks of gains, down .3%. the dow still clinging onto those gains of .1%. says there is -- the scrutiny from stock down more than 2%. that fund has been under investigations internationally from switzerland