the u.k. of not being serious and called on britain to be more clear about its position. twoking yesterday as the sides opened a third round of talks. he expressed his mounting frustration with the key eu leader summit eight weeks away. concerned,nest i am time passes quickly. l -- welcome the u.k. governments paper and we are very careful. u.k. positions on this is necessary to make progress. juliette: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . the missile from north korea has been the major market mover here in asia. you have seen risk off across the board, the yen rallying, handling about 108 to the dollar so we are seeing the nikkei down five .5 of 1% in late trade. the hang seng index also breaking its recent run of good gains down .41%. have a look at the kospi, also low. s was down over 1% in early eoul trade. a solid is after it had first half earnings report. elsewhe

the u.k. will publish documents at noon today london time. china has reclaimed its position as the top foreign owner of u.s. treasuries. that pushed japan into second place as its stockpiles decreased to 0.1 $9 trillion. .19 trillion. this is bloomberg. guy, matt? guy: juliette, thank you. let's get back to one of our top stories this morning, president trump's comments yesterday and continuing backlash to the violence we saw in charlottesville, virginia. take a listen to his press conference yesterday that was supposed to be about infrastructure. pres. trump: you had many people in the group other than neo-nazis and white nationalists, ok? the press has treated them absolutely unfairly. the other group, you add some fine people. people.ome fine guy: this was meant to be about infrastructure. mnuchin was there to talk about the economy, infrastructure, didn't happen. mark joins us out of singapore. yesterday was a crystallization in so many ways. the trump trade is now firmly out of reach for

the u.k.? this is something we are seeing time and again. if you look at the ftse 250 come it tends to outperform the bigger index. ed: the problem at the 250 at the moment is it is domestically focused. that typically is a good thing, however, now with inflation rising, real consumer spending negative, huge presser on that -- huge pressure on the retailing sector, you have particular pressures in the u.k. economy. why would the 250 benefit? francine: what does it mean for the companies in countries where we have elections? big click aably the risk in the next 12 months. ed: italy is a risk, but if we draw from the trends across the eurozone, what do we see? we see a decline in the relative popularity of the extremist parties. if we look across and apply that to italy, that would suggest peoplee -- is lower than thought previously. it is still months away. for mainstream parties to get back to the fore in italy. i think that would call nerves. francine: think you so much. ed shing stays with u

u.k. is prepared to give further details regarding its approach to brexit. according to three people familiar with the plans. the institute for economic affairs says a trade deal with the eu after brexit is desirable but not essential. there are more signs that china's property market is cooling. have imposed a series of curbs on lending. 62% injumped as much as a year in big cities such as shenzhen. global news 24 hours a day powered by our 2700 journalists and analysts in more than 120 countries. i am sebastian sadly and this is bloomberg. francine: we start with the situation in spain where police have killed five suspected terrorists in a town south of arizona. the incident came hours after 13 people died and 100 more were injured after a van was driven down the iconic las ramblas avenue. i.s. has claimed responsibility for the attack. we are joined from the dreaded by bloomberg reporter -- we're joined from madrid by bloomberg reporter rodrigo. >> we do not have any profiling so far.

the u.k. was absolutely sweating it's boris johnson is off this week with a heat wave reaching from the north to the most southern points of england where the presenters took great care to point out high pollen counts but didn't focus so much on high ozone particular levels those are the ones that kill millions of people every year but maybe that's because defra allegedly covered up the ad pollution in parts of england breach levels this week with michael gove teresa mayes new minister for the environment having less to say on the matter and the new conservative chief of staff gap and paul well and also about ignoring reports on fire safety in tower blocks. in london amidst a climate of political uncertainty the queen for cost a royal banquet of bracks it filled promises in a strangely pro e crown and the interim prime minister to raise a may attempt to apologize to some of the burning injustices that she was supposed to correct even if the foreign secretary sister thinks that the prime minist

one, the u.k. consumer is feeling more and a pressure, but the second thing is many of us are sitting there thinking why spend even more money on a piece of kit that does the same thing of what i am used to using. maybe dovetailing at that time. matt: i think it is an interesting comment on dixons, on the consumer. hand, crh in the news for selling its america distribution unit for $2.6 billion. by the way, that is about the entire value of fictions -- dixon. saying that heis really still sees a vibrant u.k. economy and he wants to still invest in the u.k. economy. i wonder what you think about the differentiation between the high street economy, i think you call it in london, kids on the street buying car forms -- carphone warehouse us, and the institutional economy, something like crh would make any on, is there a difference between the two? there is ank significant district -- difference because we are still seeing support for the house and it and -- industry. another runway at heathrow, maybe m

u.k. after brexit as she seeks to accelerate divorce talks. anna: the president addresses economists this morning. will he get away anything ahead of jackson hole? manus: hong kong trading is s thended at the tycoon hit financial house. ♪ anna: a warm welcome everybody to our flagship show here. donald trump has finished speaking in arizona. much more about his threats on nafta, his threats about a government shutdown in a moment. --re is one market which is not even quietly roaring away. nothing quiet. digging industrial metals out of the ground or the industry. this is the industry metals index. a limited, copper, nickel of 30% -- aluminum, copper, nickel up 30%. if you are along the subplot here which is energy and the commodities, relative to the base. addicted to base. this is about the global recovery. aluminum is capping the longest weekly rally in three years. this is the one to be in. anna: interesting research talking about the skyhigh steel prices. the divergence we are seeing

on the upside, connecticut in the u.k. -- kinetic in the u.k. morning.% this it is doing well on the back of that story, as you can see. trading quite richly. matt. right, we will have to focus on in the eurozone today, gdp data shows the region's economy gathering pace in the second quarter, growing .6% quarter on quarter. this up suing was led by germany and spain with france and italy as well. release.that a couple of hours later, we will get insight into mario draghi's thinking with the location of the ecb july meeting accounts, so we will get some of the -- i guess we will get kind of an early lead into what we will see out of jackson hole. all gordon joins us now from frankfurt to talk about all of this. paul, let us talk first about the ecb. the last meeting was quite brief. what close do you expect to get from the account? what are you looking for in frankfurt? paul: the governing council members are quite keen to get this over with. maybe get on with that. there may not be a great deal in the account this time around. the economy is loo

the u.k.'s set to ask for more time to negotiate with brussels. and the macron co says he sees them delivering on labor reforms despite a drop in the polls. confident that this is the team we need for france, for the business, for the economic recovery. ♪ anna: a warm welcome to "bloomberg daybreak: europe." we're here in the city of london. manus: the europeans are dealing with one problem which is a strong euro. whole otherve a problem to deal with, a decline in the value of the euro. , back tot back in time october 2016. this is when mark carney last noted that the bank of england is not indifferent to the exchange rate. we've had a rising clack of voices calling for parity. saying sterling is looking for catalyst to bring the negative trait value of the pound and as you can see, were gravitating back to this critical level for mark carney and the bank of england. >> were not the target of the exchange rate mark carney said in october that were not indifferent to the level of exchange rat

the u.k.'s prime minister theresa may and tends to lead her conservative party into the next election. when newspaper claim to know the date when she is planning to quit in 2019. she said there was no basis to speculate about her future and insisted she is in it for the long term. in june's snap election the premier lieu at 23 point holy and lost the tory majority in parliament. warren buffett has said the rally in markets over the last several years has made it harder to find bargains. the billionaire and chief executive officer of berkshire hathaway was talking to bloomberg. warren: if you look at [inaudible] paying 45 times earnings. if you put $100,000 in a 10 year bond you are paying for a form of investment. stocks still attractive compared to that area they do not look as attractive nearly as much as they used to and if interest rates go up the comparison becomes for list romantic. key part of emmanuel macron's political and economic strategy for the next five years is to to be unveiled

mark: richard, before i ask about u.k. gdp data, i want to ask about a big debate raging, especially on the markets live page. euro pound parity. pence the highest level since 2009 yesterday. only a couple of houses predicting it through the end of the year, first quarter. is it looking more likely or do you think it is a step too far? >> i think we are probably well on our way to 9415, which was the spike high during the sterling flash crash. be a step too far. having said that, there's still a long way to go before we get the brexit negotiations and everything out of that. i think initially, we're probably going to get to that 94 level and then have a pause. right now i would say parity is probably a step too far. mark: chris, the fact sterling does let's talk about the gdp data. is almost out the headline figure that matters, but the lack of business investment, the household consumption, the fact that net trade is not having the impact that many would have predicted with sterling's decline. are we truly witnessing the

the u.k. and u.s. in terms of number, they are all simmering ad loa -- at low levels. translation risk in terms of foreign exchange improvement. we are in the midst of seeing the rest of europe becoming more competitive relative to germany because in unit labor cost part of the equation is actually working in favor of countries that are competing with germany. in the past, we all had to live machine,erman export now we can compete in some areas. not cars, but other areas. germany will still to will and it is good story because germany's massive current-account in absolute that comes down slowly without hurting germany and its growth rate, which it can feasibly happen, the rest of europe will be more balanced and you will have the income macron suggested of europewide budget. the euro, thanks to the brexit is in the best position to negotiate and be supported by the economy. matt: i wonder what you think about the carmakers as a group. do you sell this group, are you concerned? as we get into t

u.k. ino these early hours about u.k. wage growth picking up in the coming years. the vote yesterday was 5-2. that is a quick look at where we are in the market. it is jobs day in the u.s. in the us, special counsel robert mueller is using a federal grand jury in washington to help collect information as he builds probes -- as as he he probes russia's meddling in the u.s. elections. has yet again lashed out at the russian investigation speaking at a rally in west virginia. he denied any collusion with russia. know that there were no russians in our campaign , there never were. we did not win because of russia. we won because of you. juliette: former bank of japan said theber has central bank should start a policy normalization process. he was a dissenting voice during his time at the boj. if the boj continues, i think it will lead to a limit around the middle of next year because privatet right that a financial institution will gpminish the holding of the j completely. juliette: china's st

the u.k. contribute about 16% of the capital in the european investment bank which the eu uses to fund infrastructure projects. theresa may could seek reimbursement of some 10 billion euros. germany's free democrats say they are under no pressure to form a coalition with angela merkel after next month's elections. he was speaking with exclusively with bloomberg. importance.ot of it is bring our ideas, get this organization running again, because there is one thing. , ite don't do it this time will be a killer. juliette: global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. stories at topre . we are seeing japanese equities volumeand volume -- and it elsewhere, it is a good day across asian equity markets. agent investors seem to be taking whatever donald trump says with a grain of salt. have a look at hong kong's market coming back after the typhoon closed trade yesterday, up .6%. in terms of other stocks, we've seen a real estate developer in ho

now over to the u.k. where british prime minister to resign may has rejected an appeal by survivors and families of the nine eleven attack victims were demanding the publication of a u.k. report into the role of saudi arabia in funding extremism we respectfully urge you to release the report now finished unfinished we'll see you to consider all the victims of state sponsored saudi finance terrorism their families in the survivors in the u.k. and all over the world the u.k. now has the unique historic opportunity to stop this killing spree of wahabi state spy terrorists the longer saudi arabia's complicity is hidden from sunlight the longer terrorism will continue. the reason for the police rejection letter from the u.k. home office was the amount of past thought and classified information involved in the report this resonates with the prime minister's initial position when she was pressured on the matter by the opposition in parliament last week the prime minister refused to make public a report on the pr

u.k. will release a crucial brexit position paper later addressing the jurisdiction of the european court of justice. prime minister theresa may, who declared the u.k. would take back control of its laws, has conceded that e.u. law will influence britain after it leaves the bloc. a new report says british companies are becoming more worried about the economy and feeling less confident due to uncertainty. stear, heads, guy of fixed income research at societe generale, and ashok shah. when you look at the brexit debate, we're going into the , whenof autumn negotiations start about the e.u. position. how do you rate this so far? ashok: what is clear is that the fear that we are heading for a very hard brexit has been a late somewhat. we've seen numbers that indicate the u.k. is prepared to compromise on some critical issues. it allows the progress to be made. two years is a very short time to get everything in place. hopefully we have a set of policies sooner rather than later. what we have s

and finally the u.k. ministry of justice publishes their prison statistics this week in an environment of flash right across the country first eight chimpy them out in hartford with tornado squad stormed in may june two days of violence then disturbances at nearby h. and p. ulster. where recent report raise concerns of their lack of experience offices so now the u.k. give its most privatized criminal justice system hive portion the than the us many may want our answers from justice secretary david linton of why warnings that an arguable failing justice system has been ignored now over to deputy editor sebastian packer to go through the sporting rivalries in this week's social media downs banks treat ladies and gentlemen welcome back to the arena of social media combat first stop we have a punch up between publishers with julian the wiki leak or songs buses the new york sulzberger talking to former cia heavy hitters one who was senior executive of the scary named national clandestine service the other now

prime minister theresa may in the beginning tweeted the u.k. stands with spain against terror but later on she issued a longer and more detail statement where she said she is sickened by the senseless loss of life in barcelona today adding that the u.k. is in close contact with the authorities in spain who have our full support tonight britain stands with spain against an evil of terrorism that's what she said in the longer statement issued later her foreign secretary boris johnson also tweeted that he is concerned and saddened by barcelona our thoughts are with those affected doing all we can to identify whether brits need help over in france the french president emmanuel mccraw and said this in a tweet all my thoughts and solidarity our friends for the victims of the tragic attack in barcelona we were made united and determined meanwhile the european commission president younker also tweeted about this saying that this cowardly attack has deliberately targeted those enjoying life and sharing time with family and friends will never be cowed by

s and other politicians here in the u.k. nine eleven survivors now become the latest group to see a refusal from the british government to release the full contents of this quite controversial report focusing on extremist funding in the u.k. this was a report that was commissioned back in two thousand and fifteen and is largely believed to be focused on saudi arabia's activities and now the nine eleven survivors had sent a letter to theresa may demanding answers we respectfully urge you to release the report now finished unfinished we'll show you to consider all the victims of state sponsored saudi finance terrorism and families in the survivors in the u.k. and all over the world the longer saudi arabia's complicity is hidden from sunlight the longer terrorism will continue. well the british government has long maintained really for months now that diplomatic relations with saudi arabia have nothing to do with this decision to not reveal the contents of the report they've also said that it's actually reasons of national secu

the u.k. wants to squeeze in more hours of brexit negotiations. an october deadline looks increasingly unattainable. there are two more rounds penciled in before an e.u. summit. the u.k. has been told to get serious or risk deferral. the u.k. prime minister is in japan as she start a charm offensive on the world's third-biggest economy. may will attempt to convince the country to use its trade deal with the european union as a basis for future agreements with britain. in saudi arabia, pilgrims have begun the hajj pilgrimage. islam requires all pilgrims perform the pilgrimage at least once in a lifetime. saudi arabia has spent billions of dollars to improve safety. thousands of people were killed during a stampede in 2015. $452,000 onearned the floyd mayweather conor mcgregor fight over the weekend. mayweather won the bout by way of a 10th round technical knockout. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i nejra cehic. this is bl

u.k. time. anna: the u.s., mexico, and canada began official talks on revamping the north american free-trade agreement. accord, h23-year-old as been described as president trump as the worst trade deal ever made. let's move ahead with jodi schneider over in washington and new york. these talks then, set to take place in washington over the coming days. what is on the agenda? >> yes, they are essentially renegotiating the 23-year-old agreement. there is a lot of issues from everything from, issues like buy america to duty to environmental standards -- all kinds of things. while president trump has said he wanted to rip it up at one point, and as he mentioned, called it the worst trade deal ever, now that seems to be less than the goal than trying to renegotiate in a way that will a id the u.s. in helping with the trade deficit with mexico. before nafta, the u.s. had a slight surplus and now there is a $63 billion trade deficit, something the u.s. wants to change with these negotiations. we saw h

that is the u.k.'s biggest criticism. they say, you are asking us to compromise, but you will not compromise. we will not move in less you move. they all come back to brussels in about a month. we hope to make progress then. it is not looking hopeful. mark: the u.k. reached out earlier saying more regular talks are needed. will the eu grant them that wish? reporter: it is funny. the eu seems to be more in favor of that than the u.k. both sides have said that they want more regular talks, but both sides -- it is not happening. you have to wonder whether there is a tactic to say we are prepared to talk more, but you are not granting us that wish. you have to wonder if that is just brinkmanship in this process to get a deal. until theyems as if, try to find some middle ground on the bill, these talks are not going to move forward, which leads to the obvious question. how do we find a middle ground on the bill? reporter: it is difficult to see any middle ground being found during these regular negotiation sessions. what we ar

the u.k. lender has chosen amsterdam as its post-u.k. brexit hub. we spoke with the cfo and asked about it. >> these were a good set of results. we are in kurdish the progress we are making. they were the best six-month results since 2014. income up, costs down. we know we still have the department of justice to settle. we would aspire to get that settled this year, provided we do that, that could push us. real a possibility is it that you get the deal done this year? because that is a bit of a cloud hanging over the numbers for 2018, isn't it? >> we've above to get it resolved, but we have no further update for that. reporter: ppi looks no more substantial. are we finished with ppi? can you ensure the investor we are done? >> i have given my statement a number of times, but we knew at the time we were doing that that we were trying to be cautious. we will continue to be cautiously positioned. but i am not going to sit here and say we are done on ppi. reporter: the one story with every banker

i think the u.k. court probably will look at the terms of the agreement and the intentions of the parties. it is a bit of a long shot, but not completely, it's not like a zero chance. tracy: i am curious. you mentioned the u.k. court involvement. a set last month that the company should withdraw the court action and the whole thing should be done under u.k. law, meaning the u.k. would decide the sharia compliant of the bonds. is that unusual? what can we expect? theid: the terms of agreement the fun the parties, and typically with sukuk, the sharia compliance element is not part of the agreement per se. beginning of the transaction, you get your fact well, your sharia repaying, all of the parties agree it is compliant and you move toward good -- you move forward. they're not really sharia causes if you change in my later on. i think the court should look at the terms of the agreement and would probably enforce the terms of the agreement. that it is sharia complaint is not part of the agreement. in the

. >> a major u.k. food and drug industry craig group -- trade group is sounding an alarm over labor supply as eu nationals leave the country's workforce. the sector relies heavily on european migrant workers and investing in exodus following last summer's vote to leave the eu. drinktain's food and industry has never been able to cherry pick its workers. a parliamentary report published in april noted that despite workersto entice u.k. to the agricultural sector britons did not want to work. of the 2 million eu nationals living in the u.k. one and five work in the food sector. last summer's about to exit the european union and fears about the future rights of eu citizens in britain consider the seeds of disaster. matter of time before the uncertainty results in an irreversible exit of eu workers from these shores. this is a scenario that will hurt the u.k. culturally and economically. over 600 businesses surveyed by the food and drink federation over half said their employees were considering leaving th

the brexit department says that u.k. and european negotiators need to show flexibility and imagination in ireland. the u.k. government is due to publish a document fleshing out its proposal, at noon today. has reclaimed its position as the top foreign owner of u.s. treasuries after increasing its holdings for the fifth straight month. china's holdings of arms rose to $1.5 trillion in june. that pushed japan into second base -- second place. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. been a bit of a mixed session across the asia pac region. we have the nikkei closing down by a 10th of 1%, after the yen fell against the dollar, the most since june. the hang seng rallying this afternoon, up 7/10 of 1%. at the cosby, up half of 1%. a lot about lifting being done by samsung. in terms of other stocks we have been watching, korean stocks certainly in focus after the holiday. korean air space up by 15%. geopolitical tensions easing someone from investors' minds. ten

the u.k. prime minister on two fronts, european negotiators pushing theresa may to reveal her hands. toor announced yesterday stay in the eu single market and after it leaves the block. global news 24 hours a day powered by more than 2700 journalists and analysts in more , you can findries more stories on the bloomberg at top . asia, plenty -- pretty flat here. the hand looking good in hong kong. high, alsotwo-year chinese stocks in hong kong trading at the highest level as well. bloomberg data showing 60% of companies on the hensing have reported estimates. australia, commodity prices, particularly iron or in singapore. technologies the strongest performer in the region. thanks to a number of broker upgrades. the defenseke in company for 6.5%. jpmorgan has downgraded after earnings last week saying the for competition in the domestic market in australia. one of the worst performers in the region today. we are waiting for chinese banks to come through with earnings later this week. they al

u.k.,we talk about the the advertising market has been hit recently because of brexit but you whether that. the u.k. one of your stronger performing regions in the last quarter, how are you weathering that? sir martin: something to do with more of the micro level. very good people and a strong market share. the other thing is, maybe, just a hypothesis, with the uncertainty, fixed capital investment is under pressure, there is data to indicate fixed capital investment is under pressure. and the brand innovation and brand in the context of this uncertainty, as we may or may not go through a transition time in brexit after march of 2019, that may be putting more pressure on and people may be taking the other route of variable investment in marketing , which you can very -- vary and plug and play as you wish, rather than having fixed investment. the irony is that our strongest region is the u.k. mark: given brexit and its various publications, i am interested to know, given the news today, the

it's important for both the u.k. and the eu that they have a mate mutually beneficial relationship going forward. caroline: the eu, the u.k., and the companies that you advise. what are they talking to you about at the moment? is it consistency they need, regulatory clarity? what are they asking? gerald: there are a number of things. there are a number of constituents the makeup and ecosystem to grow digital businesses. one is investment, access to finance. two's talent, three is infrastructure, and four is political leadership. this is one we have seen announced today about data exchange between the eu and the u.k. when you look at investment, one of the things we are hearing is the role of the european investment fund, part of the european investment bank. startups need capital. as they grow, they need growth capital. a number of companies rely on this. so significant amount of a investments that we see going into u.k. digital businesses are back through the eif. roughly 30% comes from quite significant. what futur

and all over the world the u.k. now has the unique historic opportunity to stop this killing spree of one harvest inspired terrorists the longer saudi arabia's complicity is hidden from sunlight the longer terrorism will continue now the reason for the pleas rejection side of her letter from the u.k. home office was the amount of passed on classified information involved in the report is so resonates with the prime ministers and michelle position when she was pressured on the matter by the opposition in parliament. last week the prime minister refused to make public a report on the foreign funding of extremists in the u.k. despite pressure from all sides of this house and beyond the survivors of nine eleven last night also urging her to make this report available who she explained at her refusal is simply because the contents of the report would embarrass the government's friends in saudi arabia or is it because ministers care rather more about arms sales to riyadh than they do about public safety. it is absolutely

u.k. housing today. they are cooling in august after the economy slowed in the first half with a 2.1% annual rate matching maze reading, which was the smallest since june 2013. .1%he month, prices fell and the economy posted the weakest expansion among g7 nations in the second quarter. faster inflation and uncertainty about the future of the eu weighing on consumption and investment. it, see overall growth at 1.5% this year compared with 1.8% last year. nationwide expect house price growth to average about 2% this year. look at where annual house price growth was in june 2014. it was in double digits. gold rising to its highest level since september last year after north korea fired the ballistic missile over japan. amiding demand for havens escalating tensions between pyongyang and the united states. the bloomberg dollar spot index is the blue line with the gold futures about $1300. gold surging, rising everything a month apart from june. it has climbed as the fed is expected to go slower

the u.k. closed. the ftse is not trading today. i still want to give you a quick snapshot of what's happening across europe without the ftse 100. it is down some 0.4%. dollar-euro is the one i'm keeping an eye on for the week. maria draghi, the ecb president, refrained from talking down the euro. this is what i'm looking at. i'm looking at dollar. kuroda,peak to governor a fantastic interview by kathleen hays. crude oil, 47.43. we are seeing a little movement for gasoline prices. it could also impact the oil prices. let's get to the bloomberg first word news. here's nejra cehic. nejra: in the u.s., houston is battling unprecedented rainfall following the biggest storm in the history of texas. the down for has crippled the core of the u.s. energy industry. gasoline has surged to the highest in two years. the president of the cleveland fed urged her colleagues to look past recent inflation data and stick to their gradual pace of lifting interest rates. speaking on the sidelines of jackson hole,

the u.k. is accused of trapping libyan refugees in a war zone find out the details of the shortbread it's. called the feeling of. every the world should you. and you'll get it on the old the old. the old according to josh. for the. local blogs telling you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles that are going. to do so for the tell you that every gossip the tabloids buy fell. off of our eyes and tell me you are not cool enough to buy their product. all the hawks that we along with are on walking. welcome back now questions foreign secretary has been accused of trapping libyan refugees in the country's walser after pledging millions of pounds on support for border patrols stopping civilians getting out of the country speaking about a trip to libya's capital boris johnson insisted the u.k. will help reduce the number of illegal migrants heading for you. it is so important that we work with the libyan government and our partners to help

if u.k. households and businesses look through the flurry of headlines then the economy can be expected to pick up from its current period of sluggishness. given the outlook for supply in the economy, even a limited pickup in growth is likely to have consequences for the stance of monetary policy. that's because as the m.p.c. has previously emphasized, the process of leaving the european union is beginning to affect potential supply in the u.k. brexit related uncertainties are causing some companies to delay decisions about building capacity and entering new markets. and the u.k.'s eventual new arrangements will require a period of reallocation as some sectors of the economy expand and others contract. moreover, prolonged low investment will restrain growth in the capital stock and increases in productivity. indeed if the m.p.c.'s current forecast comes to pass the level of investment in 2020 is expected to be 20% below the level which the m.p.c. had projected just before the referendum. as a

s and other politicians here in the u.k. nine eleven survivors now become the latest group to see a refusal from the british government to release the full contents of this quite controversial report focusing on extremist funding in the u.k. this was a report that was commissioned back in two thousand and fifteen and is largely believed to be focused on saudi arabia's activities and now the nine eleven survivors had sent a letter to theresa may demanding answers we respectfully urge you to release the report now finished and finished we asked you to consider all the victims of state sponsored saudi finance terrorism families in the survivors in the u.k. and all over the world the longer saudi arabia's complicity is hidden from sunlight the longer terrorism will continue while the british government has long maintained really for months now that diplomatic relations with saudi arabia have nothing to do with this decision to not reveal the contents of the report they've also said that it's actually reasons of national security

u.k. economy. can samsung's new smartphone restore its reputation and extinguish the memory of the note 7 debacle? this is "bloomberg surveillance ." let's check in on the markets. asset classes have been a little depressed when it comes to politics and the turmoil in d.c. about trumps administration ability to enact the fiscal agenda on the back burner. stoxx 600 gaining 0.2%. a lot of the focus today and tomorrow will turn to the start of the central banks meeting in jackson hole. you can see the dollar strengthening. the one thing that i'm watching out for is possible parity in 0.915.und, currently at nymex crude at 48.26. u.s. crude stockpiles extended declines yesterday. that is your asset classes. let's get to the bloomberg first word news. nejra: the death toll from typhoon hato has risen to 12. it is the most powerful storm to hit the region in half a century. macau says it people were killed in the gambling hub. another 153 were listed as injured. the city of charlottesville has c

eus would be treated by the according to u.k. payrolls and vice versa. it is slightly complicated and not white clear how that would work in practice. that would mean customs officials are dealing with two different systems. nejra: surely the point is to maintain trade links with the eu as closely as possible to the way they are right now. don't these two systems increase red tape for businesses? the u.k. government brexit secretary says we do want everything to be as frictionless as possible. there will be more red tape because while a lot of the red tape might involve filling in forms electronically, exporters are going to have to declare ask it going into a new country. u.k.'s biggest market. there will be more red tape. former business secretary called a bombshell. we're getting one on northern ireland tomorrow. i want to ask you about boris johnson because he potentially has some sway here but we don't know what he is thinking. eddie: he has been very cagey over the past few weeks. he hasn't said much at all. while other ministers have come out sayi

u.k. government wants to maintain bureaucracy-like trade after brexit, and perhaps, pertinently. the proposal is likely to raise eyebrows on the continent, but has been shared by british businesses. shares accounted for 5% of his fortune have been given out. the billionaire donated $64 million of the shares, valued at $1.6 million. gates has made the majority of his donations to the bill and me linda gates foundation. global news 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries around the world. you can find more stories on the bloomberg at top . markets a look at asian -- let's go look at asian markets. the nikkei 225, rising for the first time in five days. gaining over 1.3%. this is a safe haven. dollar, back above the falling along with gold. financials are leading gains and chinese markets, and in hong kong. the hang seng continues to recover from the worst weekly drop this year. column ofe the green. we cannot neglect the earnings we have gotten

what the u.k. has added past few weeks is outlined more of its position because it was coming under a lot of criticism that they actually did not know what they wanted. if you take a very holistic view of how the eu sees this, they are saying, well, actually, you have not come to us with anything new because all you are saying is you want all of the benefits of the eu membership but you do not want to pay any of the cost. they are saying for example they want a transition areaary perio. another item that is not in those position papers is how the u.k. thinks it will calculate one of the very controversial issues in the divorce and that is the brexit bill. they are tussling over these issues. people think that perhaps indeed well, not much is expected. to me about this rumor because i loved this suggestion that the u.k. can take 10 billion pounds or euros a year for the next three years during that transitionp e period, and it was a suggestion proposed by the french. that would facilitate sooner tra

francine: the u.k. government says it wants to maintain terror free trade for a period of time after brexit. this morning, a series of papers, fleshing out the u.k.'s brexit plans. for more on all of this we are joined by norman lamont, former u.k. chancellor of the exchequer . ray, thank you so much for sticking around. what have we learned so far about what kind of exit negotiations we look at? i think what the paper is all about, it is about avoiding the so-called cliff edge as how as you deal with trading with europe. i think this is a much about administrative procedures, what businessman raised at the border as it has to do with terrorists, but it also has to do with the terms that goods are actually traded. francine: what is the first thing we need to do after she comes back from holiday? that, and a lot of people do say that, but actually i think the government's approach has begun to take more shape. it is a complex problem and i think the joint letter between liam fox and the chancellor helped

the u.k. and the european union have for the last couple of years made a concerted effort to shut down borders and we see that happening added next train costs to the individuals who are fleeing war and persecution and poverty is part of that for them it's simply a matter of shutting it down on paper they say that they're trying to explore other options and open up safe safe routes to people but we've really just not seen that happen all we've seen is a shutting down of race which is left people with really few other options then to take risky rates and more police abuse water cannon and clear more than one hundred migrants occupying independence square in rome. i. was. i was i was. crowds of migrants have been protesting the victualling of hundreds from an occupied building rioting refugees through projectiles at offices and they blocked nearby streets please confirm that they detained three people and thirteen others were injured the number of migrants you're continuing to grow questions are