That have a market underwhelmed if not disappointed. Mario draghi made it clear there is no unanimity on these positions. We are going into the summer break in the next meeting is scheduled for september. They willear whether have time to come to an agreement. These are technical issues. , the ecb iss to qe already running up against limits of what it can buy and how much of it. Ghen you look at the tierin system, this is incredibly technical. It is difficult to see how from now until september they come up with a package so they will be ready to announce when that meeting takes place. Guy thank you so much for joining us. From frankfurt, that is maria tadeo. Now lets go to michelle in new york. We no longer have the same governor in puerto rico. Michelle he resigned late night at midnight. As scheduled, it would be the secretary of justice that would take over as governor. Beellos last day will august 2. David what does this mean . Goingis a huge proceeding on to try to sort out the puerto rican mess financially. What effect will this have on that . Michelle that will continue. There is a federal Oversight Board in place. They are in charge of representing puerto rico in the bankruptcy court. That will progress. We have anticipating a debt Restructuring Plan to be submitted to the court that has yet to happen. The lawyers are promising within a few weeks. David a lot of big changes in puerto rico. For our third story we welcome jessica, a former prosecutor in new york and a professor of law. We watched Robert Mueller through two hearings. What did we learn . Jessica we do not learn any new facts. He stuck to his report. He said he would when he had the press conference in may. He said the report is my testimony. If i am called before congress, i will not go beyond what is in my report and he was true to that pledge. David something you and i have talked about before is if this ,ad been a private citizen would you a prosecutor have charged obstruction of justice . Did Robert Mueller answer that question . Jessica he did not. He was asked about the letter from over a thousand process uterus saying they would of chart a thousand prosecutors saying they would have charged. He said this is a unique circumstance and he returned to the theme a number of times, particularly when asked about why he had included that that were inculpatory of the president when he was not going to charge him. He stressed this is the unique situation and we are talking about the president of United States who cannot be indicted. David there are some democrats, including some on the panel who say they would like to go forward with impeachment proceedings. Did Robert Mueller give them anything more or any articles of impeachment if they wanted to draft them up . Jessica he did not give them any new facts. He did not give them any that would build a case for impeachment. As a political matter it is hard to say whether it moved the needle. It was not riveting,. People were tuning in, im not sure how closely they paid attention. It will depend on how what is elicited at the hearing is played out in the press. What may matter more is whether mcgannitnesses like don would testify. David that is a big one. Former white house counsel. Now lets get a check on the markets with abigail doolittle. Abigial we are looking at stocks and bonds sliding. The dow down a second day in the row. Worst two days since the beginning of june. A risk off tone. The s p 500 and nasdaq retreating from alltime highs. Down. 8 . As for bonds, price rates in verse to yield and is on the disappointing policy move by the ecb. Investors wanting more bonds here and in europe. As for the influence of higher yields on the s p 500 sector composition, not much. It is a risk off sector. All 11 sectors lower. Defensive Consumer Staples up when 8 . You would think the rising up. 8 . Financials down. 6 . Energy down 1. 2 despite the fact that oil is higher. Lets take a look at the drags on the energy sector. We are in the hearts of earnings season. Pain are cutting their forecast. Valero missing on secondquarter earnings. Sincet plunging the worst 2007 as china is taking a bite into their business. Q2 for four down 7 . Down. Tlook for ford , the worst day since january. ,acebook down, despite beating their sales growth is disappointing. After the bell, amazon and alphabet, it will be interesting to see what the rest of the faang trade does put up. David we will come back to that trade with senator Marsha Blackburn of tennessee. Up, the British Government has a new direction. We talked to the British Consul to new york Anthony Phillipson about what to expect. That is next. This is bloomberg. David this is balance of power on bloomberg television. Im david westin. We turn to Mark Crumpton for first word news. Mark Boris Johnson is hitting the ground running, speaking to parliament for the First Time Since becoming Prime Minister. He urged the European Union to rethink renegotiating a brexit deal and reiterated his onmitment to leaving the eu october 31. The eu rejected johnsons demand that the irish border backstop should be scrapped. The Justice Department says will carry out executions of federal death row inmates for the First Time Since 2003. The Department Says five inmates will be executed started in december. In 2014 president obama directed the department to review that review resulted in what was effectively a freeze on the death penalty. The white house is condemning the order by a federal judge requiring president Trumps Administration to stop denying asylum to anyone who travels through another country to reach the u. S. Border. The press secretary called it meritless and the tyranny of a dysfunctional system. The ruling came hours after another federal judge in washington, d. C. Let the ninedayold policy stand. The new head of congos fight against an Ebola Outbreak is promising to have the disease under control by the end of the year. The epidemic has lasted a year and killed more than 7000 people. Global publicd a health emergency. Congo has brought in an expert who is one of two people dispatched to the country in 1976 to investigate the first known outbreak of the virus. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Am Mark Crumpton. This is bloomberg. David . Johnson gave his first speech to parliament as Prime Minister earlier today and he reiterated his Firm Commitment to the brexit he has favored for so long. This parliament has already voted several times to honor the mandate of the people, to come out of the eu, and that is what we should do. Anthony we welcome Anthony Phillipson david we welcome Anthony Phillips and, her magic cease trade commissioner for north america. Her majesties trade commissioner for north america. One of the things that has changed with Boris Johnson is the possibility of a brexit without an agreement. The markets are certainly pricing that in. Is the British Government preparing for that possibility internally . Are people taking actions just in case it will happen. Anthony thank you for having me on. It is great to see you. The British Government has always been preparing for no deal, at the simon at the same time negotiating a deal and aiming to deliver on the outcome of the referendum with an agreement to the future relationship. Saidrime minister yesterday and in the house today that he has made clear we need to deliver on the democratic rule of the people. He is turbocharging no deal preparations so we are ready to leave on the 31st of october without a deal. He made it clear that is not a preference. His preference is to leave with an agreement. That is what he and his government will turn attention to negotiating with the eu in the days we happen to october 31. David explain the government system in this way. Is it physically possible to have a brexit with an agreement in 90 days in 98 days . Theres a lot of work that has to be done. If they got an agreement tomorrow, with that given up time to effectuate a brexit by october 31 . Antony the Prime Minister has said he has spoken to the head of the Civil Service to make sure the Civil Service is doing what is necessary, is to be ready for all eventualities. His preference is to leave with an agreement on october 31. If we are not able to leave with an agreement on the 31st, his conviction is we must leave without an agreement, and the government and the Civil Service must do what is necessary to be ready for that. David one of the things we saw was a sweeping set of changes in the cabinet. A lot of positions turned over. Memberan you have with a of the same party taking over as opposed to the opposite party. What does that do to the internal workings of the government . Does that slow things down as people to out where the washroom is and things like that . Antony ive been Civil Service for a long time. I have seen changes of party in power but also changes within. Commented this was quite a sweeping change. There are two elements of continuity. The the policy of brexit, Prime Minister would say he is now determined to carry out, the policy is not different. The other priorities, education, social care, funding the nhs, and delivering productivity growth across the cake, those are constant across the united kingdom, those are policies inherited from his predecessor. The other carryover is the Civil Service. My politics will be briefing there new ministers. We do not know who the junior positions are, but as they come in will be briefing them. David lets be parochial. What does it mean United States . What can create differences are we likely what concrete differences are we likely to see between the United States and the u. K. Because of this change of government . Antony i do not think there will be substantial change of policy. The Prime Minister said he is committed to accelerating work on Free Trade Agreements. We will now continue to do what withed to do to understand our u. S. Colleagues what putting together an fta looks like and when we are out of the eu we be ready to negotiate from the getgo. On the Foreign Security side, there will be new relationships to be created at the top of the system, but there are a lot of relationships that will continue further down the food chain. David one relationship that has developed is between donald trump and Boris Johnson. Do you think that might facilitate some of these things, such as a Free Trade Agreement . President trump was unabashed in his support for Boris Johnson. Antony you have some did up perfectly. He was very vocal in his support of Boris Johnson and has been complementary about Boris Johnson since he won the tory leadership election. I would note that the previous Prime Minister and the president were committed to negotiating, so there is continuity. The change of tone is something people have remarked on, but again it helps to put this extraordinary relationship together and it is the future. David extraordinary relationship. What is number one in terms of a challenge of u. K. U. S. Relations . Antony im not sure i see a challenge. We talk a lot about opportunity, about deepening and strengthening the relationship between our countries. We are already the biggest investors each other countries. I talk in terms of the u. S. Been the fundamental source of consumer information. This is a strong platform to build on, but our contention is if we look at the Global Economy of the future and the challenges we need to address, including some areas where we are not on the same page, maybe climate change, and the Prime Minister recommitting the government to zero greenhouse emissions by 2050. These are areas where we will be working with the u. S. On all levels. We share of substantial policy agenda we want to carry out together. David anthony foxx Anthony Phillipson, here is majesties her majesties trade commissioner for north america. Coming up, we talked one of the lawmakers raising the possibility of more regulations, senator Marsha Blackburn of tennessee. That is next and this is bloomberg. David you are watching balance of power. Im david westin. This week the antitrust division of the department of justice announced that it was investigating whether Big Tech Companies may be running afoul of antitrust laws in the way of they have gained and maintain their dominance. We welcome senator Marsha Blackburn of tennessee who heads the Senate Judiciary tech task force. She comes to us from capitol hill. Tell us about your task force. What are you doing . Sen. Blackburn this is a Bipartisan Group open to every member of the Senate Judiciary committee. Need tograham said we make certain everybody has the Institutional Knowledge and we are all on the same page as we begin to look at all of the different facets with privacy and Data Security and transparency and censorship and prioritization. All of those issues that affect everyone as they have moved more their transactional life online, and as companies have set up platforms that allow consumers to have more of that functionality online. We have the task force started last week. It is bipartisan. Our first topic was privacy. We had the global privacy match, from snap, to layrce, and mozilla out what they are doing and how they are approaching privacy and talk to us about how they would see a privacy structure. We talked about some of their vulnerabilities and some of their successes. David it has not always been clear to me that big tech was paying on debt paying attention to what has been going on with capitol hill. Did you finally get their attention . Facebook said we would take down some of our projections as a result of a possibility of regulation. Do you have a sense they are finally paying attention . Sen. Blackburn we have been working on this issue for seven years. That is when we did the privacy and Data Security working group in the house. Here is what i think has happened. The american public, the Online Public has finally realized that when they are on all of the social media apps, they are the product. Interfaces and these are data mining you, whether it is you tube or facebook or google. The revenue stream for them is in your data and these companies , the social media platforms are big advertising companies. They sell your data to certain parties and you do not know that they are benefiting from your data. The better, more highquality the data is, the more money they make. David i read in the paper today about some people in washington talking about the possibility of requiring Data Companies to pay for the data, to pay those of us who might be on facebook or twitter or google. Is that a serious possibility that Congress Might take action and require people to pay for the data . Emma this is some sen. Blackburn this is something that has been batted around for a while. The company say we are giving you a free service so we will not pay you for your data. Here is why privacy is so important. You need to give the consumer the ability to opt in to protections for their personally identifying information, their Sensitive Information and let them all in if they want you to share that with a first party. You need to give them the ability to opt out and prohibit you from sharing your nonSensitive Information, which is many times transactions or searching they are doing online. That would change the Business Model of the social media platform. David give us a sense of the timeline, if you can. We have the department of justice starting an investigation. You have your task force going. Which will give results sooner . Sen. Blackburn we will be giving you results on a rolling basis. It is possible that this fall you will see privacy legislation move forward. Puts iner at, which place one set of rules for the ecosystem, one regulator, opt in, opt out components, it is bipartisan and you will have judiciary committee, Commerce Committee looking at these issues. I think youll see something soon. David i have you come back in the fall and tell you all about it. Sen. Blackburn be happy to. T